The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-20


tion-Ths Emancipation Question.
Leaving, for the present, as it stands the
diplomatic aestion of veracity pending be-
tween our Secretary of State. Mr.. Fish. and
Sehor Gorilla, Prime Minister of Spain, in
reference to the remarkable despatch of the
former of the Goth of October last on the abo-
lition of slavery in the Spanish West Indies,
we turn to the consideration of another re-
markable official communication-thatw which
we published yesterday from our Minister at
Madrid to Mr.. Fish, bearing the date of Au-
gust 16, 1872, on the finances of the Spanish
Cuban government, and on the frightful costs
and loss of life resulting from the insurrection
for Cuban independence. This despatch, it
appears, has been shown by MIR. Fish to sew
eral members of the Diplomatic Corps and of
the Senate, as justifying his note aforesaid on
slavery in Cuba, which Seior Gorilla says he
has not received We are obliged to the Sec
rotary of State, in any event, for the produc-
ton of this August despatch from Madrid,
because of its important official disclosures
touching the condition of Cuba
We are thus informed of an official publica-
ton of decree, accompanied by report of
the Colonial Minister, author izing the Treasury
Of the island Of Cuba to issue bonds amount
ing to sixty millions of dollars, at eight per
cent interest, and pledging for the payment of
interest and principal of the loan the proceeds
of the war tax, estimated At five millions
year, and the surplus derived from all other
sources of revenue, ordinary and extraordi-
nary. 1t next appears in the report Of the Colo
NAL Minister that the Cuban Treasury owes
the Bank of Havana fifty millions of dollars;
that twelve millions of this sum were borrowed
to pay the expenses of the several expeditions
against St Domingo and Mexico, and that the
remaining thirty EIGHT millions have been ad-
vanced by the bank towards the expenses of
the Cuban instruction. The whole fifty mil
lions, it further appears, was advanced by the
bank in paper money, the universal plan in
times Of war; but the large addition, ten mill
ions, thus made to its paper money, has, it ap-
pears, brought things financially to o crisis in
that section of the island held by the Spanish
forces. This, too, is one of the inevitable
consequences of protracted war.
But it further appears that the amount
raised in Cuba by taxes and imposts during
the last fiscal year was twelve millions, which
deserves moments attention. The whole
population of Cuba is within million;
but we will Say it is one million. Of this
aggregate the black element numbers half
million of which four hundred thousand are
slaves. One-fourth at least, we suppose, of
the white element is actively identified with
the instruction, which leaves white popu-
lation of some three hundred and seventy
five thousand, men, women and children, or
say seventy-fve thousand taxpayers, to raise
these twelve millions of money, and with the
| island suffering all the evils from protracted
and still existing civil war. Of course under
this condition of things there is q financial
crisis. This loan of sixty millions is intended
to clear off all the accumulations of colonial
debts to the Bank of Havana, first, for the
amount advanced for the Spanish contingent
to the late Emperor Napoleon's Mexican expe-
dition secondly, for the sum advanced to
meet the expenses of the Spanish expedition
for the reconquest of ST. Domingo, and then
ten millions are to be paid into the Cuban
Treasury for the prosecution Of the war against
the insurgents and for the other current ex-
penses Of the next fiscal year.
But after meeting all these acquisitions
there will be thirty millions of paper money
due the Havana Bank and to raise this sum
the embargoed estates on the island are to be
leased for o term not exceeding six years, and
the proceeds, with certain. Treasury credits
and the income from Crown property, are to
be applied to this redemption. But as these
sources of revenue have not hitherto produced
anything, we apprehend that the bonds issued
upon such collaterals are not likely to COM
mand high premium in the market. Sub
scriptions are to be invited to the loan in
Havana, Madrid, Paris and London. New
York is not to be favored with these attractive
bonds, and doubtless she is excluded from the
favored cities for very good reasons. The
loan is to be managed by fifteen commission
, ers, but the Captain General may suspend al
pleasure any action of theirs on the subject
In the presence of this inviting scheme let oul
Credit Mobilier and Credit Foncier enter
prises hide their diminished heads; but lei
all inclined to venture into this Spanish Cuban
loan of sixty millions first read up the rise,
decline and collapse of the South Sea Bubble
Such as we have presented it is substan
tally the official exhibit of the finances Of
Spanish Cuba. 1t is, too, in this condition o.
affairs, as our Minister at Madrid puts it, that
, after four years war without quarter, ''Spair
:, is'about to appeal to the civilized world tc
lend money on pledge of the revenues of the
island" and for the purposes Of perpetuatne
: African slavery and compelling the unwilling
= allegiance "of large majority of the sorely
> oppressed native population" In this rsla
ton statement is produced from the Impair
: cidl, semi-oficial journal of Madrid, tina