The decision of the American Government not to acknow- ledge
the Cuban Debt, or that of the Philippines, is said to be irrevocable. In the latter case, however, they will purchase the islands not yet occupied at a price variously estimated at from six to ten millions sterling. The decision creates much excitement in Paris, where financiers hold large masses of Spanish stock ; and the American Government is accused of departing from precedent, to which Washington replies that it has also departed in not demanding an indemnity. Rumours have been current all the week that the Spanish Commissioners would break off negotiations, but they are probably spread with the intention of breaking the disagreeable facts to the Spanish people. It is, however, a most noteworthy sign of the times that to all outward appearance the Spanish people do not care. They are either, as one observer tells us, com- pletely out of heart, and in despair of ever obtaining efficient Ministers, or the action of the conscription has eaten out their wish to retain colonies. There can be little question that in future the Power which desires extensive tropical dependencies must form armies of volunteers to defend them. That is possible granted a certain readiness to spend and power of spending, but impossible without them.
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