Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-04-07
AS to What Will be Done With
the Credits
LANDS ARE ALL MORIGAGED
And a Foreclosure Now Would Bank
rupt Most OF the Planters--
Appeal to Washington

New York, April IA special to the
Tribune from Washington says: Credi-
tors and debtors in Cuba are both ap-
pealing to the Washington authorities
for relief. The creditors are afraid tina
Governor General Brooke will issue an
order carrying out the plan of the sugar
planters association. This provides in
substance for an extension of credits
through a period of six or seven years. 1t
Is admitted on all hands that the land
owners in Cuba cannot pay their debts
now and if foreclosure of mortgages were
permitted it would bankrupt three
fourths of the planters and many smaller
property owners. Weyler issued a de-
cree extending the time in which debt on
city and country property could be col
lected. Blanc extended the decree for
another year. Gen. Brooke has extended
1t as a temporary measure until May 1,
pending a permanent plan.
That is what alarms the Spaniards who
have money loaned on plantations and
other property. They fear that the new
decree will bankrupt them. The argu-
ments they have forwarded to Washing
ton are that the propositions of the sugar
planters association amount to a conlis-
cation of their creditors money. The
argue against sweeping decree of any
kind by the military authorities on the
ground that it is a revolution in the
Spanish code of civil law and tina it COM
pletely upsets the law of hypothecation
for the benefit of a class. The Spanish
laws are, as a rule. lenient to debtors.
Much difference of opinion exists among
the officials in Cuba regarding the pro-
vision which should be adopted. Senior
DeSVernine, Gen. Brooke's secretary of
the treasury, is expected in Washington
this week to confer with the president
and the other officials of the administra-
ton. He is a lawyer and especially
familiar with the law of mortgages. 1t
is admitted that something will lave to
be done for the sugar planters, but
whether the existing laws will be modi-
fled to the extent to which they ask is
doubtful. They complain that a mere
extension of time in which the mortgages
can be collected, though it may not be
for a 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 if 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 plant
ed because the planters could not get the
means. 1t is therefore, probable that next
years sugar crop will not materially eX-
coed the present one. If the planters can
secure a definite status they are all con-
fident they can get the means to plant
next fall and that will mean Is or Is
months thereafter, something like a nor
NAL sugar crop in Cuba The last few
months some of the planters have sue
ceeded in r%efundjng their loans and Sc
curing American capital at reduced rates,
but these cases have been the exceptional
ones. Most of the mortgages are held by
Spanish capitalists.
Secretary Alger is said to disapprove
the plan which has been formulated by
General Brooke's cabinet and that is one
of the reasons why Senior Desvernine is
coming to Washington. Secretary Ayers
experience with the agreement by which