The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-31
SPAIN IN NEED.
The Country is Now Well
Nigh Bankrupt.
Another Popular Loan Is
Under Consideration.
Dropping Prices Of Spanish Secu-
rifles Cuban Situation.

J
believed by men high in diplomatic and
official circles here that the future of Cuba
is 10 be studied from the financial rather
than from the military standpoint. Spain
is well nigh bankrupt, as n government.
and the people who support the govern.
ment arc feeling the strain upon their re.
sources 20 such an extent that they must
have relief IN some way or other The gov
crnment finds great difficulty in securing
enough money with which % carry on the
war. For some months it has been run.
ming on money obtained by u popular loan,
but this is now exhausted. Another popu
lar loan is talked of, with doubtful chances
OF success. The last loan was put out at SO
and bore c per cent interest, and yet there
was great difficulty in floating IL. The
shares are now quoted at 5S. showing a
great drop In value within "A few months.
1t Is reliably reported that the Spanish
government has been refused advances i'm
every capital of Europe and by every great
banking house.
In Financial Straits.
SO great are the governments financial
difficulties that IL has been forced TO force
the circulation of paper money in Cuba
literally AT the point of the bayonet-that
Is 70 say, people refusing TO accept il are
threatened with deportation to the penal
colonies. Nevertheless merchants refuse It.
The poor soldiers are compelled 10 take ii
for their pay, though IL is worth only 40
cents on the dollar. Worse still. the army
has not been paid for several months and
great discomfort reigns in consequence. At
home the government Is in sore straits
Fifty millions Of interest upon the bonds
will be due July I, and the question is
Where Is the money coming from TO pay iti
i saw today n number of Madrid papers
about two weeks old. Notwithstanding
that tho press there is not as free as it Is
with ms, all those parers contain the most
gloomy descriptions of the situation. Tho
Carlists are agitating in nearly every prov
ince of Spain, trying to overthrow the gov
ernment. The Canovas ministry is be-
neyed 20 be tottering to it's fall, and the
editors ask why the government does not
do something to suppress the Carlists.
The reports from the Philippines, where
Spain has lNSesperate war on her hands,
are almost as gloomy as those from cuba.
But the financial problem is the greatest
one Spain has TO face. There is really
danger that the interest on the debt will
be deiautCh: that the little credit the gov
ernment has left will so to smash. and
that this will precipitate IL crisis in which
revolution may rear its ugly head. Tho
situation in Spain is almost as bad as it
can be.
Looking For the Enc.
The Cuban leaders in this country are
overjoyed at the prospect. They take less
s
in the financial news. "We are watching
the bourses Of Europe, said Senor Que.
sada 10 me today "In the dropping prices
of Spanish securities in all the money
marts of the world we see hope for free
Cuba. The end will come pretty soon.
Spain is near the end of her string, as you
Americans say She cannot hold out much
longer. Her financial difficulties will over.
wholm her. The war i'm Cuba, as learn
from official reports which l have received
from Madrid, Is costing the government
about sl2, 900, 600 n month. The war In
the Philippines Is costing about 81, 600, 900
a month. This makes "a total OF $l6,00O,-
900 n month that impoverished and well
nigh bankrupt nation is expending in the
effort to hold her two remaining important
colonial possessions--in an effort 20 destroy
human liberty. she Is now dealing with
two rebollions In short time her cred
itors will give her more trouble than her
armed enemies.
1T Is very serious situation for the
capitalists who have money invested i'm
Spanish securities, " continued senior Que
sada. But they are evidently lot willing
To throw good money after bad. If there
were any assurance that spain could crush
the rebellion IN Cuba, these creditors would
be willing To put their money in to carry
on the war But they do not see any such
prospect The Spaniards have hoasted that
VI they are forced 10 give up Cuba they will
leave the island a desert waste, without
Dne stone resting upon another, uninhab-
table for man and not worth having 1t
stands 10 reason Spain's creditors do not
wish 70 assist her in doing this, for n large
part Of the national debt is secured upon
pledge of the Cuban revenues The securi-
~ holders must look TO the Cuba of the
future for their payment.
"In my opinion" continued Senor Que.
'ada, "the Cuban problem viii come 10
,his. Srain will go bankrupt, and then her
,reditors W III insist upon some sort of settle
ncnt The creditors arc particularly inter
ssted I'm Cuba, ns have pointed out They
want Cuba saved as an industrial and reve-
nue. producing country. There is only one
Nay I'm which 10 can be saycd, and that is
)y giving it independence. With inde.
Jcndenco Cuba will quickly rccupcrate IL
will again become the richest land in the
world in agricultural productions. Whether
" not the Cubans will be found willing TO
axe over all or part of the debt which
spain has Incurred i'm her name do not
,now That Is question for the future.
But without any doubt the time is soon
oming when the creditors of Spain will
eek somc such arrangement with the
United States as guarantor.'
Military and Clvii situation.
"what is the military situation in Cuba
,owy'
"lt is as good as we could wish. We are
lolding our own. and that Is an we care 10
o II is enough. Time and Spanish bank |
uptCy will do the rest The royal forces |
annot Luat our men, they cannot crush |
iomcz they cannot force him 20 Fight till !
c Is ready and the advantage are on his |
ldc. Srain is az deadlock in Cuba. she |
an do nothing. She has her great and ox- |
cnsiSc army her navy, her elaborate or |
puiratipn lut there are no results We /