New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-07
MANY APPEALS FROM CUBA.
ROTH CREDITORS AND DEBTORS SEEKING
RELIEF.

ROTH CREDITORS AND DEBTORS SEEKING
RELIEF
Washington, April (SpeciaD Creditors ana
debtors I'm Cuba are both appealing to the Washhg-
TON authorities for relief The creditors are airad
that Governor General Brooke Will issue an oruer
CARRYING out the plan Of the Sugar Planters Asso-
citation This provides In substance for an extern
to-, of credits through a period OF six seven
Years It IS admitted all hands that the land
owners in Cuba cannot pay their debts now ana II
foreclosure OF mortgages were permitted 1t would
bankrupt three-fourths of the planters and many
small property owners. Weyler issued decree ex-
tending the time in which debts on city and coun-
try property could be collected. Blanco extended
the decree for another year. General Brooke mas
extended It as a temporary measure until May
1 pending permanent plan. That IL what alarms
the Spaniards who have money loaned on planta-
tons and other property They fear that the new
decree will bankrupt them The arguments they
have forwarded to Washington arc that the propo-
sitions OF the Sugar Planters Association amount
to a conhscaton OF their creditors money. They
argue against a sweeping decree o: any kind by
the military authorities the ground that It is
a revolution I'm the Spanish code OF civil law. and
that it completely upsets the law OF hypothecaton
for the benefit OF a class The Spanish laws are as
a rule lenient to debtors. Much difference OF
opinion exists among the officials I'm Cuba regard
ing the provision which should be adopted
senior Desvernine. General Brooke's Secretary OF
the Treasury Is expected in Washington this week
to confer with the President and the other officials
OF the Administration. He is a lawyer and Is
especially familiar with the law OF mortgages IL
H. admitted that something will have to be done
for the sugar planters. but whether the existing
laws will be modified to the extent which they ask
Is doubtful. They complain that mere extension
OF the time In which the mortgages can be col
ected though II may be for full year, will be OF
no real benefit to them In order to reconstruct
the sugar industry they must know where they
stand Their representatives say that II the plan
which the sugar planters have proposed Is adopted
they Will be able TO secure loans for next year and
In the fall begin planting cane on many OF the
plantations which have not been worked for the
last four years. This season little cane has been
planted, because the planters could not get the
means. 1t IL therefore probable that next years
sugar crop will not materially exceed the present
II the planters secure definite status they
are all confident they can get the means to plant
next fall and that Will mean within fifteen or
eighteen months thereafter something like a
nal sugar crop In Cuba. But they want nve or six
years In which to pay their existing debts The
interest charges on most OF the sugar plantation
the last few months some OF the planters have sue
ceeded In refundng their loans and securing Amer
lean capital AT reduced interest, but these cases
have been the exceptional ones Most OF the mort
cages are held by Spanish capitalists. Secretary
Alger IL said to dsapprove the plan which had
been formulated by General Brooke's Cabinet, and
that II one Of the reasons why Senior Desvernine In
ence with the agreement by which the Spanish
Bank Of Cuba was TO he permitted TO collect the
taxes L. said 10 have made him cautious rega rdine
fiscal anairs In the island. In that instance, how
ever. tho American military authorities were OPP
posed to making the bank the 'axcollecting agent.