New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-28
TIE CTR4N DEBT SETTLEMENT.

We must change the classic saying, Inter
anna Iegcs silent: or at least add thereto
pendant II may be. and may continue to be.
that laws are silent in the midst of arms. 1t
il euually true that among arms laws are born.
If we examine the mass Of treaties. precedents
and what not composing what is known as
International law. we shall find that large
proportion Of its items originated in or because
of war That the rules of war should have
such origin is natural: but so have many of
the laws of peace. as well. In fact, the perma-
nent modification Of international relations Is
as much n result Of war as Is the modihcatoh
OF government or Of territorial boundaries. To
this rule our late war with Spain is no excep-
ton. II has made a broad and deep mark upon
the tablets Of international law. 1t did so In
its very inception, and ii bids fair to do 50
further in the conditions Of It's ending. The an
nouncement that the American Commissioners
view of SPANS financial obligations In Cuba has
finally prevailed in the peace negotiations at
Paris indicates that most important precedent
is being established IN relation to the RESPONSE
bty for so-called national debts.
When 1.-THE Speaker of London says that ''if
investors felt that in international law loans
incurred against the will Of the people would
mot attach 10 the country in the event Of
change of government there would be less or
that monetary support Of disagreement
(which has disgraced the high finance of the
nineteenth century''-when it says that it gets
pretty close TO the heart Of an important mat
ter That there has been such support Of mis-
government Is beyond denial. 1t has long been
proverbial that in Europe the issues Of peace
and war are controlled on the bourses. If II
he TO the interest OF money-lenders and bond
holders TO have 4 war, there Will be a war. If
II be against their interest there will be none
Usually, OF course the latter is the case. And
that is in general n good thing But II the
money lending interests intervene not merely
10 prevent war; but to forbid even that menace
Of war which is sometimes necessary to check
evil courses and TO keep evil Governments with
in bounds, and thus actually protect and en-
courage misgovernment. then they do a mon
sirous wrong. 1t has been charged, and not
convincngy denied. that such has long been
the case with regard 10 Turkey. The financial
creditors Of that country do not want the
Powers TO proceed 10 extremes in coercing ii.
lest the value of their bonds be impaired; and
so the Porte has had free hand TO do as it
pleased, or to do nothing. in respect TO Ar
menia and Crete; and so the blood Of those I'M
happy lands is laid at the door Of "hgh
finance"
Nor is that all. Ease Of borrowing conduces
10 improvidence and extravaganza. SO long as
moncy-lenders stand ready with new loans,
sovcrelgns and Finance Ministers are reckless
with their budgets. 1t does not matter to them
whether they have deficits or SURPRISES. The
former mean nothing but new loans, which
may be left for postcrlty to deal with. After
us the dcuge,' but we are on dry ground Nor
40 fnancIers always wait for such loans TO he
solicited 1t is no unhcard-Of thing for them
10 suggest and urge upon Ministers the con
tracing Of loans for all sorts Of fantastic ex-
&avagances. and thus TO tempt Governments