New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-19
CRISIS IN PEACE NEGOTIATIONS.
spAN1ARDs BIDDING FOR INTERVENTION
BY FOREIGN BONDHOLDERS

sPAN1ARDs BIDDING FOR INTERVENTION
BY FOREIGN BONDHoLDERs.
Washington DOT 1S--It is hoped. although
hardly expected by the officials here that yes
rerday's proceedings Of the Peace Commission
In Paris marked the high tide Of Spanish oppo-
s,t,on and that henceforth the Spanish Com
mssioners will gradually retire from their OK
trcnse position II is recognized tha' thfT az
tack on the American position VAS marked OE
great ceverness and adroitness. the OPINION
prevails hero that the purpose OF the SpaniardS
a 70 work on tho sympathies Of other european
nations while appealing 70 the interests not
ONLY Of the holders OF Cuban bonds, but also 10
the holders OF purely Spanish securities Wmch
would be affected by sympathy. The spanish
argument directed to showing that the Ohi'e"
states must assume sovereignty. or the island
viii he left without legal status. is interpreted
as being a distinct bid for the intervention OF
tho foreign bondholders. The latter. according
20 the SPANISH hope, might he expected to ca
IN their own Governments to aid the Spanish
cause by protesting 10 the United States against
the destruction OF the large values represented
hv the Cuban bonds owred by their own citi-
1A,e Considerations based on equities Ike
,bosa have al times had great weight WIN IN
,crnational tribunals. but back Of II all is ap-
narent In the view OF officials here. purpose or
influence not so much the American Peace COM
,.,,ss,orsr, 40 the Government OF Washington
directly.
rhere has never been any question mere as W
tho status OF municipal and other local obilea-
.io,s based on Cuban assets As the proceeds
o. the bonds issued by the municipalities haN'
presumably gone to benefit the localities II mas
never been contended here for an instant that
thesA oblications should he repudiatcd. " nat
ever NAV be the outcome Of the negotiations az
Paris relative 10 the general debt OF Cuba the
bonds of the municipalities and sucn SECURITIES
will retain their validity. -.
The proposition alleged TO have oeen niaue
Yesterday by the Spanish commissioners l"
Surrender the entire Philippine group TO inc
tinted States rather than that Spain should De
bajd resnonsible for the Cuban debt, ala not
tsko The officials here by surprise 1t was rec
gntzed immediately as only another phase OF
tSe Snanish effort 70 connect the Philippines
and Cuba in some way In the negotiations. Inc
American Commissioners AZ the beeihhlhs re-
fused 10 permit any such association noluIhE
that each subject treated in the pFOtoc"I mus
be dealt with separately ana IN oluei. en- 80
.,r as the State Department knows they nave
nrt hanged their views on this matter.
While Il IS realized in official circles tha' the
reo~t,o,ions IN Paris have reached what proDd-
DIV will be the most critical point 10 ne Pafseu
over until the Commission is face TO race Wllh
the question as 10 what disposition Shail ne
nade OF the Philippines there is cohIlueIoe
that the Spanish Commissioners VIII nv ~.
the Americans to resort 70 extreme HIea9 W -
and that the negotiations VIII henCei"I'" P'0-
coed with greater expedition.