The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-03-23
A FINANCIAL REyoLUrrovINc CUBA.
General Connscation and Reputation De-
creed by the spanish Government.

HAVANA, m0rCn lI.-Ine UuCfiu W w
Hdbdnd, the ofncial paper Of the Spanish Gov
eminent here, published in its Issue OF the 10th
inst. decree issued by Captain-General Jovel-
lar ebollshing the 10 per cent. and tho 10 per
cent. tsxes on income, and the poll tax OF ga
on each slave.
The future annual budget OF the island IL
stated In tho same decree to be based upon
collection Of taxes amounting to SS!,0O'OUO, to
which the proceeds Of customs and other taxes
are estimated to contribute si6,0D,OO0. leaving
$50 OC0C00 10 be collected by direct taxation
The decree further announces that the treasury
will issue bonds bearing a gold interest Of per
cent to the extent Of slsjOOO, Coz said bonds to
he redeemed b, a sinking fund of $4,000 every
six months These bonds arc to be used for the
liquidation Of the footing debt. and, "a far a.
they 20. to the cancement OF the notes Of the
Sp tnisn hank which have been Issued on &C
count of the Government.
In the ycar lsCi. when the agricultural and in.
dustria capaciti 3 OF the islanl OF Cuba were
In their apogee, when the slave trid, WAS brisk,
and coolies were IN pnthly landed IN this city oy
the thousands. a commission which had gone
from Cubat Madrid 10 complain OF excessive
taxation, re 'urrcd after a fruitess Grand. The
taxation against which they were commissioned
to demonstrate amounted 20 m annual revenue
collected from all sources Of s&6,0JlOO1. OF which
on IN average SOME s5.OJD,tOO surplus found It's
! way tn mo y ckcts OF INC r,snectNe cdmIlWds
/ IN Naurid. tax ltion Of S26ON.OO WA then
| bur .cn which threatened TO crush the island,
| apd was paid almost in its totally by tho lead
| ing sugar producers.
the only answer II the Spanish Government
! n that date to tho very reasOnahl, protest OF
! the Commissioners from Cuba was th1 issue of
a new decree which increased the total taxes
| cnlec'ane on tho il ard from S2Glc0.NCO to
| S.ss.u0 on TIE impertinence OF complaining
| cost the cOnplaincr~ 5000, - year. Ihis de-
| cree was in rcal.t. the match whtrh sprung the
| mine. because u proved TO tho dullest OF tho
| Cno ma that their only poss bic remedy consist
| depro A. sf IN e1 Nofn an he Ia
| OF October, lsiS was really CuDa's answer to
SPANS decree Of the preceding autumn.
drnce I've totsi taxes collected NV the Spanish
uovcrnment fen short Of sSsOOO.0O, while the
! So UoO,0O the cVh'it " course remaining un-
| paid. The Spanish Band was then called upon,
AM supplied the deficiency by q perfectly ills-
gal over issue of its notes ON account 0f the
Du.ins the seven years which have since
| penses Of the Government have gone ON in
| c.cnstng NJ scandilous ratio. Thcy have be n
| partly balanced tv new aud extraordinary take,
| imposed at the pleasure vi each succeeo Ing In
| trudeutc. he printing presses " the spanish
! Bank have been LITERALLY used, its issues on
| Government hccoJnt amounting to day to over
| sNOhuO. \ H. ting Dc 80 has neen CT ated 10y
| duo notes OF the Cover mcnt for milit lry and
| other supriiOs " hich TO day exceeds S5Di0O,ODO
| and ~ LIST the JIutan-Gt neral. Sp ans repre-.
| sentative. coully states that thu annual cost "
| carving on the Government amounts to So
l..saS0l people.
II the isJnnd wss unwilling NJ the heirht of
its prosperity TO pay $40 1900 tn ls;. how can
SPAN expect TO day 10 collect Ss2,IOOtDJ uy tss-
situate in tao western and Villas lie, artment,.
lntO IN, So. nv ;eAson Il the heavy Sp nsh rein
iorceuicnis nlaced there. the Cubans have only
has neiged Un adc % which she has teon unahie
t. liqudaie win all her enormous taxation
Inc purpoit. therefore. OF the Cip,ain-Gen-
cral's decree 10 wn'cn refer "a twofoid
l. 70 collect se!.toJOO with whichto carry on
the Govcrancit.
ii. 10 red .em the Spanish Rank notes. is.u,d
on ccouut OF the boN. rrmcrt, ~ men amount
To S'J.oh.UJ, and to caucc! the r1le' nd lrp0tes
~ the Government. wnich constitute to-day a
floating deb. 4 ~. 7 40 .OtuO.
| The revolution has alrraGY laid W ate more
than one D.. Il OF tie island. The smartest col
lector could lay his hanes upon no taxable prni.-
erty between ta;i Aiaise ard tho trocha 81 the
JucarO. Further westward-that IA, IN the lin
Ted cistijrt lyin. between the Villas ana tnis
ciiy-ths Cubans re to-day laying everything
waste, and Tor this We have the confession OF
the spaaiards Themselves. Now. - the Govern
ment was unable to collect last wear even $50.
OOl0OO-a fact admitted by the Spanish press Of
this ciiy-huw Ia i to be presumed that II can
| posstUly, from decreased Held for assessment,
collect this yer the increased estimate Of Ss.,-
The only probable solution Of this problem ia
that the Government mas determined upon and
absolutely dccreed the contscatiun On ma Sse Of
all property. Loyal Spaniards ard true sym
athizing Cun are all doomed alike. II
taxes cannot be collected, the Government will
which the papers 90 not publish for sale at auc
tiun oxen. sU-sr &c. nlthiog In the shane OF
property belongig TO sugar estate for non
payment OF I
OF course the Government III never c pllcci
anything like $301O.AO. but II will collect the
proceeds of everything that IL sal lille; and II
they do not seize tue real estate II VIII be solely
because they know that II would be difficult, II
not Impossible, to convert 1t into cash.
The intended issue Of bonds bb the Govern.
ment to the amount OF $lS0,OO,O0O bearing eight
per cent. gold interest," - alike Impossible, lti
object Is to re icem its now overdue debts
which bear no interest, ana which to-daN
amount to SlBOO0,O4O. The real meaning OF ihi.
Is to prOmisu - pay what II owes to-day In three
hundred years, Tor the proposed sinking funC
for these bonds Il only at the rate OF SG4D,OD
year. OF course there Is no guarantee Lneret
f,r either the interest Ut ultimate payment VI
tae,e bOnds.
these bonds Will never be taken up by thu
capitalists Of the nd who are eagerly busie,
IN hurryiIG every dollar they own out Of 1t. IN,
banks. whose total capital - under S21,OUO.00
are already either bankrupt or stuffed full o
government securities. They can only be place,
In exchange of bank notes on government rides
whose holders VIII probably be compelled Il
| exchange their present certificates OF promise
to pay in gold at signt. for piece Of unGuaran
teed paper payable Ia 30 years.
The nrst six months interest on these bond
will never be paid, for the Government vii
never collect taxes enough for the necessur
expenses Of the war, aud the only real object o
tho decree Is to squv' ze the last crop OF bloc,
9 out Of poor CUBA. previous to her nuai aOandon
|