Fonseca's fall was due not only to the measures employed in the
government of the country, but also to the financial state of Brazil at
the time of his election. Reckless extravagance and unscrupulous
handling of the public funds by the various political parties, together
with a too liberal use of the printing-press for the purpose of turning
out paper money when funds were needed, had caused a condition of
affairs which was very near bankruptcy. This condition, moreover, was
largely artificial, since Brazil is almost the first among the States of
South America in the matter of natural resources and general aptitude
for prosperity. Nevertheless, the costly wars carried on under the
Monarchy had left a large burden for the Republic to manage, and in
spite of the strictest economy, the people of the country found that the
inauguration of the Republic did not bring about the establishment of so
prosperous a paradise as they had hoped. Naturally, the blame for this
fell upon Fonseca, and added itself to the autocratic methods of his
government to render him unpopular.
Fonseca was succeeded by the Vice-President, according to the
regulations of the Constitution. This was Floriano Peixoto, who at first
gave promise of a liberal and progressive government.
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