▁with ▁Britain ▁and ▁gain ▁recognition ▁of ▁the ▁declaration ▁of ▁independence ▁that ▁most ▁official ▁institutions ▁( as ▁the ▁Bank ) ▁were ▁under ▁British ▁control , ▁and ▁that ▁Britain ▁had ▁similar ▁control ▁over ▁the ▁Argent ine ▁economy ▁to ▁that ▁met ro pole ▁of ▁a ▁col ony , ▁without ▁the ▁financial , ▁civil ▁or ▁military ▁costs . ▁Even ▁the ▁lack ▁of ▁an ▁Argent ine ▁merchant ▁fleet ▁allowed ▁Britain ▁to ▁manage ▁the ▁mar itime ▁trade . ▁For bes ' s ▁testim ony ▁should ▁be ▁app ra ised ▁in ▁perspective ▁of ▁the ▁contemporary ▁Ang lo - American ▁commercial ▁rival ry , ▁In ▁light ▁of ▁the ▁partial ▁nature ▁of ▁the ▁account ▁and ▁of ▁his ▁" je alous y , ▁even ▁ant ip ath y " ▁towards ▁the ▁English ▁in ▁Rio ▁de ▁la ▁Pl ata . ▁ ▁In ▁the ▁mid - 1 8 2 0 s , ▁when ▁Manuel ▁José ▁García ▁was ▁Minister ▁of ▁Fin ance , ▁the ▁government ▁borrow ed ▁heavily ▁to ▁fin ance ▁new ▁projects ▁and ▁to ▁pay ▁off ▁war ▁deb ts . ▁These ▁lo ans ▁were ▁tender ed ▁at ▁us ur ious ▁rates : ▁in ▁one ▁not orious ▁loan , ▁the ▁government ▁received ▁credit ▁for ▁£ 5 7 0 , 0 0 0 ▁from ▁the ▁Bar ing ▁Brothers ▁in ▁exchange ▁for ▁a ▁deb t ▁of ▁£ 1 , 0 0 0 , 0 0 0 . ▁In ▁the ▁ 1 8 2 0 s , ▁the ▁pes o ▁papel ▁began ▁to ▁lose ▁value ▁rapidly ▁with ▁respect ▁to ▁the ▁pes o ▁fuer te , ▁which ▁was ▁linked ▁to