Middlebury register. (Middlebury, Vt.) 1886-1937, 1897-01-01
THE SPIRIT OF THE PRESS.
a NATION AT BAY.

Details of the subscriptions to the re-
cent Spanish interior loan, now come TO
hand, make interesting reading. The
public already knows that the Madrid
government, finding its treasury rapidly
emptying and itself unable to borrow
money abroad, made an almost desperate
appeal to the people and to their pa
triotism. The press, the church and the
local authorities everywhere exhorted
the people to show to the world by their
devotion what Spain could do when
driven to the wall and turned at bay.
The response was what was to be eX-
pected of so proud and ferveLt.spirited
a people. The loan was enormously
oversubscribed. The total amount
authorized to be raised was $50, 000, 900,
in s00,0 900 bonds of 500 each; but only
s5O,O 200, in 500, 900 bonds, was to be
taken at once, the remainder being held
as a reserve. to be called for if needed
in the future. Against this immediate
call for $50 900. 900 Madrid alone sub
scribed more than $50, 900 900, and the
entire kingdom offered not merely the
full $50, ,OOO, but no less than sl1S,-
SOC, 900. All subscriptions of $500 or
less will be filled in full, and all above
that figure will be equally scaled down
to a nominal total of $50, 900, 900.
What is most interesting is the list of
maniac of cubcoriharc and tho amounts
subscribed by them. The two daugh-
tiers of the Queen Regent are set down
for $50, 900 and $4,000 respectively, and
their aunt, the Infanta Isabella, for
$4,000. The prime minister, Senior
Canovas del Castillo, put his name
down for S43, 900; his wife for S2l 400
his mother-in-law for $1,000, and his
nephew for $40, 000. Other subscribers
were the Countess of Bornos, S2,000,-
600; the Marquis of Vallejo and the
Duchess of Sevillano, s600,0 600 each; the
Marquis of Villamejor, the Marquis of
Cubas and the Duke of Alba, $500 900
each besides a number of bankers and
banking firms from 100000 to $1,000
600 each. Nor must the famous torea-
dor, Guerrita, be forgotten. He put his
name down for no less than S27 800, as
he was well able to do, seeing hat his
income from bull-fighting is over S70,-
600 a year, and his fortune, amassed in
the last ten years, fully 100000. By
the side of these are the names of
thousands of humber folk, tradesmen,
peasants, priests, fishermen, muleteers
and others, tor one or two bonds each.
1t is a national loan in the truest sense
of the term, and reflects the greatest
credit upon the patriotism of the Spanish
people.
But what next? The proceeds of this
loan might carry the Cuban war through
the winter, if all could be applied there
to. But that is impossible. Already
some s26, 400, 900 has gone for arrears
that had to be paid at once. That makes
a big hole in the $50, 900 900, or rather
the $40, 800, 200, since the loan was is.
sued at 7 per cent below par. The re-
naming $40, 100, 900 will not last long,
at the present rate of $4,000, 900 q
month expended in Cuba alone, to say
nothing of the Philippines. Even should
the reserved $3O,0O0,000 be called In
the treasury would be depleted again by
spring. And what then? Even suct
patriotism as that of Spain annot for