The herald., 1898-03-31
BUT NOT AT THE SACRIFICE OF
HONOR
CABINET MEMBERS CONFER
An Indemnity Would Be Welcome but
Unfortunately the Insurgents
Refuse to Make Promises
Associated Press Special Wire

NE w 1OItNs N1dTCll oU.-k1iuOu6 tIo IIllu-
die classes the idea of honorable peace has
taken a firm hold and great and prodigious
will be the popularity Of the ministry when
it announces peaceful results, says the
Heralds correspondent at Madrid.
1t is understood that the Pope, through
the papal nuncio. conveys his approval Of
peace under the circumstances suggested,
and Spain is his pet child.
In the palace there is no doubt of the SEN
timent, for the Queen is the warmest ad-
vocate of peace and has grieved for three
years over the Cuban war.
THE CABINET COUNCIL
NEW YORK March 3O-A dispatch to the
World from Madrid says: The Cabinet
Council to consider the reply to be made to
the two notes of President Mckinley lasted
until well into last evening. Although no
final response has yet been made, the Span
ish ministers can maks no definite promise
to terminate the war in Cuba.
Spain will promise to relieve the starving
Cubans to her utmost ability and will ac-
cept the cooperation Of American relief
committees If unofficial and If not accom-
panied by naval demonstration that will
encourage the insurgent sympathizers.
Spain is also willing to make home rule in
Cuba more complete as an encouragement
to peace, but the government cannot assent
to any armistice which implies recognition
by Spain of the belIlgerency Of the Cubans,
nor to negotiate publicly or officially with
rebels, nor enter upon any negotiations
leading to the sale of Cuba or the independ-
ence Of the Cubans.
The financial newspapers, in viewing the
kets, speak frankly and boldly about the
of the nation, or it's willingness to make
fresh sacrifices, they coolly point out the
frightful consequences to Spain Of war
with the United States.
Spanish per cent bonds have already
fallen to 40 cents on the dollar. Gold is at
premium Of a cents.
The note circulation Of Spain is within
$50 900, 900 Of the maximum limit fixed by
the Bank of Spain's charter.
The government has already pledged the
most available sources Of national revenue
to carry on the Cuban war.
In such straits the best 1nanciers, al
though they will not be quoted, declare that
war must be averted and peace promptly
restored in Cuba by the most drastic sacri-
fees sooner than cripple the finances and
prosperity Of the nation for years to come.
Security holders are forcing their hold
ings on the market, and there are no pur-
chasers.
Unless the situation improves within two
days an unparalleled money panic in Spain
may be expected.
Financial papers show a strong inclina-
ton to part with Cuba If two conditions can
be secured: First, If Spain can escape be-
ing saddled with the entire Cuba debt,
while at the same time losing the invalu-
able Cuban markets and revenue; second,
If a solution De found compatible at
once with Spa honor and pride.
NO DEC. ION REACHED
WASHINGTON, March 3O.-The Presi-
dent received this morning cablegram
from Minister Woodford at Madrid, in
which he confirms the published report that
he had an extended conference with Pre-
mier Sagasta yesterday. No definite con-
clusion was reached, as the Minister de-
sired to place the matter under considera-
ton before the Queen Regent and the other
members of the ministry. The conference
was adjourned until tomorrow, Thursday.
Although Mr.. Woodford does not give any
details Of what transpired at the meeting,
yet his message is very hopeful in tone
and gives the President hope that final
settlement Of the question at issue may
be determined at tomorrow's conference.
The main question discussed at the meet
ing yesterday. between Minister Wood
ford and Premier Sagasta is known to have
been the prompt cessation Of hostilities
on the island of Cuba and the release of
the reconcentrados, with permission for
them to return to their homes and resume
their occupations without further molesta-
ton. The exact lines upon which Minister
Woodford is at work for the final settle
ment of the Cuban question can be stated
as receiving a number of suggestions from
this government as to what would be &C.
ceptable to 1t. The consensus of opinion,
however. in administration circles. is that