Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-08-19
Spanish Debts and lhe Wlt
rBrnda,rcct'a. Aug ial

IhfnnNifNfi ~ Aux i"i
In spite Of the itgoru 81 the censor
shlp mincicis information comes from
Madrid 70 make II plain that u " the
financial position more than anything
else that has brought all parties In the
poninsulur To an appreciation ~ tho
necessity for an Immediate peace. a
brief dispatch. which came early In tho
week. stating that the note Issues ~
the bank of spain were 10 be- lncrt afcd
from $500 900 900 10 - 900 cocoon evident
y indlcata that the last lungc has been
made and that the bank and the Span
lsh treasury hnv gone upon paper ba-
slH. By itH charter tho bank ~ spain n
bound 10 Keen In cash tho equivalent
u % per cent ~ its note issues. half In
gold aud half IN silver Last Stay this
was modified by providing Tor note H.
sues W to No0Ooo000. provided a re-
serve ~ ono half Of the additional notes
above $500 900 900 wnn maintained. n "
hard to say whether this provision has
been obss rived and still moro dliilCult In
the absence N information ~ deter
mine whether the present plans COM
template mn Observance ~ the reserve
clauses Of tho hank of SPANS charter
und ~ amendments.
Another significant Indication u In
tho form ~ statement made rs ono
NJ the organs " tho present Spanish
cabinet a. tho unifct that since thr
revolution began m cuba the total coat
OF tho operations there and ~ the war
with tho United states has been not
lra than $3.50 Oo1 O1n For q country
already Ho seriously Involved us is
spain this u simply crushing ca.
penHa, ana IN" probability In thnt thr
ngurD Ia question underestimate fnth.
rr than eNngNrintoH the real H.tuntipn
An Analysis ul thH spanish financial
situation. recently published lu the Ton.
don Economist. puts the Issue of trvnH-
uty obligations and bonds hy spain and
tho nsrnl administration NJ cuba aud
tho Philippines since the war began NJ
fhb0n0nO 600. representing Increases lu
the bond Issues both uf tho uHniuEulHr
and of the bankrupt colonial trcnnurlrH.
| Tho Hnmr authority, however points
out that these creations uf indebtedness
de- not hy any means represent The mll
amount ~ the cost NJ the colonial and
! foreign war n toumg that, according
! a. tho admissions M tho madrid author
/ tiles, more than 10000 90 ~ due m Gu
| pa alone Co tho army. navy, ClWi sore
vice aud contractors ~ ali hnls. the
arrears amounting 20 anywhere ftum
SIX months tO year ~ is tho same ln
] Porto ltlcn AMI the Philippine. and
] while the amount which spain ia thus
in debt 60 itH military aud clyii Service
| lH enormous, mo- one rJ. inH able o. form
! even on approximation ~ the total
| Under tifHe clrcumHtancoH II can read.
] MS be MndgrHioUi that the Splui1h cole
oulal nuthqftlcs. ulNil and military. ar'
quito ready, uH thsy have shown, 20
/ give NJ "a struggle which Involves tho
practical certainty that tho govern
| m,ntH Necessities would irNulNr n Zee
/ puihtlon uf their pay Tho financial
/ difficulties ~ tho Spanish government
have been the controlling factor lu DC.
/ trtmlniur ~ action ln regard To peace.
l Those who have examined tho suhiHgt
have held from the FIRST that this would
/ he the outcome, They have upt hr1n
l disappointed. ana thry Furthermore 500
/ in the action NJ tho French government
l aa mediator the hand of Paris banking
] Interests. which have Hivtn nnuclal
| support 10 Spain In the past ana which
! ln the criris have evidently enforced
! upon AN parties IN tho peninsula the
necessity of seeking peace on any
terms.