The Advocate and news., 1898-11-02
DO YOU VOTE SPANISH ?

entire Philippine group with the $40,-
100000 indebtedness incurred by Spain
In 1896, 1t being the understanding here
that the Spanish commissioners here are
agreeable to this solution of the Philip
pine question. While the administration
has been adverse to assuming the Philip
pine or Cuban debts. yet 1t is believed
Washington authorities nave been per-
suaded to believe that the debt is le-
gitimate one. The Spanish theory that
the debt was contracted and expended
for the islands has been received here as
good logic and has swayed the admin
lstration from the firm determination
first reached to refuse to assume any
Of spain's colonial debts.
While the decision has been reached
to accept the islands with the indebted
edness of $40,OOO,0OO in round numbers,
the President has decided to leave the
form Of assumption open. The President
has vacilIated during the past twenty
four hours upon the bond question. Yes
terday his plan was to issue the bonds
outright. Later he favored giving Spain
the cash, and thus relieve the United
States OF further responsibility.
To-day 1t has been called to his atten-
ti0n that Spain might repudiate the
bonds, and in that event should any
Americans hold bonds they would lose
all they have invested, consequently his
present plan is to pay the money in gold
to Spain, requiring from that country
some sort Of guarantee that the money
would be applied to the liquidation Of
these obligations.
Senator Hanna, in an interview Octo-
Der /, foreshadowed the intention Of the
President to hold the entire Philippine
group. It was at this time the price of
the Philippine securities advanced.
All other Spanish holdings were going
down In the markets, yet the Philippine
bonds steadily increased in value.
1t is stated that majority Of the Phil
ippine bonds of this issue are held in
Paris and Berlin, but that American cap
ital has been largely interested in these
securities within the last few weeks. In
timations come from Paris that a syndi-
cate Of Americans were purchasing Phil
ippine bonds of this issue whenever they
could Nothing can be learned, however,
regarding the holders Of bonds.
The Philippine question will be taken
up for consideration by the joint COM
missioners at Paris to-day. The Spanish
commission has given assurances that
the retention Of the entire Philippine
group with the Indebtedness Of $4,000
600 will be satisfactory to them. The
details of the final negotiations are yet
to be arranged.
While the administration is highly
pleased with the outcome, the assump-
tion Of $4O,OO0,0O0 Of debt and the re-
sponsibility for the government Of 9,OOO,-
900 people, many Of whom are half civ
ilized is subject which Is expected to
WELD potent influence upon the coming
elections. Its effect is doubtful, as the
expansion policy has a following in both
political parties,
The above is the Associated Press re-
port Of the administration position on
the Philippine question, and 1t is the
Administrations position, beyond a
doubt.
Note these points:
/. This assumption of debt is radical
backdown from the original program.
2. The President is wildly vacillating;
II he has good sense he will vacillate on
this matter Of bonds until after election,
or Stanley and the nation may not be
saved.
8. The bondholders must be protected.
though nothing Of this sort is suggested
for the producers Of this country, who
furnish the revenue to protect the bond
n Al