Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1902-12-23
ARE WE TO SECURE THE BAD
DEBTS OF OTHER PEOPLE 7

craft In regard TO the Nenezusiah uIL-
hculty unravels, the real aim and pur-
pose Of the powers in their onslaught
on the little Republic seems to be re-
vealing itself.
Some weeks before the situation ap. |
preached the verge Of war, Mr.. Isaac
seligman Of New York visited Wash
ington, called at the White House and
had an interview with Secretary Hay.
He came there as the representative Of
n bankers syndicate which proposed
to underwr!te the bonds necessary TO
enable Venezuela to pay her European
creditors, provided satisfactory security
for these obligations could be had.
Mr.. selignan's mission got no further
than the tentative stage, but the real
purpose Of 1t was to induce our govern
ment to endorse the projected bonds,
or at least give some assurance Of their
ultimate redemption that would make
them marketable. This rather cheeky
proposition was based-so the argu-
ent ran-upon the consideration that
II the United States must insist on the
guardianship Of the South American
Republics, we ought out Of sheer de
cency also TO pay the debts OF our
dusby wards.
This apparently total misconcepton
and perversion Of the scope OF the Mon
roe Doctrine was perhaps not as gross
as IL looks. Those who put It forward
have found your Uncle Samuel so easy
hitherto, when they have had any
bonds to corner, or other privileges to
ask for, that they thought, no doubt,
that the required signature would he
Forthcoming.
OF the particulars OF the Washington
visit nothing was made known at the
time, but II was understood that the
benevolent offer was declined. But
when an underwriting syndicate once
gets Whit OF bonds, which are to cost
little and pay much, It is not easily
driven away from the carcass.
so the next wheel In the contrlvAnCe
was slipped in gear; and 1t took the
form at first OF peaceful blockade,
which was begun by the very unpeace-
full act Of sinking tho Venezuelan ship
ping in the harbor OF La Guayra. The
short shrIft given to the crews of these
ships is found In the language of one
of the attacking admirals 81 request
you TO lower your ships flag imme.
diately and leave your ship with your
crew within ten minutes. This Is not n
measure Of war. In case you
disobey and wish 10 defend your ship,
shall he obliged to prevent you from
doing 20 by the discharge Of arms"
An armed force was also landed on
Venezuelan ground, and vet the exist
ence OF war was disclaimed.
powers, as the next step In the pro
gramme. began to clnmor for their pay
also. Great Britain reccdcd from hcl
position Of a peaceful" blockader an(
an actual blockade was announced, ant
since then has been proclaimed,
BY this time the anxiety Of the Amer
lean government, which so far as II
known had not intimated any displeas
ure at these warllkc pacific" measures
had been sufficiently wrought up, ant
the apparently expected and waited
for suggestion Of arbitration was OF
hand
The details Of the correspondence are
of course not made public, but II seem,
that when our good offices We're pro
posed, the reference Of the matter I,
the arbltrnmont Of tho Hague Commits
sion was asked. This offer was de
clned by the powers, why It Is hard T.
see from the outside, since the machln
cry provided by the Hague treaty 1
adapted 10 Just such a contingency, an,
has been eNtravaganny praised b,
those who now are rejecting IT,
The Counter,proposltlon is said to b
that President Roosevelt himself sha
be- the arbitrator, but coupled wit
certain conditions, over which the pow
ers seem disposed to haggle The Pres
ident is understood 10 entertain tn
project although not yet fully commit
ted to II; and the conditions annexed I
the submission are not fully revealed
The proposition, however, OF leavin
the claims Of European monarchies [
the award Of the President OF n r,
public Is Of itself so extraordinar
that We must suppose some ulteriC