The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-12-29
SPANS CONDITION.
Unless Canovns Acts Promptly the
SpnnIsh Monarchy Is DnOmcd.

New York, December 27--rhe New York
Journal has the following from Mad
rid: Unless tho United States promptly
s0ives the Cuban question the Spanish mon ,
archy is doomed 1t is n long stretch of
sombre history from Philip II, who launch
cd the Armada to conquer the Anglo Saxon
race, to the hale little king saw bowling
in the palace yesterday, Spain 81 bankrupt.
1t is uaeless to attempt TO Disguise the
facts, Not only is she unpreparcd for war
with any first class power. but 1t will be
impossible for her to carry on the cam
paigns in Cuba and the Philippines much
Spain shows tl4t 49, r,nre than $4,000
900 remain of s6l 600 900 raised by the do
nestle war loan. This balance will all dis
appear within little more than two
months.
Tho European banks have refused 10 fur
nish money. Capitalists throughout the
world know that the wealth producing ma
chinory of cuba has been largely destroy
ed and the principal source of Spain'S rev
enuc is dried up. Even were peace restored
tomorrow it would be impossible TO secure
the capital TO r0-cstablsh the great Cuban
plantations while the Spanish flag remains
in that island. a constant and certain in
| centlvc to armed revolution.
The situation appeals TO all Spaniarda
who arc not blinlad by pride or passion.
| The nations funded debt rs roughly one
! billion two hundred millions. and the an
nual interest on his aggregates about sat-
600 00o more than half of the wholc income
OF Spain. Although in recent years the
annual deficit has been greatly reduced,
the noating debt is now about ninety-onc
millions,
with two great colonial wars on her
hands and domestic rebellion possible in
the near future Spain's credit in European
| markets II gone.
II is hard to understand on the basis OF
common sonse the naughty and defiant tone
| OF the government. II was necessary ia
| pawn the Spanish custom house to the ex-
tent Of twelve millions 10 secure the much
boosted domestic war loan.
At this moment Spain has In her posses
son something like forty nllion dollars OF
Cuban bonds and nineteen remaining mil
lions of domestic loan. That Is all she has
TO carry on two wars waged thousands o.
miles from her coast, with the sympathy o
the civilized world against her. Taxes II
Spaln are already 20 high that II IL dff
cult TO conceive how they can be increased
, sufficient TO avert the imminent peril q
bankruptcy.
The government tried to renew the over
due loan of $4,000 900 from the Paris ban'
! but payment was ipsisted upon Naud Spai
, resortcd 10 the old system, borrowing froT
the Bank of Spain to pay the debt
France The Bank Of Spain has now prob
4 ! ably more notes outstanding against
) smaller amount OF actual cash than an
other bank in the world. Nothing remain
; unpawnod but the tobacco monopoly, but
u that should be hypothecated for war pun
n poses how could Spain carry on her go,
eminent at home? In few weeks Il
d crash must come in some form, Spain hf
guaranteed the cost Of the Cuban war wit
. the idea Of bleeding the Cnbans when 81
u has crushed them. but the Cuban repubi
q grows in power day by day, and alreaf
D. the death of Maceo IL not the substanti
e victory they first thought II to he. Banl
Is and business men are grooming over II
prospect Ruin stalks through the Ian
= while the little king playse in his pala
with his Austrian mother. The prime mil
=. lister tries TO hide signs OF final financi
is disaster. and utters defiance TO all. Ca
10 telar. the magnificent. cries; I'VE can fig
=, like devils and lose like gods"
~ But Castelar, Is no longer n real repui
ican. Meanwhile Saeasta, the leader
% the liberal party. is plotting the overtime
~, OF Canovas. Senior Moet late minister
h. foreign affairs. Sagasta's immediate lie,
tenant and spokesman representing O
T. that is progressive in Spanish politics on
ne side the active republican party. which d
as sires the overthrow OF the monarchy. SAT-
III the liberal party Is put In power v
ad will at once establish promised reform
he In Cuba regardless Of war We will gra
he not only political rights far beyond tho
Incorporated In recent law. but we W
on also establish practically free trade b
I'M tween Cuba and all other countries wi
he the exception Of reasonable discriminate,
Die in favor OF the mother country and Gu