The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-05-23


TO THE EDITOR OF THE HERALD.
In the month OF November last, your excellent pa
per contained clever article, headed Spain-its
Creditors, and Filbustersm," wherein yon ably ad-
vocated the urgency and expedency of purchasing
real claims on the Spanish government, whose value
would be available in OF annexation of the island
Of Cuba to this free country. The inaugural address
treats the latter question plainly and manly was
to be expected by its author who has just now been
borne to the highest position by the all but unani-
nous voice Of his countrymen.
The liberation of the precious isle from the bonds
of dishonest and unenightened rule is desirable for
this country and if it is to be effected it must not
be by private enterprise Spain will have to relin
qush the gem in her dadem too valuable for adorn-
ing foreign crown, but which will shed the more
lustre If it only shines for the benefit Of their own
people, if she be well advised, she will dispose OF it,
and obtain thereby money sufficient in her exchequer
te wipe out partly the eternal blot Of her national
dishonesty towards her creditors. Times have
changed since it was just to talk about Castian
faith; and as country, or for their governments.
Spaniards have little claim to pride now. 1t is
mere vanity, and ill-placed, too, to speak Of
the stain on the national shield of Spain, If
Cuba was sold and freed; the sovereign Of 'las dos
Indus only exists on the dollar piecesnOw, the pos
session and the power are gone The maintenance
of Cuba depends the keeping up Of large military
depots that swallow up that portion of the revenue
OF the island which the cupidity of governors and
employees leaves in the treasury and Spain herself
and still less, the national creditors gets nothing Of
that valuable property pledged, like all the resources
of the State, to the faithful discharge of the obga
tions entered into by the nation.
The best claim, and the most solid, to be estab-
shed in the face of Europe is the production OF the
bonds of The country that owns this hypothecated
treasure, and formally to claim their redemption
long dispatches and telling speeches in Parliament
and in the end their cabinet ministers do not act up
to their professions. Notwithstanding, we may
quote their doctrines, propounded amid the cheers
of the House of Commons, though not followed up
by decisive action, as precedent in this our case.
In 1916, when the situation OF the Spanish
creditors was brought before Parliament by
the late Lord George Bentinck, who strongly urged
claimants on Spain, Lord PalmerstOn, then Foreign
Secretary, followed in the strain of his 0ppo-
nent stating that though they would use friendly re-
mOnstrances government had the full right, and
would reserve that right to ITSELF for future opportu
nifty to claim redress and to enforce it il necessary
for the British holders of the bonds of Spain. But
as usual in the Old World, this fine speech was a
speech, and nothing more. The "gag" never came
to explosion. In the case OF New Granada the Brit
ish government acted more decidedly-with Peru,
toe, of which they got the pledge of the Lobos Isl
ands produce.
The Spanish government foresee that if this ques.
ton of right were urged this side of the Atlantic,
it would be fact and not words. They doing their
utmost according to recent European accounts, to
buy up at all prices, such of their old bonds as have
not been converted according to their sefwiled law
of 1861. The holders of new certificates have no
claim beyond what is stated in their bond and this
only assigns to them SO much year for interest,
guaranteed by Spanish faith. But those more re-
luctant people, as are the proprietors of Spanish
stock in this country who have not accepted the lure
OF new promises OH fresh paper-the proprietors OF
the per cent. bonds deferred stock OF 1884, repre-
sentng full claim Of capital on the Spanish govern
ment-they will have right to demand and exact
satisfaction Of this claim, and they may urge the
for their claims; and where It is known that words
are followed up by deeds-where protection is afford
ed to the rights Of all citizens-appeas are never
made in vain. Spain may refuse to pay, nay her
friendly advisers in the background jealous Of the
growth of this happy country, will induce her to re-
main obstinate SO much the better for the purpose
Cuba will be free, the creditors paid and Spain may
get the balance Of the purchase money.
Respectfully yours, H.