New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-07
SPANS FINANCES.
--rcIENCIES IN THE BUDGETS AND
ruF PUZZLE OF MEETING THEM.

ruE PUZZLE OF MEETING THEM.
,,.o,,d correspondence of The London Standard.
No" Now that the majority Of Standards have become
reccncilec 10 Se 80 VI crS,,,o,
e isSe hey besin 10 realize that they must also
pese soon face the serious financial consequences
VIM war with the United States and OF the
. oos,cral struggles in the West Indies and the
Sysihprlne Islands The moneycd interests the
s.d been opposed 10 he idea Of COINS TO war with
AZ who hailed the advent OF peace with undis-
snsessd satisfaction. show naturally most concern
g., re future OF Spanish finance and about the
stern interests OF the country. II. generally
ls-asote6 a very considerable addition has 10 be
estse 10 the already heavy burden Of taxation.
a9f anv reform in the existing system of taxes.
.sv reform of abuses IN assessment or in coec-
,souremouts Of tho engagements contracted 10
x war with America. They are OF opinion that
Z. comparatively little Improvement could be de-
nIsn,srv system. not much could be expected from
he cres ton ~ surcharses on the present taxes. or
~, ne creation OF new taxes
Their opinion is founded on the fact that even
uch vigorous rcformers and determined Finsnc.
v,isters as Don Juan Camacho IN 1882 and Don
German Gamazo in 1898 did not succeed in drawing
rom The cIe3 saN ,ba IN 5ne very e s S0S a
though much more had been forecast on paper
when he estimates were laid on the table OF the
MIR deficits Of over 100000 since 1876 and at the
,-.sent moment the floating debt Of Spain virtu-
smounts - roc 81. which Will have to he con-
Gazette
has very recently published the results Of the
financial year ending June 30 last, as regards the
rsnditure war credits for the conflict with
America the revenue collected in the financial
y yssdaTe to i5a7SO The dedG Was tRerefcre
ESSia7
PROCEEDS FALL SHORT.
The cor;es had voted in the estimates a revenue
considerably larger than the amount finally col
sc,e5; hut as usual, the proceeds OF the taxation
I'll short Of The sansuine expectations Of the Fl
- fr iva k.d
Iser asked 20 authorize less than the amount
ssiualy paid and the amount still due on June 60
financial year. the Government had authorized
nsny supplementary credits for different minis
'' IT'S on lie basis Of these data that the financial
eomnerciG. Industrial. agricultural and moneyed
elsssss q The nation Dut some troublesome and
{-rT how the rulers Of spain propose to level
sa0, or even interest alone on all the colonial
S.s,s suarautecd by the imperial treasury and
0. I'll The cugaeements contracted FOR the colonial
wars and for tho war with the United States.
I. put OF iht same footing as the national debts
q Spain as those contend who say that the gen
t1l guarantee Of the nation" granted TO these
colonial debts permits no distinction to be drawn
between them and the debts Of the Peninsula when
the day comes for settlement OF the claims OF
both classes OF bondholderS. They anxious 10
span!sh diplomacy a. the Paris Corferenc. IN 0c
tooer does not obtain from the United States or
tlon that even II the United States and Cuba de-
cline 70 assume the whole burden Of the Cuban
oeb:s. they ought at least 10 undertake 10 relieve
Span Of The obiissuon TO pay interest and amor
izAuon on the Cuban debts that existed in Feb
ruaTy 10 when the last rising against Spanish
This demand on the part Of Spain aims at obtain
niooeQ Of Cuban per cent and per cent bonds
were guaranteed by tho revenue Of the customs
and stamp duty Of the colony in the first place.
faut by the general guarantee Of the nation
Indeed, this group Of Cuban securities is after all
spsn in connection with her colonial wars and
WIKI her short struggle with the States Hence the
anxiety OF her ratepayers and native bondholders;
because II must be horne in mind that 20 per cent
o. he Cuban stock is held by spaniards, who also
hold about half OF their exterior pennsular debt
nearly tie whole Of the Interior conso.s and OF tho
reiecmable interior fours.
VAGUE IDEA OF THE WAR COST
Nobody in Spain. not even the Government nor
The Goyernors- General Of cuba. Of Porto Rico and
complete estimate OF the money that will have
u = sban AND the We InGS s w
when the Philippines question VIII be settled. So
Nsnci al Madrid and even gazetted 70 show that
outside the above mentioned Cuban debt Of i3l .Coo
W To 9. JUN Villas last in hard cash 100 900 psse sr
sum IS not n p9me9 5e ha was due 'h
that date 10 the army and navy, the civil servant.
a. pensioneTs the contractors and puTyeyors IN
has gone on at the pace OF over AVsoD month
The SUSPENSION OF ho.tes con,e4uend on the
Jeutiture. the bringing home Of the troops.
Volunteers and the civilians taxes heavily the
sources q Spain and this inevitable drain is likely
70 last until the cOsc o. the year. Expenses have
also been incurred az Porto Rice. and from that
colony too regular forces volunteers and civilians
vii have 70 be brought home al the expense Of
s1air
As regards the Philippine Islands. Spain guaran-
teei about eighteen months ago a loan Of 100000
nominal which was placed IN the Peninsula. chief
ly m barcelona. much difficulty was encountered
IN placing few million dollars in Manila. This
Phiiurine loan was given lien in the first place
On the customs revenue Of the archipelago. mean
Ing practically. Of course Manila and the island o.
Luzou. AID the genera. guarantee Of the nation
ONLY ranked IN default OF the first. Taking all that
Is known Of these guaranteed colonial
rarenerts into consideration. Il is therefore. evil
cert that the two colonial wars and the war WITH
n. T-fed States likely to put on the shoulders
0, Spain debts amounting. as a member OF me
Ca - Is said 10 have stated, 70 more than tlN-
600 nominal. which would require at the pres
en- rata % interest Of the colonial debts. $500 900
ave r.. Icas; for interest and amortization. This
Is WHIT no Spanish hnancier or statesman expects
70 .a.s. from new from remodeLed taxation,
sa5 fre0 in due course comes the prevslen. CON
c'es,o0 n Sraln that when this difhcult question
has % "a settled a. the latest next yedr-that IS
10 say directly the Government IS in position 70
loui5a-e and consolidate the consequences or the
co0-ial AID foreign Wars-all the sacrlhces cannot
CONE tom the already much-Durdened r@tepayeEs.
II Is generally inferred that the oonchoscers OF
Cuban and Spanish stock must get reconci.ed 10
~. f5ea that they will necessarily be called upon
70 accept a reduction OF interest ranging from ~
10 a PER cent.