New-York tribune., 1871-11-20
TAXATION OF SPANISH BONDS.
TIE MADRID PRESS ON THE PROPOSITION OF
THE MINISTRY.

from ne NOtedd
We have communicated TO our readers the
variations Proposed by the Finance Minister IN the
Budget presented by Senor Ruiz Gomez The latter,
presented the estimates balanced by the Of
sIndry i1poSs Scn9r Angnlo, ccding TO the suggcs,
lhrm or reduced them, and 10 cover the vacuum
left in the estimates OF the revenue has hit upon the
imposition 0t IL per cent not only the Interior
but also on The Exterior Dcht. We declare
this impcst on the foreign debt il unjust and de-
pIcssIvo to the decornm Of the country. What. have
We not Just added TO this debt by loan of GOOCU0o
sterling; has not that loan obtained brilliant results
cnect of confidence in good aitht Has not credit
bGen greatly raised and spanish paper become an object
stances we are about 10 take per off the payment
offered by the country to those who have trusted in
those who mtrustcd us with their money, believing in
words. THIS expression may DE- thought strong, but
never consent 10 IT. There things which may possibly
be legally d"ne,hut which public morality and national de-
nyhng the foreign debit ought either not 10 have
made loan in it, have declared beforehand that it
would be subject 10 the measures for the leVeng OF the
estimates which the Government might propose and the
Parliament adopt But in thS case the contrary, the
former Ministry, less officially, or OfIicOusly
caused IL 10 hc understood that The foreign debt would
remain exempt frpn impost. Under this idea the loan
exterior debt announced, and under II the sub
sGrbcrs took part in it, IL matters not that the Minis
try who made the loan not the Ministry who to-day
propose TO tax It. III international rclafl0nS-in
compromises acquired III the nalne OF the coun-
try. the Government is ever the same Loss than
any Government present believe itself
cmpt from following in TINS particular The footsteps OF
predecessor for it sad IT accepted each and every
Of the paris of The former ones programme. Don't
let them say there no compromise legally acquired.
For Governments who wish to be respected, moral
promises valuable or more So than legal rOn-
promises. Those who subs, rhcd to loan believing
they buylng consolidated AZ 81 have right to call
themselves deceived when they find they havc bought
at SO. Tho examples of italy and Austria cited.
Because those two countries imposed tax on their
foreign debt authority for to do the When
they did they had not inst made loan under condi
tons which appeared to remove all possibility OF their
taxing 1t.
The had condition Uf Treasury and iia remedy
CXclusi> ciy atOn. matters and, sur th indulgence
by prudence pItriosm but with that the foreigners
resident out of SPAN have nothing to do let It he OBJ
served that the foreigners resident ont of Span
for TO mind the rrsenc" III spain Of holder OF our
Debt though nc he foreigner carries with it the
S by h the STATE to V those VINO reside then such
as individual SGc@rtS &C. No" ADJ thn ., we have so r1
they knew in London Of the project TO- tax the Exterior
quotation Of funds If it he passed. into law. THIS
signifies the death Of credit abroad just after the late
Radical Government Of senOr Gorilla had raised ii to
altitude r honorable for country. This signifies
also perennial difficulty for the realization OF loans in
tbo absence and Withdrawal Of foreign capital from ali
classes of industrial cntcrpriscs Ley us think wen
from politics and c the Press OF all parties yrnti.
late point which much affects not only material
prosperity at home, but the honor OF our country abroad
ENGLISH COMMENTS UPQN IHE MEASURE
ErOa Th6 Loadoa Dd,iy N,rs Of NOe4.
The Spanish Government is az dishonest a.
the kilograms have represented it, The ordinary COM
from Madrid confirm last weeks announce
mcut that its Finance Minister deliberately proposes to
rob the foreign creditor We plain language ddyiSrd
ly, because it. evident that the conventional and
way in which the nefaIiOus designs of
confscating Governments have been dealt with directly
tends To facilitate such dishonesty cOnironts
Ii is under the prctcnSc Of taxing" the coupons
Of the foreign debt that the Government seeks to
plunder tue foreign creditor; hut the Woprlcty OF the
icrin cannot be- admitted. There can be- question OF
tax lton here II the Spanish Government ordered an
ironclad frg,te EuglInd al certain price, and then
deduct - cent Of the price ~ taN the
absurdy OF the attempt would defeat It, But the posi-
ton Of the holder OF the foreign debt Of Spain that oi
creditor, and nothing more The spanish Government
has an internal which, having been Issued AZ Madrid,
supposed be held by subjects OF tue spanish crown
and II foreigners like 10 purchase that thcy gN "
with It's liabilities but the external debt was raised
IN foreign countries, and the money was lent by
persons be wcen whom and the Spanish Government M
relations istcd except h4.c s nrbO and creditor
aed by the contrac Inc foreign creditor OF Spain can
not lie laf pay taxes on his bonds for he stands cut
side OF the whole sys1cm Of Spanish government There
the pr,scntatiScs Of Spain found him when
they needed his aid. and there they are bound
To- nay hIm M, dividends they fall due
II would Dc easy show that thE folly OF this proceed
jng Is odnal TO ITS mquty; but II would hr useless rue
aors of this COnscatOn scheme must he infatuated
# thew fancy that Spanish credit can survive H. Per
hps al the eleventh hour the honor or the country may
saved by the Cortes but in any case me world Is
rncd that whatever thrones NAV rise or ail ~ SPAN.
iis Ministers yet to learn hht hohcay = c bcAt