The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-10-14
BANKERS DEAF TO CUBAN
PLEA FOR BIG LOAN.
Commission Trying to Raise $780,
O0O.O 900 10 Pay on Her Soldiers.

100000 10 Pay on Her Soldiers.
From the New York American.
For three weeks eminent represen-
tatives of Cuba have been trying in
New York to secure the first loan the
little nation has sought since it's eman-
cipation. 1t was stated by Gen. Mario
Menocal, one of the commission. yes
terday that Cuba may be compelled to
contract her loan in some foreign
country. Cuba wants 5000, 900 with
which to pay her soldier patriots and
has issued bonds for that amount,
backed by apparently the best of Sc
curity and bearing per cent. interest.
But in the whirl of the financial
world here hardly any of the operators
have given ear to the proposition of
the new republic. J. P. Morgan and
others have informed the Cuban Com
mission that the markets are in such
a condition that it is impossible to
raise the money
On the commission are Gen. Mario
Menocal Domingo Mendez Capote
president of the Cuban Senate and
Gonzalo de Quesada, Cuban minister
" Tie l li4lcu oldlGS. since sept, 10
these men have been at the Fifth Ave
nue. Hotel. and by correspondence and
personal interviews have vainly tried
to induce the New York financiers to
form syndicate and take the bonds
we may be successful yet in the
United States said Gen. Menocal yes
terday, but / cannot tell Negotiations
are on in which are interested the
greatest financiers in the country, in
Guiding Mr.. Morgan. We have been
told, however, that there is such a
stringency in the money market that
we may be disappointed"
THE loan will be funded for a term
of forty years, the funding to begin
within a period included between five
and ten years from its date To guar
antee the payment of the principal and
interest a special permanent impost
will be levied on the manufa cture, dis
tribution and consumption of strong
liquors, matches, playing cards and
other such articles.
The President of the Republic is au-
thorized to apply, in addition to the
proceeds of the special tax the Gus
tom House receipts as a subsidiary
guarantee for the responsibility of the
loan. BY careful calculations il has
been found that Cuba can carry the
loan handily, and she would prefer that
her creditors be citizens of the Unit
ed States. The commission, however
has authority to go elsewhere. and may
find ii necessary to do So
MIR. Charles l.. Benjamin. a former
New Yorker, who has been in Cuba
several years serving under the Unit
ed States regime as Inspector of Posts
and Telegraph. has been assisting the
commission in opening negotiations for
the big loan. He will sail for Cuba to-
day.
'It is a shame. said Mr.. Benjamin,
that Cuba has found such difficulty
in floating her bonds in New York. The
country does not owe a cent. and in
the last year realized SO, 600 900 by regu-
lar revenue The capitalists of the
United States are breaking their necks
to secure trade in China and other
distant places, while Cuba. right at
our door, is being overlooked.
Germany and England realize this
and are doing everything in their pow
er to get the good will of the Cubans
IF the loan OF $4,000, 900 is not Sc
cured here. and goes to Germany, il
will mean the alienation. of the love OF
the Cubans for Americans and its
transferral to Germany. Naturally the
money raised will be spent at once by
the impoverished soldiery, and it will
go to the country from which it came