If, instead of extorting, yearly, millions of dollars, the Government of Spain had applied the superabundant resources of the Island to the extinction of the debt, it is certain that in 1895 the whole of it would have been paid off. It may unquestionably be asserted that Cuba has, in many ways, from 1878 to 1895, spent enormous sums of money, millions of dollars, in payment of debts not really her own,--but with this difference, namely, that the whole of the money lost to the colony, instead of going to redeem the outstanding Cuban bonds, has been spent in Spain, either in a reproductive way, or otherwise. The amount in Spain of the manufacturing, commercial, and agricultural riches, dwelling-houses, and even palaces, country villas, and other investments, representing Cuban wealth which has been transferred without any return, is incredible. The magnificent fleet of steamers of the Transatlantic Company enters into this category. At the same time, the unhappy Cubans who produced that wealth suffered want and went into bankruptcy; for the Spanish exactions absorbed not only the profits of Cuban industries, but also a part of its gross production, and in that way encroached on the industrial capital of the Island. The encroachment was shown and evinced by the accumulation of public and private debts in all forms. The productive classes of Cuba have always, though in vain, protested against the injustice of having this burden thrown upon the treasury of the Island, which, as is shown above, has been compelled to pay more than $10,500,000 every year for the interest and sinking fund of this unrighteous debt. The debt which was, so far as Cuba is concerned, wiped out by the American Commission in Paris must have amounted to over $500,000,000. From a variety of rather scrappy data, obtained by the author in Havana, a brief statement of the Cuban debt has been made up. The debts of the Cuban Treasury before the war can be reduced to five. First: Spain's debt to the United States. Second: Redeemable debt of 1 per cent. per annum and 3 per cent. interest. Third: Annuity debt. Fourth: Mortgage notes of 1886. Fifth: Mortgage notes of 1890. The first debt, $600,000. is an engagement made by Spain and signed in Madrid on the 17th of February, 1834, to pay the United States the amount specified; it was confirmed by the minister of the Spanish Treaty in a royal order, dated April 8, 1841, ordering the payment to be made by the Havana Treasury. The second and third debts have been almost entirely converted into mortgage notes. The fourth debt: by a royal decree of May 10, 1886, 1,240,000 notes of 500 _pesetas_ each (about $124,000,000) were issued, redeemable by quarterly drawings and paying six per cent. per annum interest.