The New York herald., 1871-11-11
SPAIN AND CUBA
The Cuban Debt and How Spain
Proposes to Meet 1t.
Treasury Bonds Of the Island Of Cuba-The Pro-
posed Bill Under the Consideration Of the
Cortes-How the Government Intends
to Streng hen the Sinews Of War.


to Streng hen the Sinews Of War.
MADRID, Oct. %, 1871.
Sefor Balaguer, the new Colonial Minister has
laid on the table OF the Spanish Congress bill for
the relief OF the Bank OF Havana BY the issue OF
100 bonds Of the Treasury Of Cuba OF $500 each
OF eight per cent interest to be substituted Tor the
notes IL has emitted on account OF the governments
for the maintenance OF the war. The subsidy
and the home Treasury are TO be the security for
their redemption during period OF eighteen years.
As the bill and its preamble throw much light on
Cuban finance give you them in full. Whether this
project will ever become law has yet to be seen. The
existing Cortes not sure OF life long enough to
insure It's discussion and q vote upon 1t.
From the preamble 70 tue bill make the follow.
Ing sxiract:- .sy~- II.
WHAT THE FINANCE MINISTER PROPOSES. J
Tho Minister who has thereore formed the an.
,on The malory q !ss r.ers.snstiyss oi
the sn: s % tSnre % % nsn .na Ss a
Il, and the bank has consented to II. J
Island Of an s
ss X IL .s s II
purpose, and BY other iasoafeei L necessary sI.,
Ta The Snns but mot whoa s previous % % y
Cara. for h: Of taxes The bank notes emitted on
Vent the naa as vail @
source: to the Treasury me. the expense. the war may
These ideas are expressed in the bill Tho wisdom OF tho
which !: s~Asd with mpasspss o. Inc other SID: .! the
the Of the country In their rugged
Madrid, Oct. 10 1871.
Next follows
iO0OO bonds in double
sae: 70 Of . 81 the s Of
cent annual Interest redeemabs by lots under the Guaran-
nonsl Treasury Of spain.
two proprie!ors or elected Dy the Cy Council
Jg1ta M % ana one member One o. 6s Eo.sng
bon WIN remain with the ntendencia and the other with
the bank Tor Of aaan and
definite liquidation Of IT'S account with the Treasury win
Cuoa sufficient number 5J6 70 the
said debts sn S its s OF noss
fed The OF Inc bonds created by this law win depo'
sH sesisa int the bank
ai.st @ TO e.e S the
war the to,s Of the ga. the bank may not
article ami those which remain in guarantee viii not
until the epochs determined in that article
Arr bank transfer the bonds excep, 70 the
amuaSs ae seeo0a o s and for the s s each
per cent from the LIST January Of the year corresponding
70 s IT, % s s ct sssUDn oDs @
the form as expressed below .,...,...
every according preceding articles be pub
shei officially and without this requisite the said bonds are
the ' hank n:s
of the bank in the referred 20 IN
% me Sy e
cSmms:Sa will pc a Ss % compese i'm M sISns
duties and responsiel,ties.
WHICH win ss pass on the e oi u
in with the @ +. and the he CAP of as
Of svsns a'. ,osssnsr & Gaysafy interest.
S ss st. and sinking p isns s
81 s s sy ysus H ss s ISLAND s5s o sss
sus wSss Ss . spsc Ea
be special BY the Treasury Of the Hacienda
n SsH4 IT,
s ss aG % % me
WIN ss e. ss
viii paid by bank each months maturing Soh or
: be
as snd q the interest does not make any addition
any should no, reach M the sum Of $ooos the
= IN. bnnn IN the S Of @ r
due notice the lntendenca to have at m disposition tho
sds y the as Of year prsaacs
agreed VIII b. The Of the product the
being that tho
termination the third year ali emissions Of said notes
ought called in These will also be received at
% cse IN viii d n S %
be delivered ut the end OF each
VII & s If ss ss II Ss
sua reming verifying the act and the
10 the Tribunal Of Cuent0s del Reino in
Madrid
AKT l2-The bonds redeemed by lottery every year will
be cancelled the Of The @ and Of the
to Inendenca, who will proceed with them az with tho
notes.
OF the bonds out OF the and the bank cannot re-
claim other charges for placing or commission.
ART 1.-THE CaJas OF the Island may recoup the annual
supplements ade to the bank to cover the oehc OF the
the place with the of other be-
yond the in defect prolonging the vying
OF the said the for total recoupment
with the appreciation Of the government.
AAT l5Thc bonds emitted by virtue OF this law VIII be
admitted for their fn value in payment Of deposits for
loans which require surety and also In deposits as
Of public services The interested
will the interest of said bonds and should any Of
the deposits Others with the cash they have Produced
ART l6-The bonds will also be admitted In payment Of
purchases OF State property and from that moment be
deemed.
ART 1.-THE Minister Ultramar 10 authorized TO set
than provided in this law the annual
redemptons II the of the the
sites OF the Ire asury permit -
ART 49, The Minister Of Uramar viii TO the carrying
out Of this law. VICTOR BALAGUER
MADRID Oct. l9, 1871. Minister OF Ulramar.
OPERATIONS OF THIS LAW.
First emission, 10000 bonds OF 5000 (pesoS
Second emission, 80 900 bonds OF $780,
Third emission, 80 900 bonds OF $780,
Interest eight per cent.
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