The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1898-11-05
WILL HOLD
THE GROUP
United States to Retain the Philip
pine Islands.
TO ASSUME S4O,OOO,OOO DEBT
Policy of Administration Made Pub
lie at LaSt-SpaniSh Willing to
Accept Cash.
To ASSUME S4O,OOO,OOO DEBT

WASHINGTON, October 2S.-Presi-
the Philippine islands. The United
States will assume SAC, ,OOO, 900 of the
Philippine debt in consideration of
quit claim by Spain. The American
ed TO lay the Presidents decision be-
fore the Spanish Commissioners at
Paris Monday.
This statement of the Administration
Authority. 1t was given out after to-
days Cabinet meeting, at which the
Philippine question was fully discuss
ed The Presidents decision had been
fore -shadowed. but he had refrained
carefully from committing himself.
Anxious to execute the will of the
people he has been studying the senti-
ment of the country for months. When
he went West he found himself swept
along by the full current of expansion
sentiment. If the President had gone
to Denver, instead of stopping at
Omaha, he might have found eXpan-
|sionists demanding the Canaries.
The President has been informed that
the Spanish Commissioners would de-
mand a cash indemnity if the United
States decided to hold all the Philip
pines. The Spanish contention is tha
his country is not entitled to keep any
thing but Manila. The Spaniards ad-
nit they are helpless to prevent Uncle
Sam from taking what he chooses, but
they maintain he should pay good
American gold for anything he keeps
outside of Manila.
In abandoning claims in connection
with the so-called Cuban debt the
Spanish Commissioners threw them
selves on the mercy of the Americans.
The President has been moved to pity
by their plea. He does not wish to have
the United States appear before the
world as the robber OF a PROSTATE and
helpless foe, but fully realized ii would
for an appropriation to pay Spain for
a quit claim. The President has de-
cided that the United States can afford
to be generous with Spain in the set
tlement of the fate of the Philippines.
Instead of asking Congress for an
appropriation to give the Spanish the
cash for which they are crying, he has
determined to assume the debt of about
6 eS.0OO,O0O created in 1896. This con-
sists of bonds bearing 3 per cent. No
one knows much about them, why they
were issued, how they were disposed
of or who holds them now. 1t is realtz-
ed that they will go to par as soon as
the guarantee of the United States be-
comes effective. but if Spain gets no
benefit from that advance this country
is not to blame. 1t is believed that
the Senate will ratify a treaty with
provision assuming such debt. In Ad-
the revenues of the Philippines will
enable the Government TO meet the in
Iterest and principal of the bonds with
out burdening the United States pro-
per.
One of the first things TO be done may
be the refunding of these bonds in a
security bearing a lower rate of in
terest That may be one of the condi-
tions which will offset the advance in
value Administration officials don't
know the exact Philippine debt. The
Commissioners are making inquiries
about it at Paris. Il is declared in
Washington, however, that the United
States will not assume anything but
this issue of $4,000, 600.