The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1903-03-18
PUBLIC DEBTS OF SMALL STATES.
Argentina Protests Against the Co.
ereiVe Collection
Of Such Debts, Because the Credi-
tor Always Takes Into Account
The Probability Of Payment When he
Makes his Bargain.

The Probability of Payment When ne
Makes his Bargain.
Washington, March 1.-THE follow
ing statement was given out tonight
at the legation of the. Argentine Re-
public:
"Recent publications referring to
the note of instruction sent by the
Argentine Government to its minister
in Washington. DR.. Garcia Mexico,
in regard to some of the features of
the Venezuelan incident, give the
asked for an alliance with the United
States, and that its proposal was re-
iected by the Secretary of State:
In fact the dispatch of DR. Drago,
minister of foreign relations for the
Argentine Republic, aimed only to ex-
plain to his diplomatic agent in Wash
| ington the views of his home Govern
ment relative to the coercive collec-
tion of public debts of American
States by European nations, and in
structed him to convey those views
to Secretary Hay, expressing his hope
that the doctrine Of international
| public law set forth by the Argentine
Governments should prove acceptable
/ to the United States.
"Taking into consideration the real
| character of many of the obligations
contracted by the Governments of the
minor South American republics, the
Argentine Government has felt that
there is great danger to the peace OF
the continent if the compulsory de-
mand of Immediate payment of public
debts, or national obligations, is to
be accepted in silence, without dis
elimination, as right of the stronger
Powers of Europe to control and doml-
nate the weaker and struggling States
OF Central and South America.
'On this point the Argentine minis
ter of foreign relations in his note re-
marks that the capitalist who supplies
any money to a foreign State always
takes into consideration the resources
of the country and the more or less
probability that the obligations will
be filled without difficulty. Dr..
Drago says further on this: The
compulsory and immediate demand for
payment at a given moment OF pub
lie debt by means of force would not
produce other than the ruin of the
weaker nations and the absorption Of
their Government altogether with all
| its inherent faculties by the powerful
nations of the earth DR.. Drago also
cites enunciations by Hamilton and
provisions of the Constitution Of the
United States in this connection.
| CDR. Drago explicitly disclaims any
intention to defend bad faith or ire
gularities and deliberate and voluntary
insolvency. We do not pretend,
neither can we pretend, be says, that
these nation shall occupy an exception
al position in their relations with
the European Powers, who have the
undoubted right to protect their sub,
jects as amply as in any other part OF
the globe against prosecution or from
any injustice they may have been vic
tins of. The only thing that the Ar
gentine Republic maintains is the
principle already accepted that there
cannot be European territorial expan-
sion in America or oppression OF the
people of this continent, because
their unfortunate financial condition
might oblige one of them to put of
the fulflment of its obligations. The
principle which we maintain is that a
public debt cannot give rise to an
armed intervention, and much less
to the territorial occupation of the
soil of American nations by any
European Power. -
Complying. with his instructions
Minister Merou left a copy of the com
munication received from his minister
of foreign relations with the Secretary
of State. In his reply Mr.. Hay did
not express assent or dissent to the
doctrine of public law set forth in the
note of the Argentine minister OF
foreign relations. He cited the minister
to the messages of the President OF
December 8, 1901, and December 2,
1902.
Secretary Hay stated further that
advocating and adhering in practice in
questions concerning itself to the re-
sort of international arbitration in the
settlement of controversies not adjust
able by the orderly treatment Of dip
lomatic negotiation, the Government
of the United States would always be
glad to see the questions Of the justice
of claims by one State against an,
other, growing out of individual
wrongs or national obligations, as well
as the guarantees for the execution OF
whatever award may be made, left to
the decision of an impartial arbitral
tribunal, before which the litigant
nations, weak and strong alike, may
stand as equals in the eye of interua-
tional law and mutual duty
Zone of the more important features
of the Argentine note is the recogni-
tion and endorsement given by the
Government of that Republic to the
Monroe doctrine, which for the first
time is acknowledged and accepted as
principle of American public law by
nation of South America.
Vera Cruz, Mex, March 11.-Large
shipments of Mexico coffee are going
from this port to New York. The
steamer Havana, of the Ward Line,
carried record breaking cargo of l.