The Paducah evening sun., 1910-06-15

diplomacy. namely, that of our rela-
tions with the twenty other repub-
lies are passing through an eyolu-
tion similar to our own-that Of the
peopling and developing of vast
areas and the attempt to perfect re-
publican government under similar
institutions.
From the time the United states
became an independent nation this
government. while respecting its
obligations TO European powers. has
frankly and consistently wrought
for the establishment and malnten-
ance of a popular. free. and indie
pendent form of government for the
countries which share with us this
hemisphere. Just emerged from our
own war OF independence. the strug-
gle of the southern republics awoke
a responsive chord in the heart OF
the American people. and in 1928
this government hastened to recog-
nize as sovereign states the repub-
lies of Spanish South America, and
named ministers to represent it at
their capitals.
Turning to modern examples. by
+ the Spanish-American treaty signed
at Paris in 1898 and its accompany
ing documents this government, to
the surprise of the world, spontane-
ously. and by action for which his
tory scarcely affords a precedent,
recognized the independence of
Cuba.
While the greater American repub-
les have long since acquired an in
dustrial and governmental credit
comparable to that of the oldest ma
tions. the treasures Of some of the
most backward republics have at
times virtually succumbed under the
weight OF exorbitant foreign loans.
(which. with improyident financial ad-
lministration. have sunk them deep
IN debt The problem OF good gov
ernment Is ipextrlcsbly interviewer
with that OF economic prosperity and
sound finance; financial stability con-
tributes perhaps more than any other
lone factor 20 political stability.
The republic OF Honduras IL typi-
cal as country -aboring under the
disadvantages referred to- II has a
lheavy bonded debt. held In Europe,
for which it has In It's national wealth
no proportional return The interest
fell in arrears and II became abso-
lutely necessary that the debt be re-
funded and the finances placed upon
a sound basis. At this juncture a
group OF American bankers came for
ward prepared to offer terms more
advantageous 10 Honduras than those
offered on behalf Of the actual cred
tors. Believing that a strong Hon
duras would tend enormously toward
stable and prosperous Centtrl
America this government II heartily
supporting the plan for its financial
rehabilitation II the arrangement
made proves, upon the closest scru-
ltuy. 10 be just and equitable. then
Inns government will be prepared,
wlth the consent Of the senate II al
treaty is desirable. 10 give Il such
sanction as shat AFFORD the bankers
Legitimate security for their invest
ment by recognition Of such relation
as the government OF Honduras may
create between the payments due the
lender and a proper portion OF the
leu toms revenues.
As Illustrating the manner in
which it is hoped that American d.
Iplomacy may thus benefit Honduras
and Central America. It IL a pleasure
20 refer 10 the signal success Of the
lSanto Domingo arrangement. The
lpolitlcal history OF Santo Domingo
from the foundation OF the republic
I'm 1874 until 1905. the year OF the
modus vivendi, which was followed
lby the convention OF February s.
ll9O7. may be llkened to a kaleido-
lscope OF revolution Interrupted only
10y dospousm Through these cha
Il lotto years foreign bOndholders OF
three or four different nationalities
had by various arrangements mort
lgages upon the revenues OF as many
ldiGerent ports as security for loans,
Il sometimes usurlous and always
fQNdhA'lNu' ih' "ANuaAt'u HoN "
come from every point Of view i'm
: possible. and Santo Domingo turned
TO the United states for assistance.
! After the consideration Of various
Iplans the aforementioned modus
5 lvlyendi aud convention were hit upon
las a satisfactory solution. As a rG-
suit OF the good Offices of this gov
ernment the great majority Of the
creditors. relying upon the guarantee
TO be Afforded by the financial sta