The United States ended the toleration of Privateering. It was perfectly free to commission privateers on the day war was declared. Spain was equally free, and it was proclaimed from Madrid that the Atlantic would soon swarm with them, sweeping American commerce from the ocean. Under these circumstances one of the very first and noblest acts of the President was to announce that the United States would not avail itself of the right to send out privateers, reserved under the Declaration of Paris. The fast-thickening disasters of Spain prevented her from doing it, and thus substantially completed the practice or acquiescence of the civilized world, essential to the acceptance of a principle in International Law. It is safe to assume that Christendom will henceforth treat Privateering as under international ban. The United States promoted the cause of genuine International Arbitration by promptly and emphatically rejecting an insidious proposal for a spurious one. It taught those who deliberately prefer War to Arbitration, and, when beaten at it, seek then to get the benefit of a second remedy, that honest Arbitration must come before War, to avert its horrors, not after War, to evade its penalties. The United States promoted peace among nations, and so served humanity, by sternly enforcing the rule that they who bring on an unjust war must pay for it. For years the overwhelming tendency of its people had been against any territorial aggrandizement, even a peaceful one; but it unflinchingly exacted the easiest, if not the only, payment Spain could make for a war that cost us, at the lowest, from four to five hundred million dollars, by taking Porto Rico, Guam, and the Philippines. It requires some courage to describe this as either a violation of International Law, or a display of unprecedented severity by an implacable conqueror, in the very city and before the very generation that saw the Franco-Prussian War concluded, not merely by a partition of territory, but also by a cash payment of a thousand millions indemnity. The United States promoted the peaceful liberalizing of oppressive rule over all subject peoples by making it more difficult to negotiate loans in the markets of the world to subdue their outbreaks. For it firmly rejected in the Cuban adjustments the immoral doctrine that an ill-treated and revolting colony, after gaining its freedom, must still submit to the extortion from it of the cost of the parent country's unsuccessful efforts to subdue it. We therefore left the so-called Cuban bonds on the hands of the Power that issued them, or of the reckless lenders who advanced the money. At the same time the United States strained a point elsewhere in the direction of protecting any legitimate debt, and of dealing generously with a fallen foe, by a payment which the most carping critic will some day be ashamed to describe as "buying the inhabitants of the Philippines at two dollars a head."[12]