The times. [volume] (Washington [D.C.]) 1897-1901, 1898-03-08
DEBT MAKES THEM GR0AN.
Brought on the Cuhans by Efforts to-
SuDDress Patriots

on the Z uIdUS Nv FilOIt~ W
Suppress Patriots.
The ponderous debt under which the
Cuban treasury now grOans. brought on
by the fruitless efforts of the Spanish
government to suppress the patriots on
the island, has seldom been stated clear
ly and fully to the public, and for this
reason an article in La Cronica Mercan-
TIL one of the leading financial gazettes
of Madrid. copies of which have just
reached this city, stating that the Cuban
debt is now something like 100000. 00o,
will he read with more than ordinary
interest.
The article appeared i'm the issue If
February II last in the columns usually
devoted to the treatment of financial
matters in connection with the Spanish
government and for this reason is con-
sidered to carry great weight.
Senior GonzaIo de Quesada. charge DAT
flares of the Cuban republic in this city.
has furnished The Times with the fol-
lowing translation of the article:
''In the year 1868 the Cuban treasury
commenced to contract debts.
AT the end of that year. according to
a balance made by the minister of the
colonies. Senior Seijas Lozano. 1854 $50
was owed. and since then the debts
have not been wiped out. The floating
debt the forced circulation of paper
money. sometimes made by the treas
ury. sometimes by the Bank of Havana.
afterwards called the Bank of the
Island of Cuba. have given rise to
chronic deficits in the budget. The as
sets have diminished owing to the want
of fiscal system in the island and 70
the enormous expenses that have been
caused by the war.
THAT the increase. according to Of
fetal data collected from documents of
various kinds of the debt of Cuba have
never been made is shown in the follow
ing statement, in which is included the
paper in circulation. so that the reader
may judge as to the total debt of Cuba
in each of the following years:
'.iS6S-Debt of the treasury. 800. 600 00b:
paper in circulate S2f, 400 600.
'1S73-Debt of the treasury. 81, 800 009 !:
paper in circulation $50. 700 0Oo-
'1S74-Debt of the treasury, So. 500 O0J ;
paper in circulation. 5000, 600.
'NI-Debt of the treasury. Sc. sos. o0J
paper in circulation, S67, SEQ coo.
''lS1S-Debt of tine treasury, SIS. 800. Coz;
paper in circulation, $61. 100000
'1SS0-Debt of the treasury. SO, 600. COZ:
paper in circulation. $40, 100000.
''1SS6-Debt of the treasury. Sis. leo 900:
paper In circulation, $50. 400. COO
'.1Sg0-Debt of the treasury. S154, 000, 00D;
paper in circulation, $35. 100000
''1SS2-Debt of the treasury 1852 800, COO:
paper in circulation. 81. loo. 600
''lS93-Debt of the treasury S170, 600 900:
paper in circulation. so. 600. 600
1895. March 22-Debt of the treasury.
si65 400, 900 in certificates, $25. 100000 in ar
rears; paper in circulation. 81. 10000
1881 December 3i.-Debt of the Treas
ury. S50S, 600; paper in circulation, S17-
100000.
The debt increases as the war in Cuba
continues. The causes of the increase
are three, the liquidation of the arrears
and Acknowledgement of all claims. the
deficits in the budget and the redemp-
ton of the paper money which gradually
diminishes. Until March 1893. when the
redemption was made so 81. 100 paper
money of the $50, 000 900 which the de-
partment of the treasury in Cuba and
the Spanish bank circulated was pre-
scented for redemption; 81. 100000 in gold
was employed in exchanging il at
the rate of 30 per 100. which was the
market value. and 81. 0i7 SG7 in silver at
90 per cent was also employed to with
draw the bills of less than s. denomifa-
ton
THE debt of sos, 060. 0O0. which it ap-
pears was owing by the treasury of Cuba
on the 51st of last December. consists of
two issues Of mortgage bonds OF the
years 1876 and 1899. discounting $50 800 of
the first. which We're redeemed up to
I,-N 1t no.
the issue of 1890 there are $500 900 given
as collateral. and a number of those OF
1886 So as not TO make the mistake
of charging it twice we do not add 10
the mortgage debts the debt contracted
by the treasury of the colonies with
these bonds. and those of the custom
house as guarantees. OF these bonds we
discount Sl61 coo, which have been al
ready redeemed, but Notwithstanding the
fact that the majority of the last two
series are pledged, we consider them rs
debts in their nominal value 1t is true
that in the market they are worth one
fifth more than the loans they guarantee
but would they be worth so much ii
they had to be sold?
Besides these debts of Cuba we con-
slider as debt $50. 600. which. accord
ing to the ministry OF the colonies is
owed by arrears. and also add So 900
wv u SistttS admitted Dut not part o.
claims awaiting decision by the cOur
of claims in Cuba and the rest of tbs
redeemable annuities of the year oil
1882
The debt of the Cuban treasury or
the 3lst of last December was in detail
Mortgage bonds of 1856 Sis, 0I0 2g0
mortgage bonds of 1880. $40 40. OG0; obIi
! cations of the custom house. SIS. 800 600
arrears waiting payment. $60 600 000
I CREDITS IN cd
| the Spanish bank. $l4 coo 600
I'm order to pay the interest and pro-
vide for redemption of these debts with
out abandoning the other necessities oil
the budget an estimate Of S4000J.000 4
year is not enough.