Problems of Expansion. As Considered in Papers and Addresses. Whitelaw Reid

colony, so that when the colony gains its independence it may still be held for the cost of the unsuccessful efforts to keep it in subjection.

      The first intimations that no part of the so-called Cuban debt would either be assumed by the United States or transferred with the territory to the Cubans, were met with an outcry from every bourse in Europe. Bankers, investors, and the financial world in general had taken it for granted that bonds which had been regularly issued by the Power exercising sovereignty over the territory, and which specifically pledged the revenues of custom-houses in that territory for the payment of the interest and ultimately of the principal, must be recognized. Not to do it, they said, would be bald, unblushing repudiation—a thing least to be looked for or tolerated in a nation of spotless credit and great wealth, which in past times of trial had made many sacrifices to preserve its financial honor untarnished.