New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-15
THE QUESTION OF COST.

There is disposition in some quarters to
| make the most and the worst OF the expenses
| of a war in order that people may be deferred
| from supporting measures found necessary FOR
| tho National safety and honor. 1t Is true that
| war IS m expensive business, and that fact
gives the strongest reason to hope for peace.
| In modern times the issue OF conflict depends
creatly upon the resources at command OF the
| cOmbatnnts There Is reason TO believe that
Spain could not long sustain n conflict with any
| other Power. The worlds financlers are not
| addicted to loanlng vast sums which they have
reason to think can never be paid. Even in
brief conflict with necessary preparation large
expenditures would be involved, and no damage
inflicted on an enemy can bring any return
whatever to the lenders who furnish the funds
nor Is there a possibility that Spain could by
capture or conquest acquire anything of value
to bondholders. On the other hand, the United
States has enough money lying idle IN the
Treasury to cover the cost Of a conflict for n
year, and the last popular loan showed that
500, 900 could be borrowed at any time on
favorable terms. If necessary
Pessmsts are fond Of referring TO the cost
of the Civil War; in which the United States
had million men under arms. and the
blockade Of the vast coastline of the South re-
quired greater Navy than would now be need
ed The aggregate expenditures were indeed
great-S757 100000 yeary-but little more than
n tenth OF them were for the Navy then en-
gagged In four years the expenditures by the
Navy Department for all purposes were $3l4,-
90, $50 81, or about SIS, $4,000 yeary-not very
much more than President Cleveland borrowed
in four years Of peace. II a change Of National
policy had not come his loans would not have
been more than enough. That change Of policy
has brought such improvement that the surplus
in the Treasury. in excess Of the required bull
ion fund is now nearly S50,000,00O greater than
the average cost of the Navy per year during
the Civil War 1t does not follow that all
penditures Of years would fall within
such limits. because some Increase Of the Army
and OF It's expenses would be involved, but the
current cost Of the Army establishment In time
Of peace, exclusive OF river and harbor and
other public works, covers a great part Of the
cost of all land forces likely to be required.
The annual cost Of the naval establishment
in time Of peace is now about S30,00O,000, which
would leave less than S5O,OOO.OOO more required
to cover the annual cost in time of war of such
Navy ns was employed in the blockade and
in the defence OF commerce during the four
was then Gil vessels, carrying 4,61O guns about
5000 officers and $4,000 men. Now we have
IS vessels. many Of them OF high power, less
than 1000 officers and about 1000 men,
Whether Spain could keep in operation as large
force for a single year may perhaps be de-
termined by her present financial condition
The latest statement OF her debt and interest
charges TO January l. by the Estafeta of Ma
IriI I'D oh (,,,h
guaranteed. s17003 035S2. and the annual IN
terest and redemption charges S1O5637 O31
but added debts about falling due amounting
10 $1S4,612. 400. Besides sums have since been
borrowed TO meet current expenses, and the
great arrearage OF the administra ton and army
In Cuba is said by Blanco TO DO about $50 OOO-
600 He reported the cost OF his army at
100000 n month. 1t Is in such condition as
this that Spain would have to seek the further
loans required for a naval war with the United
States, and for the increased expenses OF land
operations in Cuba In that event. to say moth.
ing OF expenditures required I'm Porto Rico, the
Philippine Islands, and for defence Of her own
coast.
Such conditions as these go far to influence
the opinion Of many financiers that war is not
probable. II Spain finds that It cannot raise
bondholdcrs refuse 10 throw away what they
have loaned by advancing more to encourage
Spain into a war which could end only In great
loss. then Spain must look to It's own bank and
Its people. The Bank OF Spain according to
published accounts, has declined to pay coupons
maturing April | on Spanish bonds accepting
ihcm only for collection. It's advances Janu-
airy were reported ut S60OOO0O What other
resources can be nj the command Of Govern
ment which endelvored In vain TO effect new
loan two months and one month ago. and. ac-
cording To the recent hut generally discredlted
reports, has only obtained some further advance
from the Rohschilds by pedginG the Amaden
mines. its last available asset of definite value
there IL some reason 10 question. In any case.
the vigorous preparations OF the United States
have been calculated TO induce serious rcnec-
ZION on the part Of any who may have contem-
plated advances to Spain for the purpose Of n
war with this country.
The Swedish and Norwegian committees on