The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-08-05
MED MONEY TO
AVERT CRISIS
Cuban Government to Circulate
$4,000, 900 Among Subjects.
TARIFF DUTIES INCREASED
NAN TO BE NEGOTIATED AT
ovCy-MoNEY FOR PLANTERS.

L
portant work Of the Cuban con-
- gress is approaching a conclusion,
,fter a sitting Of little more than two
months.
Al SATURDAY nights session of the
ssnate the way was prepared for circu-
stng S35. OO0, 600 throughout the island
by substantially approving the house
Nil for the circulation of this amount.
The money, Il is believed, will have
the effect OF relieving considerably the
present crisis The Cuban congress
considers IL advisable TO aid the sugar
Planters pending efforts to obtain reci-
proeity AZ the next session of the
American congress.
The necessity is also recognized of
tsying the debts contracted by the Gu
han junta Of New York in aid of the
last revolution, and 10 pay the liberat-
Ing army.
Authority has been granted for the
appointment OF a commission 10 fix and
nav the amount due the army. General
Haxlmo Gomez. probably. will be the
chairman.
Palma to Be Authorized.
President Palma viii be authorized
10 borrow S35,000,000 in American gold
md issue national thirty-yeaT per
cent bonds within six months.
-Four million dollars Will be applied
10 the aid of the cane growers and the
agricultural and cattle Industry gen.
srsliv The money viii be loaned at
~ rate 81 80 cents for every 2.5oe
,ounds Of sugar grown in the last crop.
The money is to be repaid in Febru-
srv March and April of next year.
drawing per cent interest The bond
HI min "a house 20
ceipts as a guarantee for the repay
ment OF the S4.000000.
President Palma viii be authorized
70 increase the Tariff duties on certain
articles aCCordin gly.
she rest of the SIS. O00. 900 loan will be
used for the payment of debts contract
ed by the New York junta to support
the revolution, amounting to about 49,
10000. also for payments Of the serv-
Ices Of the army, amounting TO $25,-
10000.
Within Terms of Amendment.
To bring this loan within the terms
Of the Plat amendment and other pro-
visions Of the Cuban constitution, the
present congress. before adjourning.
will provide way to pay interest and
will establish a sinking fund to redeem
The principal
MS ht'udblN VIII pe uOht ny AiituAlo
Of stamp tax. Any balance of the
loan VIII be applied to agriculture at
the discretion of congress.
The foregoing has been substantially
approved by congress, only the details
remaining for discussion. which will
begin Monday in public sessions
Il Is believed such a loan can be ne
Eotated and taken care of without
great difficulty. II will be Cuba's only
national debt. Business depression in
Inc towns and poverty i'm the country
sre not decrea sing. There have been
is business failures in the last twelve
months, against twenty three the year
before
Under the Platt amendment the
United States Is bound TO take cogniz-
ahce Of every action Of the Cuban SOW
eminent relating to loans.
article two of that amendment pro
YideS.
That said government shall not as
sumo or contract any public debt Ia
pay the interest upon which and &c
make reasonable sinking fund pro-
VISION for the ultimate discharge OF
Nhch Jhs ordinary revenues of the ISL
ana o. cuba. after defTa wing the cur
rent expenses Of the government. shall
Re Inadequate"
Thinks Revenues Will Suffice.
No computation has been made Il
ascertain whether or not the loan pro.
1ued for m the bill which Minister
S4ulres refers to trespaSSes upon tbs
PROVISION OF he Plat amendment. bu
d Is Presumed that the Cuban revenue.
'an pay the interest and provide
Snkng fund. beside defraying the or,
olo@Ty expenses OF the government a.
Eoflded I'M the amendment
~ inc same time. il will. no doubt
" round very difficult TO interject thi
taiucuidr provision. as the question
revenues may fiuctuate according u
ne conditions in the island II i
AloVn that the intention of article
dS 10 provide against any extraor
e,aFy issue Of bonds for the purpos
redeeming the bonds of the so-calle'
7puohc previous TO the Spanish Amer
an war. and the payment of larg
'unueS 70 those who had taken par
Ih- lnsurreCton against Spain.
~ Vas intended as a check upon tn
-osn government in the matter of in
LIIng indebtedness. although il car
no provision indicating what woul
me action Of the United State
,Loua the Cuban government eXcee
Indebtedness prohibited by tn
amendnent
NelLner is there anything in tn
T--eulment indicating what steps tn
.Ll-d States would take to determin
.ts'ler the indebtedness was beyon
prescription or whether IL woui
5lent the mourning of such indebted