The times., 1897-08-15
sPA|N's FINANCES RUINED
Larger Part Of Her Revenues
Goes to Pay Interest.
BANKRUPTCY NOT FAR OFF
Only About 100000. 900 Available
for Defrayipg the Ordinary Rum
ming Exnenses of the Government,
TO Say Nothing of the Expend!tu res
Caused by the War in Cuba.

When Secretary John sherman, in mis-
now famous interview following the death
OF Premier Canovas, made the statement
that Spaia's money was gone and her re-
sources exhausted, he probably spoke in
the light OF information whichhas not been
generally given to the public. The utter
hopelessuess of Spain's resources was offi-
cially recognized by that government IN a
statement issued the very day that Cauo
vas died The figures are worth studying
This published statement shows that the
present debt OF Spain is 81 ,165.000,u0o,
in which is included the debt incurred 'iur-
ing the first Cuban rebellion, The interest
on this amount is ofitself an enormous sum,
aggregating an annual charge of S1o,oGo,
600 In addition to this, Spain has been
forced TO make loans to carry on the pres
ent war in Cuba and the Philippines. a--d
these loans were only Iuade by the pledge
TO pav unusual interest rates On this
account alone the interest charge Of the
Spanish government has been still fur
ther increased 10y an amount aggregating
almost $19, 600 900.
MS makes Il lOldl
$50. 900 600 for interest alone, every dol
lar OF which is secured in some way by
the money lenders through concessions
of some sort that make it Impossible for
the government to either reduce it, ex-
penditures or Increase its receipts. Not
dollar can be raised by Spain on the
simple issue of its securities as by the
United States and other nations of good
financial standing. The faith in the ulti-
mate redemption vi the money advanced,
in even the payment of the interest, Is
wanting, and for every dollar loaned the
Rothschilds are given Il lien Oh some
public work, q motgarge on the collections
of revenue in some department and the
tenacles of the money power have thus
been gradually extended throughout the
nation until today the government is ab-
soluteiy in the control of this octopus,
which will suck its blood until the life
OF the government is extinct.
The annual income Of Spain is given by
the government itself at 81 so 600 900.
Taking the $50 100000 of interest from
this we have net sum of SCI Goo, ,000 out
of which the royal family is paid. the
army and navy are sustained, and every
other salary and ACKNOWLEDGEMENTS
must he met, and that, too, in Il country
tnat is full to overflowing with officials,
every one of whom from the highest down
to the lowest, is constantly scheming 10
grow rich at the expense of the govern
inent.
With sum to draw from that is mere
bagatelle when compared with the usual
receipts and expenditures of nations it
is no wonder that Secretary Sherman
said that Spain was at the end of her re-
sources and when he uttered that thought
he spoke an undeniable truth. The pub
lie debt of the United States is but little
larger than tina of Spain, and yet our an
nual receipts a re more than double, or over
$500 900 600 a year, in addition to those
which come from internal taxation which
| in this country &C into the Treasuryinstead
OF into the pockets of the official classes.
How Spain, under such deplorable finan-
| cial contlj tons, expects to hold Cuba, is
| conundrum that no one but Spaniard
| can solve, and tie Spaniard meets it after
| the fashion of the gambler who risks his
| last dollar on the turn of b card, hoping
| TO make a winning. and yet determined
| If he loses to die game.
/ The friends of Cuba in Washington are
enjoying the predicament in which Score
/ tary Sherman has put the Administration.
| He asserts that Spain's cause is hopeless,