The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1897-10-16
President Mckinley, Through Gen.
eral Woodford, Pointed Out
to Spain
That the People Of the Country
Were With Cuba and Con.
gress Would Act. $.
Circumstances Leading to the
Downfall Of the Old Cabinet
Related.

NEW YORK, Oct. 1G.-Thc Herald
publishes the following, based Oh high
authority, which it claims is substan-
TALLY the instructions issued by Presi-
dent Mckinley to Minister Woodford to
Che Spanish queen:
None but the most kindly relations
exist between the present administra-
ton and Spain, and so far as lies il the
power of the administration they will
continue. The belligerency resolution
which passed the senate at the late ses.
sion of congress merely bore evidence
Of the tremendous popular feeling
throughout this country in favor Of
Cuba. The house, to be sure, voted
down the resolutions passed by the SEN
ate. But this with a uiew to postpon.
ing the issue and not doing anything
for the moment that could be construed
as hostile to Spain.
Congress Will Undoubtedly Act.
The house, like the senate, is strongly
in sympathy with Cuba. This feeling
of sympathy throughout the United
States will %undoubtly take shape as
soon as congress convenes. and it will
be necessary for the president to com.
municate to congress such recommend
atoms as he deems best to make in re-
gard to Cuban affairs. Under these
circumstances the government Of the
United States tenders its best offices to
mediate between Spain and Cuba and
it offers to mediate so as to bring war to
an end on such terms IS will be honor
able to both parties. This government
expresses the hope that Spain will re-
ply by the end of October, SO as to give
the president a chance to report to con.
gress by the time it comes.
Downfall of the Old Cabinet.
The Herald publishes the following,
which it claims details the real circum-
stances which led to the downfall Of
the old cabinet.
Nearly all Of the Spanish bonds have
been 1oated in France and the recent
loans were placed there, but the latest
been favorably responded to. The
Bank Of Spain declined to make further
advances to the government several
weeks ago and the cabinet ~thereupon
removed the governor of the bank.
The recently appointed governor Of the
bank then tried to force the banks
board of directors to grant the applica-
ton Of the government for additional
loans, but his efforts failed. This was
followed by the determination of the
cabinet to make steps to reduce the in
interest rate OH the government bonds
from 6 and 8 per cent to 3 and 21a per
cents respectively.
Immediately the cabinet was deluged
with protests. Some Of these objections
came from persons high in authority
and in a position to dictate terms to
Spain. The combined weight Of Con.
sentative influence in Spain which en-
braced, as indicated, the bulk of the
holders Of Spanish bonds, whose interest
would be cut in two, Immediately an
swered this proposition with the sug.
gestion that it would be far better to
stop all war expenses than to adopt such
a radical course. The queen yielded to
this and the result was the resignation
of the old cabinet and the calling upon
Sagasta to form a new one.