New-York tribune., 1902-05-17
SPAIN REVIVIFIED,
BUSINESS BETTER. MONEY MORE FREE
AMERICANS WARMLY WELCOMED.


AMERICANS WARMLY WELCOMED.
Copyright; IsO2: BY The Tribune Assooiatiou)
IspecaI 70 The Tribune by French Cable
Madrid. May 16-The condition of Spain can
-ot be accurately judged from the pleasure bIe
excitement OF a popular festival. when the
streets Of the capital are thronged with Wis
stors and there is brilliant display Of ecuipages
IN the parks Without reference to adventitioue
sid 70 the present ceremony, with its Spanish Vi
vscity and holiday humor. the facts as I have
learned by painstaking inquiry justify the con
clusion that the country is IN greatly improved
state and that the war involving the loss Of ne
colonies has proved 10 be a blessing in disguise
The terrible drain upon the resources Of the
kingdom from military expenditures has ceased
and The pressure Of taxation has been relaxed
The first step was taken a year ago in The
direction Of financial reform. when q law was
passed requiring the payment Of import duties
IN gold This law has operated well and is
enabling the Treasury TO create a gold -A-
serve available for resumption purposes Fx-
change has fallen six full points from AZ to q
though efforts have been made 10 racuca -ba
issue CT the paper money now current. While
nothing definite has yet been accomplished in
the direction OF q contraction Of the currency
there has been a material increase in the pur-
exchange. and there has been also a great gain
IL the buoyancy OF the public confidence.
Bankers and merchants are convinced that a
better era has opened for Spanish industry
New linen and other textile factories have
been built in Northern Spain. and considera bla
Investments have been made in mining prop
critics IN the South. The business community
has awakened 70 the fact that Spain's virtually,
undeveloped country is possessed of great re-
sources. and that so long as the colonies re-
NAMED heavy weight upon the taxpayers Of
The peninsula there was no chance Of Industrial
progress at home. The war with America has
brought about deIiverance from economic
ruin and has left the Spanish people free to
concentrate their attention upon their home
resources.
Influential men tell ne that the improve
-nent already is remarkable Employment has
Increased in the manufacturing sections, new
enterprises are multiplying there are fewer
beggars in the streets and more signs Of wealth
and comfort in all large towns Madrid itself
has been transformed from a faded and forlorn
sLto gay and brilliant capital with a new
movement Of traffic in the streets. and hopeful
ness II the air
One consequence Of the better feeling pre-
Tailing is the restoration OF friendly relations
with the United States. Resentment and bit
terness have gone.
The general comment which is offered by in
teliigent spaniards IS that they made good
Hght against superior power, they We're
bound by honor 10 CO. and that they
under obligations 10 the Americans for releas-
ing them from a hopeless economic condition.
Americans arc welcomed everywhere in Spain
ss honorable foes now on the closest terms Of
friendship. The services Of Minister SJorer in
bringing about the restoration Of good feeling
are generally recognized by Senor Sagasta and
tie Ministers. He has been brilliantly sup
ported by Daniel z. Sicdes. the secretary OF
legation, who is persona grata at Madrid. as
his father was before him. 1 \. +,