The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1900-08-24
SPAIN FACES A NEW ERA.
Relieved of the Burden Seized by the
United states.
(From the New York Herald. }

(From the New York Herald.)
While the United States Is still carry
ing on the war in the Ph1lippines-for
the privilege of conducting which it paid
$50, 00O. OOO-Spain, relieved of her colonial
incubus, is making rapid strides toward
prosperity.
The prospect of an equilibrium in her
national budget Is so bright that holders
of her exterior debt are unwilling to ac-
cept the proposed reduction of interest.
The bonds which two years ago sold be-
low 80 per cent. OF their face value are
now above 20. Private as we'll as public
credit has improved, capital is pouring
into the country, new Industrial enter
prises are getting under way, and there
is notable expansion of commerce.
Meanwhile, in our struggle with the
white ELEPHANT we took off Spain's hands
in the Philippines we have sacrificed
thousands of American lives and sunk
nearly $780, 900, 600; and unless a radical
change OF policy is adopted the waste OF
blood and money promises to continue
1ndef nitely.
Feeble attempts are made to show that
our trade with the islands is improving
1t would be very curious If the presence
of more than 10000 troops, supported
there at the expense of the American peo-
pie, did not necessitate increased impOr-
tatiOns. AS matter OF fact, the entire
purchases of the islands from the rest OF
| the world before the war did not exceed
on the average $14, 0O0, COO year, while
the exports averaged less than $I7, GOO, COO.
1 That Is to say, we have already sunk IN
the archipelago a sum equal to the entire
value of It's exportabJe products curing a
period of IL years, and the at empt to
| bring the ElI1pln OS under SDbJectfon Is
still costing US four times as much as all
the products of the islands are worth
not the profit en- he products, but their
gross value.
10 say nothing of the principles in
vOIYed or OF the loss of 12estimab,e lives,
the widows and orphans scattered over
our land the thousands of brave fellows
who will return with shattered health to
drag out miserable liVes-tO say nothing
Of all this, nor of the unspeakable mise
ries inflicted upon the EllipinOs because
they refuse to accept an imperialistiC
yoke and claim the right OF self-gOvern-
ment, 1t would seem that as mere cold
! FLOODED business proposition we are en-
gagged in a very bad speculation.
Spain may certainly felicitate herself
on being relieved of this and her other
she carried on has left her it is true, with 6
heavy debt-about 500 per capita as
against our own S2S-b but our expenses IN
the Philippines are equal to three-fourths
! of the interest charge on her entire in.
/ debtedness With the establishment Of
peace and the influx OF foreign capital tC
the peninsula new energy has been in
fused into the Spanish people. Irrigation
canals on a vast scale for the reclamation
of marsh lands ara being planned, cleo
trio traetion and lighting plants are he
ing introduced in all the cities, new fac
tories are springing up all over the coun.
try, new steamship companies have beer
organized, railway extensions are pro
jected in all directions, new banks are
being organized, and the whole country
has made new start imports into the
peninsula last year were 90 per cent
larger than in the year preceding the out
break of the Cuban war. During the l.
months ended June 80, we sold 49, mil
lions of merchandise to Spain-the larg
est amount for many years-and bought
six millions of products from her, so tina
she ranked eighth in the list OF our for
elgn customers.
This country Will rejoice in the return
ing prosperity Of its Whilom foe, and
Spanish pride apart, the dons must b
CongratulatIng themselves on their re
lief as they witness our direful struggl
7 with their former burden. But how lon
viii the American people stand for it?'