Devils Lake inter-ocean. (Devils Lake, Ramsey Co., Dakota [N.D.]) 1884-1905, 1902-08-08
AUTHORIZES A BIG loan.
Congress Prepares the Way
for Circulating Millions to Re-
1ieve Present Crisis.
AMOUNT CALLED FOR is s35,Qoo,ooo.
Necessity Is Recognized for Aiding
the Sugar Planters, Pending Eff
forts to obtain Reciprocity at Next
Session of American Congress-
Army Also to Be Paid.

New York, Aug. 5.-The first impor-
tant work of the Cuban congress is
approaching a conclusion after a sit
ting of a little more than two
months. At Saturday nights session
of the senate the way was prepared
for circulating $35, OOO, 900 throughout
the island substantially approving the
house bill for the circulation of this
amount. The money, it is believed,
will have the effect of relieving con
siderably the present crisis. The con
gress considers it advisable to aid
the sugar planters pending efforts to
obtain reciprocity at the next ses-
sion of the American congress. The
necessity is also recognized of pay
ing the debts contracted by the
Cuban junta, of New York, in aid of
the last revolution, and to pay the
~liberating army.
Authority has been granted for the
appointment of a commission to fix
and pay the amount due the army.
Gen. Maxine Gomez probably will be
the chairman. v
To Issue Bonds.
President Palma will be authorized
to borrow $35, 900 in American
gold and to issue national 80 year
five per cent. bonds within six
months. Four million dollars will be
applied to the aid of the cane grow
ers and the agricultural and cattle
industry generally. The money will
be loaned at the rate of so cents for
every 1850 pounds of sugar grown in
the last crop. The money is to be
repaid in February, March or April
of next year, drawing six per cent.
interest. The b~ondholders will have
the custom house receipts as guaran-
tee, for the repayment of the ST.
100000. President Palma will be au-
thorized to increase the tariff duties
on certain articles accordingly.
The rest of the $35,OO0,OOO loan will
be used for the payment of debts
contracted by the New York junta to
support the revolution, amounting to
about $4,000, 900, also for payment of
the services of the army, amounting
to 1923, 100000.
Plans for Redemption.
To bring this loan within the
terms of the Platt amendment and
other provisions of the Cuban con
stitution, the present congress, be-
fore adjourning will provide a way to
pay interest and will establish a sink
ing fund to redeem the principal.
This probably will be done by means
of a stamp tax. Any balance of the
loan will be applied to agriculture
at the discretion of congress.
The foregoing has been substan-
TALLY approved by congress, only the
details remaining for discussion.
Many Busdn ess Failures,
1t is believed such a loan can be ne
gotiated and taken care of. without
great difficulty. 1t will be Cuba's
only national debt. Business depres-
sion in the towns and poverty in the
country has not decreased. There
have been 1913 business failures since
the last ~ months, against % the
year before.
House Passes the Bill.
Washington, Aug. 5.-The state de.
partment has received the following
cablegram from Minister Squiers,
dated Havana, August 4:
"The hous has passed. the bill authoriz-
ing the loan of $4,000, 900; minimum rate OF
issue, 30 per cent. Maximum interest, fve
per cent, redeemable in 40 years."