The herald., 1898-03-06
ASPANISHW WAR
Is Looked On as Likely by
the English
RESULT NOT IN DOUBT
BUT AMERICAN TRADE WILL
SUFFER
MONEY MARKET STRINGENCY
Taken as Proof That Bankers Are
Preparing to Make Loans For
War Purposes
Associated Press Special Wire

LONDON, March 5-(Copyright, 1885,
Now that time and opportunity for refiec-
ton have been allowed by a temporary
cessation of the patriotic and bellicose
statements which, since the wreck of the
Maine, have been the chief feature of the
special cable dispatches from the United
States, Englishmen are beginning to real
ize the depth of the pro-Cuban feeling in
the United States which the thoughtful
element here cordially sympathize with,
| although they still believe the Maine in
quiry will absolve Spain from completely in
the disaster. An impression almost
amounting to conviction prevails that
public opinion will compel the government
| of the United States to acknowledge the
| Cubans as beligerents and to intervene
| between Spain and Cuba. The very calm
| ness and patience of the people of the
| United States tends to confirm the convic-
| ton here that Americans have become
| aware that their government is preparing
| to satisfy the countrys aspirations when
| the auspicious moment arrives. Every one
| In this country acknowledges the dignity
| and self-possession with which the cabinet
| of President Mckinley has been handling
| this most difficult affair, and this attitude
| of the United States government has had
a great effect in influencing opinion on this
side of the Atlantic.
Americans express themselves as being
| much grptified at the friendly attitude
which the British government has evinced
| toward the United States. By advice of
the British government, ship builders and
dealers in munitions of war still insist,
practically, upon cash payments in the
case of all orders booked by Spain
1t seems that the Spanish embassy, when
ho tvrtv.< rv,skI ,l-s
firms, directly suggested that Great Brit
ain sympathized with Spain. This
came to the ears of the British govern
ment, and the latter lost no time in putting
the firms which are in the habit of doing
government work on their guard
Another rumor which has decidedly
pleased the Americans was that the gov
ernment had succeeded in obtaining COM
plete plans of the principal Spanish har-
bors and their defenses.
In short, both Americans and English
men have about concluded that the pres
ent state of affairs has been brought about
by President Mckinley in order to allow
the completion of preparations for defense
and for possible action, and few people
here will be sorry when a decision is
reached and the long standing tension is
ended.
TRADERS ARE TIMID
Operators on the stock exchange are in
clined to leave American securities alone
until the crisis is settled. They burned
their fingers during the past week, the
net result of the see-saw movement being
that London lost considerable to New
York. and although there is no doubt as to
the final outcome, it is feared that the
struggle will cause the trade of the United
states to suffer severely. Hence the
London purchases at present are not likely
to be appreciable.
An exemplification of the feeling here is |
contained In a long article published by the
Statist. After complimenting President |
Mckinley, whose powers are perhaps
greater than those of any European SOW
ereign,' upon having exhibited admir-
able firmness of character" the Statist
points out that however strong the presi-
dent may be, he Is finally to obey the will
Of the people.
Continuing, the Statist says: 'It would
De the gravest mistake to suppose that
because the Jingoes, who have discredited
.neinseives oy reckless charges which they
were unable to substantiate, have fail
sd to move the president, public sympa-
my Tor Cubans, which is very real and
very widespread will also fall
commenting upon the financial ASPECT of
me situation. the Statist says: .'The
withdrawal of gold for New York at this
season OF the year is noteworthy" and
He-tNA' ei'SAC ACiiOAi d COTTODOrat1On of the |
belief that most of the recent speculation
n American securities conducted bv tho
Y nlted states was financed by the New
ork banks, hence the latter are now In |
no position to part with a penny to the
agricultural districts without calling in
loans. Continuing, the Statist says:
Anotnef circumstance has powerfully
,ohtIiouted TO the stringency. If there
should be war, the expenditure would he
upon an enormous SCo1a nd bo |
ment would have to borrow immense sums
to meet these expenditures. 1t would not
be surprising, therefore, If the banks were
taking precautions and were increasing
their holdings of gold.''
The Spectator believes that both WASH
nston and Madrid 'eHpect war without
desiring it," and both are arminr az
rapidly as they can." and that "botb are
'ogitating upon possible alliances. Spain
With France and Russia, and America with
Japan, which wants the Philippine islands.
IND can double the American fleet at a few
hours notice if Russia is permitted
The Spectator continues:
Great efforts are being made on both
sides to be in time, by Mckinley. because
he arsenals are not full and by Premier
Sagasta because he must elect a Liberal
The French foreign office, dreadinp q
financial crash in Paris, is suggesting me-
iiation but it will in the end make a mis-
AXE In threatening people who at heart
'elieve there is nothing strong in Europe
except Great Britain.
SPANISH AFFAIRS
The consul general of Spain is responsible
or curious advertisement which has ap-
'eared in the London newspapers, calling
ipon Spanish deserters, fugitives and
'ouths who have not yet drawn lots for
Military service, to come to the consulate
ind acquaint themselves with an import
INT royal decree of pardon which con-
.erns them. Thus far there has been no
esponse.
The pastoral letter of Cardinal Casca-
CONTINUED on Page ThreeJ