The constitution became a farce.

No longer, to be sure, an abode of Arcadian seclusion as in colonial times, or a sort of territorial cobweb from the center of which a spiderlike Francia hung motionless or darted upon his hapless prey, or even a battle ground on which fanatical warriors might fight and die at the behest of a savage Lopez, Paraguay now took on the aspect of an arena in which petty political gamecocks might try out their spurs.

Happily, the opposing parties spent their energies in high words and vehement gestures rather than in blows and bloodshed.

The credit of the country sank lower and lower until its paper money stood at a discount of several hundred per cent compared with gold.
European bankers had begun to view the financial future of Argentina also with great alarm.

In 1890 the mad careering of private speculation and public expenditure along the roseate pathway of limitless credit reached a veritable "crisis of progress." A frightful panic ensued.
Paper money fell to less than a quarter of its former value in gold.
Many a firm became bankrupt, and many a fortune shriveled.