The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-03-31
IN VERY HARD STRAITS
Desperate Situation of Spain
and Her People.
WAR MEANS rIMYcIM rUy.

! Eighty Tcf tSut on sAe Nhtiohtsi DTPt -
Held by Spanish Citizens Conciliatory
Policy cf the saGasta Governmental
Important Interview.
WASHINGTON, March 81.-[Special. -
"The situation OF Spain is most desper-
ate one" said "A member of the Washing
ton government who is thoroughly ia
miliar with every feature of the situation.
1--WE have been looking into this matter,
and we find that the debt of Spain-I
mean the funded debt and not counting
the floating liabilities, which are reported
TO run up into the millions-is nearly 81,
900, 900, 900. On moaU of this debt the in
terest rate Is per cent, but on some OF 10
the rate is per cent. Remember that at
| the close OF the war between the states the
debt of our country was under So, 800, 000,
000 or only billion more than the pres
ent debt of spain, and you get good idea
| of comparison That seemed q terrible
debt 10 the people of this country, and yet
| we had a population at least four times
| that of Spain, and our wealth and revenue
| capacity were fully ten times hers at the
| present time. We were then emerging from
| a war, with prospect of long and pros
| porous peace before us, while poor Spain,
struggling along under burden of debt
greater than this country ever attempted
to carry, does not know when peace will
come to enable her the more easily to work
her way out.
"We have ascertained, too, that 80 per
cent of the debt of Spain Is held by her
| own citizens Most of the remainder Is
held in France We had supposed a larger
proportion was held abroad, but official
| figures submitted to the president and the
cabinet last week give the proportions as
/ have stated them. The bank OF Spain,
| with a capital of $50, 900 900, is carrying
$780, 900, 600 Of Spanish securities. All
this time the government is running be-
| hind $40, ZOO, 900 a year In its balance
| sheet It's revenues fall short of its expend-
itures by that sum. It's credit is so thor
oughly exhausted abroad that when new
loan Is to be floated the people Of Spain
have to do it themselves. We have heard
of late that the Bank of Spain was going
to float loan of about $40, 900, 900.
Financial Ruin In Prospect.
"What is the meaning of all thisP 1t is
that If war comes with the United States
Spain will go to pieces. The Bank of
Spain will collapse. Panic and ruin will
overtake the country. There will be one of
the worst smashes in the history of the
world, and out of the wreck no man can
|
thousands of men and women and children
in Spain who will go hungry. Already the
times are so hard there that bread riots
have occurred, and the government has
been forced to step in and feed the people
| If war and defeat Come-and II IL Is war
it is certainly humiliatng, crushing de-
feat for Spnin-who can tell what excuses
the desperate and hungry people will com
mitY Who can say that bloody revolution
will not sweep over the PENINSULA
| "All through this crisis with the United
States there has been an element of con-
servatism in Spain. The men of affairs,
the men of capital and business, the men
who know the desperate financial and in
dustrial condition of the country, have in
sisted upon peace. IL is due to their intiu-
once that tho Sagasta ministry has been so
conciliatory to the United States through
out all the trials over Cuba 1t was OH nc
count of this influence that Sagasta re-
called and disgraced Weyler at the sugges-
ton of President Mckinley. 1t was through
the same influence he organized autonomy
in Cuba and released all American prison
ers, guilty or innocent. Spains statesmen
have been struggling to avert ruin from
their country, and the wisest of them have
been anxious To find "a way to drop Cuba.
| "Cuba can neYermore be "a source of
anything but trouble TO Spain. Even If
the kingdom could retain the colony,
which it cannot, it would he constant
source of irritation and expense. Many
years would necessarily elapse, even with
peace restored, before Cuba could become
prosperous again. All this time Spain
would have to carry the Cuban debt as she
is carrying it today. The bonded debt of
! Cuba, or of Spain charged to Cuba, is
nearly $500, 600, 900. Added to this is the
| floating or war debt of more than 500,
| 600, 600 more Not i'm 80 years could Cuba
| carry the interest and sinking fund OF this
enormous load without help from Spain.
| And it is as sure as fate that before pros
perity in the island could make Cuba
worth SPANS having another instruction
| would break out and require another war,
with all its expenditure of life and treas
ure, to suppress it,
Anxious to Avoid War.
"These are some of the reasons" con-
| cluded the official, "why President Nc
| Kinley and those who have advised with
him were anxious To stave off war as long
/ as possible. They knew of the desire of
| Spanish statesmen to drop Cuba and they
have hoped that as soon as the governing
classes in Spain were brought face to face
| with a realization of the fact that the only
L
| pendenoe to the insurgents for money
consideration and get out of tho island
with a little pride and dignity left they
would do it, The destruction of the battle
ship Maine and the resulting pressure of
| public opinion in tho United States played
| into President McKinley's hands I'm this
| matter, for IL enabled Aim to convince the
| Spanish leaders that the time for action
| had come It enabled him to impress them
| with the truth of what no had all along
| claimed-that sooner or later Spain would
have to solve the Cuban problem herself or
| the United States would be compelled TO
| step In and solve IL for her, probably with
war, and that the time for decisive action
| had arrived.
That this interview gives a glimpse be.
| hind the scenes In both Washington and |
| Madrid nm well convinced. 1t throws |
light upon the diplomatic movements of
| the last week and shows precisely upon |