The text of the Spanish-American Treaty of Peace has been
published, and shows that Spain cedes to the United States Porto Rico, the Philippines, and Guam, or Guahan, the principal island in the Ladrones. Any subjects of Spain resident in those islands who may wish to retain their nationality are at liberty to do so, but must formally ree rd their intention within twelve months. As regards Cuba, Spain only evacuates the island ; but America will for the present remain in military occupation, and fulfil, so long as such occupation shall last, all international duties. Both sides release all prisoners of war, and those taken by the Americans in the Philippines will be restored to their homes at American cost. Nothing is said in the Treaty as to an indemnity for the Philippines, and nothing that restricts the right of America to pass land laws for the islands. A stipulation had been expected upon this point, as the Catholic Orders hold vast estates in the Philippines covering many thousands of square miles, and will certainly, like the " Missions " of New Mexico and California, find themselves in conflict with American settlers and speculators in forest land. The transfer has, in fact, been made as com- plete as possible, and the only international questions which can arise will be in Cuba. We suppose the Americans will pass laws there, and that should the island ever be surrendered to a Government of its own, an agreement will be made under which the new Legislature will confirm the laws for a period of years. Otherwise the moneyed speculators, who will in a short time flood Cuba, will find planting tobacco or sugar a very risky business.
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