New-York tribune., 1898-11-15
cPrDITOPS WITHOrT Az EQUITY.


Bondholdcrs in France or elsewhere who hold
Spanish bonds. falls ,ly called Cuban. and pray
their governments 10 interfere between Spain
and the United states in order to get some
turn from this country because Spain IS bank
rupt. have fallen into an absurd mistake. If
they encourage Spain to break off negotiations
more fighting VIII he inevitable. The laws Of
nations give no power to France or Germany
Or any other nation to Interfere during the
prosecution Of a war; and If Spain after suing
for peace refuses the terms given, the same
war goes on. no foreign Power having more
right or excuse for interfering than II had at
any other time while the war was in progress.
Spain being actually crippled n renewal of
hostill,os would mean simply further loss hy
Spain and further conquest by the United
States In a short time Spain would have
larger debt ana smaller assets and not a foot
OF property left beyond the Spanish peninsula.
This would not help the Spanish bondholders
H. the least 1t would quickly make il impos-
sihlc 10 recover from the wreck even such sums
a. tie United states might now be disposed TO
pay for pacific improvements ON property which
Spain surrcndcrs.
Holders OF Spanish bonds cannot claim for
themselves the equities sometimes belonging
10 innocent purchasers. Apart from the we'll
known fact that substantially the entire sums
borrowed by Spain were borrowed openly and
directly for the suppression Of Instructions in
her colonies or for the conduct Of the war with
the United States II il also certain that every
purchaser. early or late. large or small had
perfect notice Of the objects and character Of
the debt created. They all knew. for instance,
that the sO-calied Cuban bonds were IN fact
bonds issued 10y Spain in order TO suppress ef
forts for the freedom Of Cuba. and only nom
inally fastened upon that property without the
slightest rretence Of consent by the inhab-
hants Holders Of such bonds have no pos
shle equity. except as respects the Power 70
which they loaned the money or which issued
the bonds -hcy saw ft 10 huy.
II any European Powers which have long
been friendly with the United States had chosen
10 make oycrtures for adjustment In a spirit
oc mutual nmi'y ar the outset, Il is conceivable
that terms might have boon cached honorable
- this country. securing the independence OF
cuba. with some roCom9, nse 10 Spain by Eu-
ropean capitalists. avoiding war and It's losses
and expenses for both parties. and immeasur
ably less opprOus - Spain than tho results of
conflict That was the time. before war actu
ally hegar and tho only time when friendly
powCrs could have interviewed with proper OK
cuSe rs mutual friends not attempting TO die
tate or behalf o: either cortendng Power. Nc
European nation then saw m - make such
.enresentationS as could haY" been received by
the United States on1 in allowing the oppor-
tunity 70 pass. all Of Them became under obl'-
cations as friendly nations 10 stand aside until
the United States and Spain had settled their
differences or had both invited friendly offices.
Those who did not then seek peace in the only
way 10 obtain H. with tender Of friendly Offices
70 both cannot now make any offer without
incxcusGhle Interference
The people Of this country have no idea that
the people Of France or Germany desire A con-