The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-30
MODS FEARED.
Concluded from First Page.l

payable in the money denominated in such
contracts, and where French and Spanish
gold shall be the stipulated money of pay
ment they shall be received in their present
decreed inflated values, l. e., alphonsinos TO
peseta piece, $3.50; louis (2O-franc piece,
1921, or in United States money at the rela-
tive value set forth in the above table,
namely $4.S2 for alphonsinos (2o-peSeta
piece and 1886 for louis (20-franc piece.)
1T is further, ordered that on ana at Yer
Jan. l. 1882 and until further provided the
following Spanish silver coins now IN clrcu-
lation in the Island of Cuba shall be re-
ceived for customs taxes public and postal
dues at the following fixed rates in Ameri-
can money: The peso, 60 cents; the medlo
peso, 80 cents the peseta, II cents; the real,
cents; the medic real, cents. Bronze
and copper coins now current in the Island
of Cuba will be received at their race 1or
fractional parts of dollar in a single pay
ment to an amount not exceeding Il cents
In the course of his report. on which the
Presidents order is based, Mr.. Porter says:
1.-THE real point at issue, and the only one
likely to cause any trouble is that arising
from the imitation by royal decree OF the
Spanish 25-peseta, popularity known as A.
fonsinos. or centens and the subsequent III,
fiation of the French 20-franc piece, So-called
Napoleons which have been given legal
value of $4.24, and decreed since. the end OF
ties at Madrid, having thus inflated two
gold coins per cent. above their current
value and about 10 per cent above their IN
trinsic value-for the mint value or these
two coins is $4.776 and $3S207, respectively
the United States authorities at WaSnlnS-
ton are now called upon to initiate a tmru
gold coin and make the American eagle
worth 81 in Cuba and our S. gold piece cur
rent there at $3.50 AS a temporary measure
this may have some juStificatiOn statements
from Cuban bankers, planters and business
men as to the evils of diSinfiatlon at TINS
time having a certain degree or plausipaill,t NY
The process, however, is entirely ARTIFICIAL,
and whatever is done in this direction to-Cay
must be undone some other day, and the
practical question would seem to be how TO
diCiV1 lot has fVUn
sble disturbance to mortgages, contracts,
notes and all classes of existing agreements
to pay money. Current matters will ADJUST
and take care of themselves
ut is generally known that all transac-
lions in Cuba since the close Of the war
have been made with the belief that the
United States would not continue the royal
decree of Spain and that the mutations would
collapse with the disappearance of Spanish
rule. 1t is not probable that this adj
justment can be accomplished without hard,
ship to some debtors and a slight financial
disturbance. 1t is not, however, apprehended
that the trouble will be as great as some
have anticipated. In Santiago the first step
to absolutely sound finance has been taken
and 6 per cent. of the imitation squeezed
out The business interests in that part OF
the island are opposed to continuation of
the 10 per cent imitation and merely ask
that the several gold coins in circulation
shall be left at their face value.
LAS one of the evils arising from disnf1a-
ton certain petitioners put forward the fact
that 1t will mean an increase or from 4 10
~ per GENT. III TIC NdSCo " ielDOl "iliOH
Cuban industries cannot afford. Such a re-
suit, if true cannot be regarded as an evil,
but on the contrary a benefit to the poorer
classes whose condition in Cuba is deplor-
able beyond description. In the iron mines
at Santiago the large American enterprises
have already adjusted themselves to the
new conditions and are paying their labor
ers 70 cents per day American currency in
stead of a Spanish dollar, worth SO cents in
Cuba and in the worlds markets but so
cents. Your commissioner when in the min
ing districts of this province heard no COM
plants either from the proprietors or the
laborers.
STRESS is laid upon the loss to the debtor
who has borrowed on a fictitious value and
must pay the premium, and the unfortunate
Cuban sugar planter is especially singled
fer cannot be denied, but the advent of the
United States into Cuba will tighten so
many Of his burdens that his condition Is
not without hope. All the customs duties
on his imported food supplies have been re-
duced and many important commodities put
upon the free list His sugar machinery has
been reduced to 10 per cent ad valorem,
to 20 per cent. and all along the line
the taxes have been cut down. 1t is not
probable that his land taxes will be coll
lected during the present fiscal year. while
the return of peace, establishment of law
and order and protection of property will
UNNECESSARILY improve his lot. If, therefore,
the sugar planter of Cuba will gauge his
present outlook by a glance backward and
compare it with his condition last year at
less gloomy premonitions as to his future
than some of the testimony taken by your
commissioner on the effects of disinflaton
would Indicate"