Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-11-25

grounds than either Of these, though these
are strong enough.
me proposition that power governing
oy might OF arms may, without the consent
or suffrage OF the colony or it's revenues for.
pledge that colony or it's revenues for
moneys to be expended in the interest of
the sovereign and not of the colony, and
that the lien or pledge may not be Invested
or Cancelled by another Wis major. in
turn, leaving the creditor to pursue the
real debtor and exclusive beneficiary. is
preposterous. Right, reason, justice and
morality forbid such a doctrine; and, thank
Coo, all the analOgies. of law forbid II also.
For any nation or group Of nations to sup
port the contention of Spain as matter of
international law or Comfy would be to
sanction oVer-taXation and oppression, and
would be- equivalent 10 a declaration that
government may reduce the governed 10
condition of abject slavery, especially II
the governed have been so reduced by OPP
preston as to be incapable of throwing Off
the yoke themselves. Nay, if such a debt
can follow and attach 10 the revenues OF the
colony (Which are really the wealth OF the
colony itselO it would do so even If the
subjects gained their own independence and
set up a government for themselves. III there
is any obligation on our part to pay the
Philippine bonds, there is no reason why
Cuba Is not morally and even legally bound
to pay the Cuban bonded debt of Spain.
Such holding would be also to decree that
an oppressed people who cannot Tree
themselves cannot be freed in the interests
of humanity, by other peoples or even by
alliances, no matter what the barbarity of
the oppressor. Such monstrous doctrine
will never be accepted, now that the Oh
vine right CT kings to misgoVern has been
overthrown, and least of all will Americans
ever assent to such proposition.
For it would be easy for any government,
however weak, degenerate, corrupt or oD-
pressive, to raise funds upon rich territory
or upon pledge of the revenues OF the
same. if it is once held that such debt Will
alta CHI to the lands in the hands or any
their The DcODaDl-
ity is that Spain could raise another I'M
merse fund today if the nations OF the
world, by such holding, guaranteed-hot
to Srain but to the bond buyers-that the
bends would be good lien upon the reven-
ues OF the islands, whether held by Spain or
by any other power, and that the opilgauoIl
would pass with the sovereignty OF the soii.
The Philippines would then have to pay this
debt If they gained their independence
the United States If we annex them. rms
is exactly the proposition to which Spain
asks the United States to set its SEAL ana
1t would be fine charter of rights. under
which Spain should hold the Carolines and
her other possessions! Apart from our IN
terests people and our rights as the
victor we could never establish such g pre-
cedent.
If generally accepted, it would put civil
ization back a thousand years. for 1t would
introduce a type of slavery more AFFECT ana
more terrible than any the world mas yet
known. The slavery resulting from such
doctrine would be irremediable. Hereto
fore all the world has held that subject
people, throwing off the yoke, were to en-
ter upon a new life, in the fun stature ana
dignity of man, untrammeled by the gives
and letters of the overthroWn tyrant
debts. Are we to aid in reversing that de-
cision? For what nation or nations would
come forward to free, to assist or TO an
mex a colony sunk under such debt as an
INSCRIPTIONS government could put upon
every dependency by the methods which
Spain has carefully elaborated and so
highly developed If the new sovereign or
the free people must assume and pay the
debt? To make such a rule or precedent
would be to offer an actual premium for
misgovernment and corruption. There
would be no way for a government so sure
ly to keep its dependencies as to pledge
them for excessive debt country, at the
approach of war, need but pledge the reve-
nues of all the lands 1t had to lose, thus
raising funds, not at a risk burt for greater
security. The most worthless and corrupt
government would soon prove the most i'm
pudent and interruptions.
The maxim which applies to every in
vestment in negotiable bonds is caveat
emptor, and the investor should have
healthy care and should cultivate vigor-
Gus discrimination before allowing credit
to governments whose principles and meth
DDS are not such as to promise prosperity.
stability and power. This is the hard bust
ness principle of the investment. We have
now to make the moral adjustment of equi-
ties disclosed in Spanish colonial history
and left, by Spain's choice, to the dread
arbtrament of war. She will owe us graft
tude and not a grudge If we teach her
some new business methods, among the
lessons of the war" We can see what
blunt American diplomacy has enabled us
to escape, in the propositions discussed
above, and the precedent which we have
not established. TRACY GOULD.
November "a, 1898.