The evening times., 1898-12-16
Depreciation Of Spanish Mon
eys Causes Apprehension.
INRoADs OF OUR SILVER
City Oyercrowded With Visitors
and Accommodations Sparse.
Rents Going Up I'm All Directions.
Guests Unable to Secure Good
Quarters I'm Hotels.

New York, Dec. 16-The Herald corre-
spondent at Havana telegraphs to that
paper the following:
While capital for investment flows in a
steady stream to Cuba, where the agri-
cultural pursuits are already feeling the
touch of prosperity, the business men of
this city are panic-stricken and instead of
endeavoring to increase their trade are
cancelling orders. This is because the
report has gained credence that the Amer
leans, as soon as formally in control, will
depreciate Spanish silver and gold.
The result of this has been practically
to paralyze certain branches of the bank
ing business. Deposits are now accepted
or retained in various Havana banks un-
der certain restrictions
Cuba has for years maintained a gold
basis by means of legislation, all gold
coins passing here for per cent above
the face value, thus making 1t impossible
TO ship them al a profit. One centen the
gold coin most current, has the value In
Spain of IS, while here it is worth $3.50.
The Americans will undoubtedly compel
the centen to circulate at its true interna-
tional value. If due notice be not given
of this change it will cause untold confu-
sion. For instance leo centen deposited
in the bank now gives a credit of $3.50 If
the Americans suddenly squeeze the water
out of the Spanish gold the depositor can
demand 10 centenS. In view of this con-
dition the bankers are reserving the right
to issue ccntens at S530 no matter what
the market price may be. Few depositors
agree to this. and the result is that the
bankers are compelling runs upon their
own institutions.
While all classes complain, it is the con-
sumer who is being and will be hurt The
shopkeepers viii continue the present
prices, which, with the premium off gold.
means the virtual lessening by per cent
OF the purchasing power of money.
1t IS further announced that Spanish
silver VIII circulate at so cents on the
dollar, compared with American money
This means that all Spanish silver will be
at once ,returped 10 Spain. In its place
must come American silver. The wage
workers here do not have any deeper un-
derstanding of the money question than
that a silver dollar is pay for one days
work. and that pay they must have. The
Spanish dollar IS now worth 6S cents III
American money. The sugar planters,
employing COO 10 / coo men each say that
they will be compelled TO give their men
American silver when 1t comes into use
here. This means an increase of 80 per
cent in the wage scale. Many who eN
pected to begin anew on their plantations
In January have announced that they will
make no attempt before spring, allowing
matters TO adjust themselves.
1t may be that since the signing OF the
protocol there has never been any danger
OF a reopening of hostilities. but it was
riv,na fblz
Administration considered renewal of
the war more than likely. In speaking of
his resignation, Gen. Greene said:
when l came to Havana the admins
tration and many of the higher officers
thought the chances favored further hos
tilities My business interests demanded
my presence in New York, but thought
there was to be fight, and every one
| knew that If there was one II would be
| at Havana, SO l came here. AS soon as
| peace was assured j resigned. | am glad
| that the treaty was signed, but just the
| same if there was 10 be fighting / wanted
! to be in It, When l left Washington the
| Administration was worried, though
| few days later the clouds disappeared"
The time has arrived to warn Ameri-
! cans against coming to Havana without
| having previously arranged for accom-
| modations Every steamer brings a
| great crowd of visitors, and the limit has
| been reached The hotels are filled to
| oYerflowing, and last night several
| Americans were obliged to make their
| beds in chairs in the hotel corridors. To-
morrow's steamers will make the situa-
| ton worse. Every house in the city that
| has rooms to rent is filled, regardless of
| price, situation or condition. Scantiy
! furnished rear rooms along the Prado
rent for s35 and upward per month.