Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-11-01

CENTS On IhE 1OLLAR w LII
PAY IS PER CENT ON THE IN
VESTMENT-LARGE BLOCKS OF
THESE BONDS HAVE RECENTLY
CHANGED HANDS AND SOME OF
THEM ARE OWNED IN THIS
COUNTRY.
Special to the Register.
Washington, D. c., October 31.-The
plan of the administration to acquire
the Philippine archipelago by the pay
ment Of the indemnity of $4,000, 900,
which is the equivalent of the Philip
pine debt, was the chief topic of con-
versation to-day inside and outside of
official circles. There have been hints
that something of this kind was forth
coming, but until yesterday has any
| thing definite been known of the inan
| cial end of the Philippine proposals.
1t was at first supposed that the ad-
ministration intended to guarantee
| the Philippine debt as the price of our
| acquisition of the archipelago, but the
| State department now makes the eX-
| PLANTATION that it is now the purpose
| to undertake the guarantee of any of
| the outstanding Philippine bonds, but
! that the United States would agree to
| pay Spain given amount, yet to be
| determined, presumably S40,000,000, in
! consideration of the REIMBURSEMENT of
| her sovereignty over the Philippines.
! This statement, it is believed, is given
| out for political effect in the pending
| campaign.
| THIS SORT OF QUIBBLING
has been characteristic of the admin
istrations handling of the Philippine
question from the first. 1t has been
represented all along that the Presi-
| dent had not made up his mind to the
retention of the Philippines, that no
definite instructions had been given
to the American commissioners, and
that the Presidents conversion to the
| expansion idea dates from his return
from his western swing around the
| circle. But the fact is that at the
| time of the departure of the American
| commissioners to Paris it was per-
fectly understood that the Americans
were to demand the cession Of Lu-
zon in the expectation that Spain
would as easily yield the entire group
as it's principa, island, and it was
then perfectly we'll known in Wash
ington, that we should insist upon
holding the whole Philippine archi-
pelago. All this mystery about the
subject has been intended to keep a
dan gerous question out of the cam
paign. But the sudden backdOWn OF
inc opee..it.r,,o has brought the admin
istratiOn face to face with the Phillip
| pine problem, and it has been
FORCED TO SHOW ITS HAND
with the resultant revelation of a fl
nancia African in the woodpile.
Whether the United States pays
| Spain $40,000000 in cash with which
to liquidate her bonds, or assumes the
debt directly matters little. In either
event the financiers who are now max
| ing their headquarters in Paris. .Yin
have gained. their fS9b- was originally
J Rlmhcied in Paris at about 80 or 40
cents on the dollar. They bear interest
at per cent. and at 80 cents would
pay about IS per cent. on the invest
ment 1t may be seen at a glance that
the guarantee of these bonds means
a big profit to the holders. The best
information here is that large blocks
of these bonds have lately changed
hands, and that some of them are own
ed in this country The fact that it is
proposed to provide Spain with the
means of taking care of them is pretty
good evidence that their owners are
sufficiently influential in high quarters.
1t is altogether probable that somebody
has cast an anchor to the Windward
in this suspicious business.
In defence of the administration
policy 1t Is asserted that we have
ESTABLISHED A PRECEDENT
for the payment OF a cash considera-
ton for the acquisition Of territory
even when we were in a position to
take it by right of conquest. After
the Mexican war a lump sum was paid
to Mexico for California and adjacent
territory. This precedent is being urged
as a reason for paying Spain for the
Philippines But it has hitherto been
urged that we should retain the Phil
ippines as the fruits of war and by the
right of conquest. The change of front
is significant.
The Philippine bond deal will bear
watching. Naturally enough the adj
ministration will not enlighten the
public to any great extent as to its
motives in suddenly proposing to aid
Spain or the holders of her bonds to
the tune of s40,000,000. But if public
sentiment is not brought to bear
against this proposition the American
people may find themselves with a neat
colonial debt to nay or face to face
with a $40, 100000 raid on the treas
ury.