New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-30
c. M. Swift Says Filipinos'
Purchase of Road VIII
Bankrupt Them.
INSTABILITY OF u. S.
POLICY DENOUNCED
Southern Cotton Manufacturers
TO Protest to Congress Against
the Island Bill.

Charles ". Swift, president OF the
Philippine Railway, yesterday CON
demned the agreement reached be-
tween the owners Of the Manila Rail
road Company and the American ad-
ministration by which the Philippine
government is to purchase the roed.
According TO the details of the agree
ment, President Wilson has given mis-
sanction TO the scheme and has also
approved a plan TO safeguard the own
trs Of the SIG, 600 Philippine gov
crnment bonds now held in the United
States. The plan. however, does not
countenance safeguarding the hold~s
Of Philippine Railway bonds, on which
interest has been guaranteed by the
Philippine government
THE Manila Railroad, so called. said
Mr. Swift, lis owned by an English
corporation, represented in the United
States by James Speyer. ! have not
been taken into the confidence Of the
Administration enough 70 know why
this particular corporation Is so spe-
cially favored over Americans.
81 understand that the first payment
will exhaust most, II not all, the funds
in the Philippine treasury, which are
raised specifically for other purposes.
As the Jones bill, Of which the Clarke
amendment Is the final clause, very
carefully restricts the power of the
Philippine government 20 raise money
by a bond issue, II seems little in
consistent TO rush through a sale that
will make further bond issue abso-
lutely necessary, without any lnvesti-
cation OF the circumstances
Amazed at Wilson's Stand
Mr.. Swift was asked as TO the state
ment in a Washington dispatch that
the Philippine Railway bonds are 70
be Disseminated against because Ger
tain conditions imposed by the Phil
ippIne government had not been com
Piled with. particularly because the
bonds had been sold as low as so.
II cannot believe that the Admins
tration has taken such a position" re-
piled Mr.. Swift, because II is founded
on such an utter misrepresentation Of
the facts and is an absurdity on its
face. That the turning over of the
bonds TO the construction company and
the railroad at par -afterward they
were obliged 20 sell them al so should
be considered ground for forfelt'ne
their entire value is beyond my com
prehension.
Instability of United States Policy.
at is true that the bonds were taken
at par. 1t is not true that the con-
struction company and the railroad
were one. Il is true that the or.aniza-
ton Of the railroad company and every
step taken in the progress Of its deal
ings with the Philippine government
were under the supervision Of the
United States government authorities,
and that at all times two directors or
the railway have been nominated hy
the lnsular Bureau at Washington. The
fact that the bonds have deprecated 20
60 is due 20 the instability of the
government policy in the Philippines
and the threat Of the withdrawal Of
United States sovereignty.
THE promoters Of the Clarke amend
ment are declining 10 permit hearings
They viii receive no testimony or pro-
tests. and they are even afraid 10 have
the bin amended, for fear that further
consideration Of IL in the Senate will
lead 10 its defeat. ! do not hesitate
20 say that II is piece of high handed
legislation. unprecedented IN the hls-
tory of free government. To say moth
ing of It's effects on American investors,
10 instantly extinguishes the civil and
constitutional rights Of seven and q
half million people living IN United
States territory by an act of Congress.
The promises of the United States are
10 be repudiated without even asking
the Filipinos to express their opinion
on the matter