The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-08-02

pines called into question. There he
difference Of opinion a. 10 whether we
should retain the Philippines. and Ill
these questions could be settled by
Spain ceding 10 US the entire control Of
the islands until We had been paid IN
demnity for our expenses and SPANS
deb, Of so, go 600. the amount she guar
anteed, had been repaid out OF the Phil
ippine treasury. 1t may be said that
it would be unfair TO make the Philip
pines pay the debt Of Cuba, but II we
surrender the Philippines Spain would
derive revenue. and she can apply il
TO any purpose she chooses. As the bulk
OF the bondnolders are Frenchmen and
Germans. those countries could offer no
objection to an arrangement which In
sured them a return of their money.
Believing, as we do, that the Philip
pines should be retained by this country
permanently. we do not advocate this as
the best measure. but suggest it only as
such a compromise as would satisfy the
nations principally concerned.
There is nc doubt that Spain's opposi-
ton to the cession of the Philippines
will be fortified by France and Germany
in the interests of the bondholders. Our
concession that the debt should be paid
would eliminate from the controversy
an obstacle with which We must deal.
II will be of little use for US to talk to.
Germany and France about our integ-
rity IL they suffer the loss Of their in
vestments through our act. It is
question merely Of good policy and to
some extent Of business. II by guaran-
teeing payment to the French and Ger
man holders of the amount of their
bonds We could insure the cooperation
OF France and Germany In the transfer
to US Of the Philippines. it will be a
very good investment. Without fearing
the consequences Of struggle. it is in
evitable that it cost considerable money
In the maintenance of a standing army
should France and Germany intervene.
even in an ostensibly friendly way.
The possession of the Philippines
means the addition Of great revenue,
that being one Of the best sources from
which Spain has derived wealth within
the past hundred years. and it would be
a comparatively small matter TO pay off
the debt which Spain has incurred. We
should rank very Aigh in the eyes Of
European nations by recognizing an OBJ
legation which, whatever its motive.
forms claim based upon good faith on
the part of innocent holders. When
considering the subject of the payment
of a debt such as this, 1t should not be
forgotten that the persons to suffer
from reputation are not syndicates and
bankers. but the common people, to
whom the bankers have sold the bonds
1t is an impossible contingency, but
the situation is as If some foreign power
should acquire the opportunity to re-
pudiate the bonds recently issued to the
American people. Refusal to recognize
them would not hurt President Mckin-
ley or the administration o. the army;
ii would be a robbery of the people who
purchased the bonds, the farmers and
the small investors who put their money
into the purchase of bonds with the con-
viction that it was a prudent method OF
storing up provision for old age.
II Spain will not afford the power to
the United States TO pay the debt out of
Spanish possessons-and not from
Cuha--then, reluctant though we be.
the debt must be repudiated. Neither
Americans nor Cubans should have to
pay II.