New-York tribune., 1880-02-08

the Guano Islands and the nitre Deus vi
Tarapaca-the property upon which the DohuS
are nominally based-a combination Oh Eng
lisb stockholders at once force these securi-
ties inward until they have been quoted at
2s. This buoyant market is recognition OF
tbe solvent ability and honorable character OF
Chill; but it is more. 1t is the palpable en-
deavor of a great Nation to take advantage
of q weaker one while embarrassed by an
exhausting war, and force her TO assume tne
burden of debt for which she Is neither
morally nor legally responsible.
After the bombardment in 1904 OF San
Juan del Norte by the Cyane, Lord Palmers-
ton was urged by British Mosquito property
owners mot bondholders merely to claim
damages from the United States. The inter-
national law laid down by his Lordship then
will probably hold in this instance. lie told the
complain ants in vigorous English that II
they expatriated themselves or their capital
they must share the chances of the country OF
Their choice English money-lenders certainly
knew these chances and the risks they in
Cured when they bought Peruvian paper, az
the ruinOus discount at which the bonds were
placed and the USuIiOus interest exacted pear
witness. The point in question Is stlli more
strongly emphasized by the action, or rather
the inacton, of our own Government when
appealed to by the sufferers from the bad faith
of Bolivia in the Mamore Railroad matter.
This Company enjoyed the distinction OF beng
incorDOrated by an act Of Onr own Congress-
under q concession from Bolivia ; ana yet
when that nation, by characteristic fraud, had
brought financial ruin upon many American
citizens VINO had been betrayed into trust
ing her. our Government could see
NJ cause for interference. The nltre
beds and guanO deposits now held by
Chill were owned in fec simple by the PERU
vian Government. They were that Govern
ment's main sources of revenue. Without
them Peru is penniess and powerlcss, and
only by their aid could she raise funds to
prosecute the present war. VIII 1t be pre-
tended that Chill cannot hold them to the ex-
clus;on of any alleged prior lien until her own
war indemnity shall bo cancelled Ii Als'ce ana
Lorraine had been mOrtgaged to BRUSH money
lenders, would Prussia he less their owner
now, or would she levy tribute the less be-
cause only the right of eminent domain rested
in France2 The time has not yet come when
a nation in the exercise of its stern right OF
war shall possess itself of hostile territory
only TO have and to hold it subject to Il
mortgage on the same terms that man buys
a farm of his neighbor.
1t is possible that Chill, in the event
of her final victory, may elect to as
sumo the entire foreign debt OF Peru,
STIMULATING to hold and operate the nitrate
works and euano beds until such debt and
ahan ha
could hardly reject such terms If offered,
although such policy would be TO her
most crushing humiliation. Ii would not be
unwelcome news in the money markets Oi
Europe, and it would create body OF public
sentiment throughout the civilized world which
would lend moral support TO Chill III restrain
ing Peru from disturbing the peace OF South
America. This policy, too, might prove the
regeneration of Peru herself. The very ne
cessty of labor would arouse her people, who
have too long depended upon the sea gulls oi
the Chinchas instead of their own excrtions.
and in time they might By this stern discl-
pline prepare themselves to take rank among
industrious, enterprisng and law-ablding ma
tions. But if Chill adopts this policy 1t must
be of her own FREQ will. There is no reason
in international law why she should be driven
into il except that she is weak, and interna-
tional law was primarily made to protect the
weak.
The United States has more than a senti-
mental interest in the matter. We are large
consumers of the products OF which the Gov
c1nment of Peru has so long held the monop-
oily, and the heavy prices which we have been
always forced to pay have almost doubled since
the war began. The Chilian Government has
never been merchant, and it is the spirit
of her institutions to encourage private enter
prise in TIE most liberal way. Indeed 1t was
the discovery of nitrate beds in the disputed
territory and their operation by Chilian indus
try and skill which brought on the war; For
ChiIian enterprise ut once began to undersell
Peru in the markets of the world and this
menace to her monopoly was more than Peru
could endure. 1t is to our immediate pecuniary
advantage, therefore. TO have the burdcnsomc
restrictions removed from these great staples OF
commerce, so that motives of self-interest. as
well as considerations of honor and justice,
should lead Americans TO hope that our sister
Republic may be permitted TO enjoy without
European interference the fruits of her fairly
won victory.