▁near ▁that ▁of ▁Buenos ▁Aires , ▁with ▁the ▁decl ine ▁of ▁sal ader os ▁and ▁the ▁growth ▁of ▁w ool ▁production . ▁ ▁In ▁ 1 8 3 8 ▁there ▁was ▁a ▁new ▁currency ▁crisis , ▁and ▁the ▁pes o ▁papel ▁was ▁de valu ed ▁by ▁ 3 4 %, ▁and ▁in ▁ 1 8 3 9 ▁when ▁the ▁pes o ▁papel ▁lost ▁ 6 6 % ▁of ▁its ▁value . ▁It ▁was ▁again ▁de valu ed ▁by ▁ 9 5 % ▁in ▁ 1 8 4 5 , ▁and ▁by ▁ 4 0 % ▁in ▁ 1 8 5 1 . ▁The ▁Als ina ▁years , ▁which ▁coinc ided ▁with ▁the ▁se cess ion ▁of ▁Buenos ▁Aires , ▁saw ▁an ▁extremely ▁poor ▁economic ▁performance . ▁E ff ort s ▁to ▁fund ▁extraordinary ▁exp end iture ▁on ▁the ▁conflict ▁between ▁Buenos ▁Aires ▁and ▁the ▁other ▁provinces ▁of ▁the ▁Confeder ation ▁caused ▁the ▁fis cal ▁def ic it ▁to ▁sky ro cket . ▁Similarly , ▁the ▁Confeder ation ▁faced ▁har sh ▁economic ▁conditions . ▁Ur qu iza , ▁president ▁of ▁the ▁Confeder ation , ▁issued ▁the ▁' law ▁of ▁differential ▁rights ', ▁benef iting ▁the ▁ships ▁trad ing ▁with ▁the ▁ports ▁of ▁the ▁Confeder ation ▁and ▁but ▁not ▁with ▁Buenos ▁Aires . ▁ ▁The ▁end ▁of ▁the ▁civil ▁wars ▁provided ▁the ▁political ▁and ▁legal ▁stability ▁necessary ▁to ▁assert ▁property ▁rights ▁and ▁cut ▁transaction ▁costs , ▁contrib uting ▁to ▁the ▁huge ▁in flow s ▁of ▁capital ▁and ▁labour ▁resources ▁that ▁built ▁modern ▁Argentina . ▁In