Arizona republican., 1898-10-12
vONCEALS A NATIONAL PERIL.
Why The Spanish Members Are Endeav- bring to Save as Much From the Wreck of the Late Ill-Advised
 War as Possible.

:, flee a member in Senor villarantin.
 who is skilled in diplomatic detail.
 Senor Abarzuza has had some experi- ence as reforming colonial minister;
 Senor Garnico is acquainted with in- i ternational law, and Senor Montero
 Rios has occupied himself for thirty years with Spanish politics without
 the loss of the respect of his oppon- ents or of public confidence. i The moderation and the conciliatory temper of the commissioners, accord ing to letters from Spain, should most commend them; but they are bound to refer all material questions to Madrid for deeision-an omen Of long and in- terrupted negotiations
 The attaches Of the commission are more suggestive than the members of the course that it will pursue For the most part they are men familiar with the internal conditions, the finance and the trade of the Antilles and Of the Philippines. chosen ito guide the enyoys in details.
 The protocol ended, once and for all. Spanish sovereignty in Cuba and in Porto Rico. Now, it is the purpose of Spanish diplomacy to strive to the ut most to gain financial and commercial comE Eensation for the loss. Spanish trade and manufactures, for example. were fostered by the preferential du- ties Spanish goods enjoyed in the col- cnial tariffs.
 The experience Of the last six months has shown that the loss of these in- sular markets will be a grievouS blow n ind Ia h., quent distress threatens the stability Of the government more than a score of fiery speeches
 Chimerical as the notion will seem to many Americans, the Spanish en- voys will seek to retain some of the privileges Of Spanish trade in tha American colonies of Cuba, Porto Rico and LuZon- The reorganization Of Spanish finance, after the war, is so large and intricate a task that moro energetic men than Spanish ministers might well shrink from it The war debt only is already estimated at
 e120, 0,000, ,000. Before the war began 960, 100000 had been spent in the struggle with the Cuban rebels Be fore they rose the Cuban debt amount to 931 100000, in bonds largely held by Spaniards and in particular by clergy Of CarilSt leanlngS.
 The debt of Porto Rico is trivial, but the debt of the Philippines is eS.o00,O00, held mainly in restless Barcelona To escape from any part of these obligations implies 6 little re-: lief for the treasury, little lessening of the inevitable reduction of interest. and little less irritation against the government among the a1prehensive bondholders.
 Accordingly the Spanish commits sioners will first propose that the United States assume all the colonial which the war began. laying them as a charge upon the dependencies for which they were incurred.
 When the proposal is rejected, they will suggest that the United States as sume at least the Cuban debt con tracted prior to the revolt, and the Philippine debt which is secured by the revenue from the customs or Manila and Of Luzon that are now in American hands. If this suggestion finds no favor the Madrid government, with it's eye on the bondholders, will cry aloud in protest to heaven and to all Europe.
 Thus far, however, the French, the Belgian and the German holders of Spanish stock, who are better protected than the Spniards, do not seem espe- cially concerned over the fate of the investors in the colonial securities In a sense their interests are commOn- but the foreigners are more disposed than the Spaniards to see and to ac- cept their inevitable losses and to nurse no fantastic hopes of relief from the United SttaeS.
 In the present straits of the Spanish treasury any sum is welcome to it,; and on the chance to gain something for it, rather than to muddle the ne gotiations with petty technicalities. Senor Sagasta's commissioners will ask compensation for the state lands buildings and property generally, soon 10 be delivered in the Antilles and in the Philippines to the United States.
 The American commissioners may not easily brush all these petty matters aside, even if they agree speedily to a joint commission to adjust the pe- cuniary claims for losses incurred dur ing the revolt and the war by the in dividual subjects of either power. Besides, above and beyond all these matters of finance and detail, is the disposition of the Philippines.