The times., 1898-02-23
ADVOCATES COWARDICE.
A New York Paper Thinks We
Should Not Offend EurOIe

New York, Feb. 22-The Tory New Yorh
! Evening Post is, of course, in favor OF
peace at any price. 1t has. however, sur
| tional cowardice as reason for not TAX
ing decisive action against Spain. The
| Evening Post today says in an editorial:
'.It may turn out that Spain has allies
that we know not Of 1t has been hinted
more than once that France considers
the revenues of Cuba pledged to her
citizens for the security of bonds issue1
| by Spain and negotiated in Paris. Some
governments consider themselves bound
to protect the Investments made by their
citizens in good faith in foreign securi-
ties and in foregn lands. Others do not.
The only government that has formally
announced to it's subjects that they must
take their risks in lending money to for
eigners is Great Britain. Both France
and Germany hold themselves at liberty
to collect the pecuniary claims of their
subjects at the cannon's mouth. The
Spanish debt is almost wholly owned in
France, and for a considerable part OF it
the revenues of Cuba have been expressly
that there has been no serious decline in
these securities on the Paris Exchange
Something holds up the price in spite of
all the gloom surrounding the Spanish
finances. IL France has notified US that
she Will look to us for the payment OF
this part of the Spanish debt in case we
make forcible interference in that island.
all that we can say is that her right to
do so Will be just as good as our right of
interference. Both OF these assumed
rights may he wrong, but we cannot
affirm that ours is any whit superior.
There is talk in Washington of our as
Stunning this Cuban debt by guaranteeing
the outstanding bonds, That raises the
interesting question whether we are to
guarantee them in gold IL at all VIII
our Jfnso Senate ever agree 10 that?
This is only one of the many possible
embarrassments that await us in the
event of forcible interference in Cuba
The first and immediate question would
relate to our finances. Under this head
we have been asked by an anxious cor
respondent of the Evening Post whether
in case OF war with Spain the gold stand
ard in this country would be seriously
threatened The answer Is that any
thing which calls for large expenditure
threatens the gold standard in the same
way that il was threatened at the begin
ming of the civil war. Whether. III case
of war with Spain, it would be 'seri-
ously' threatened, would depend upon the
wisdom of our public authorities. and
especially of Congress. II would be nee
essary TO borrow money largely. If ii
were borrowed by the issue of interest
bearing bonds, the gold standard WOuld
not necessarily be threatened. II Il were
borrowed by the issue of greenbacks. the |
gold standard would be lost for a longer |
or shorter period. 1t is most likely that |
the latter method of finance would be the |
most popular. because il would save in |
terest' and prevent bankers from making
a profit out of the necessities of the Gov
Probably the most unscientiiic
method of raising the money would be
the one adopted in spite OF all that Sec
retary Gage could do or say. Our reviS-
ing prosperity would be crushed in any
case. What the end would be no man
can say The situation iso calling for
The utmost prudence on the part of the |
President and the utmost tirmnesS in
whatever position he may
conscientiously take