New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-20


oeo' 10 consolidate and neutrality-suspicious. which
may be very profitable for future .vndicates;
and remedial legislation which may be wrung
from the Cortes. is ardently desired by r~ilway
investors and spectators In Paris.
LIMITED BORROWING POWERS.
Temporarily the Treasury may obtain accom-
houaton from the syndioates on hard terms. but
the protracted continuance OF the war on the
present scale Of expenditure will inevitably
naust the borrowing powers Of the Spanish
treasury Investors know that the new war
deot VIII be saddled upon Cuba. which has been
staggering for twenty years under the burdens
imposed upon it during the previous insurrec-
ton. and they cannot remain satisfied with the
security which is now offered in the conversion
oonus The time will come when fresh ad-
vance can be obtained in Paris or London unless
the customs revenues Of the island pledged
as security and the lenders empowered to
collect them. That policy will naturally convert
cuba into another Egypt, with financa-polit-
cal combination In charge Of its administration
under some scheme of dual multiple control
Yet the commerce Of Cuba is almost entirely with
the American mainland; ard it hes where II was
In Secretary Everetts time, the entrance
OF the Gulf Of Mexico and commanding the mouth
OF the Mississippi and the Eastern and Southern
eSaooaIus OF the united states.
Ii is assumed by nearly all English writers on
cuban affairs that inability or neglect the
part Of the Spanish Government to suppress the
rebellion will be fatal to the monarchy. That
would depend, OF course, upon the practica bility
Of providing substitute for monarchy. II there
were not men on the ground capable Of leading
q revolutionary movement the monarchy might
easily survive the loss OF its West Indian colo
MES. But even if republic proclaimed in
Madrid before the end OF the year the Gov
eminent would prosecute the war with renewed
zeal. Cuba is the last stronghold remaining from
what a continental empire. and Spain
vii! continue TO make the most desperate efforts
10 retain possession Of It, So long As money can
be borrowed and new regiments recruited for
Cuban service. the contest will be maintained
with courage and relentless purpose. The French
English and German bankers by refusing addi-
tiona credit a bankrupt treasury and 10
ruined, misgoverned and Impoverished island, can
bring the struggle to close whenever they
choose. A collapse of Spanish borrowing powers
would be followed once by either grant Of
autonomy. or IL that were refused by recOgni-
ton Of the islands independence The ultimate
consequence if The Times's' cautious and con-
servative correspondent is to be believed would
be annexation TO the Union.
tIRAS ONLY MARKET.
Commercial revival as the result Of local au-
tonomy and the opening OF Spanish markets for
Cuban products is fiction idle as Ophelia's
dreams There is neither Spanish nor European
market for Cuban products. except limited one
for tobacco. The only important market for the
sugar. fruits. iron-ore. manganese ard practical
~ for the tobacco OF the island Is the United
States. The tariff for years has Disseminated
ha~v fly in fayO If Will he
peninsula but the great bulk Of the commerce
is with the American market. The restoration
Of the islands prosperity cannot be brought
about by tariff legislation in favor Of Spain. nor
by a belated gram OF autonomy. which would in
volve almost much humiliation for the mon
archy the recognition OF Cuban Independence
No well-informed observe who is familiar with
the economic conditions Of Cuba will be deceived
by the cuckoo cry Of autonomy AID prosperity,
A free Cuba would have to pay interest on two
war debts and would be without the capital and
financial resources required for regaining It's
fortunes. Under annexation the face Of the coun-
try would be transformed. The sugar indus
try would be placed al once on a protected basis
ard enabled to hold its own ground against the
destructive competition of European beet suglr
Railways would be built from end Of the Isl
and TO the other the prmeval forests remaining
from the days Of Columbus would be opened and
the rich mining districts Of Eastern Cuba would be-
adequately developed. American capital would
no longer be repealed by Spanish legislation and
corrupt administration; and with unrestricted
trade with the mainland Cuba would again he
come the richest and most prosperous Of he
West Indian islands
! not striving to formulate an annexation
argument. but merely to present statement OF
fact from which dissent is mpractcable. The
acquisition Of tropical territory inhabited by
mixed races may or may not be desirable from
an American point of view: but so far as the ma
terial interests Of Cuba are concerned. there can
be no room for two Intelligent opinions. AnnoXa-
ton would restore Cuban prosperity.
Because annexation would inevitably involve
the conversion OF Cuba !nto another prosperous
California English writer's. who understand the
real condition OF their West Indian empire,
do wish to have that result accomplished
They have good cause for apprehension. Let II
be assumed that Spain cannot succeed in con-
Quer.ng the rebels and that Cuba and Porto RICO
will gain their independence and subsequently
be annexed to the Union. Their fortunes would
at once mend. TIER resources would be devel-
oped and their industries would b. made remun-
erative What effect would their prosperity have
upon the British West Indies. those neglected
ard undeveloped estates Of the empire, Of which
Mr. Chamberlain has recently been talking
Their ties to the mother country which has done
nothing for them during the last nifty years.
would be loosened They W )uld be drawn ny eco
nonic gravitat.on toward the great American
Republic N'F.