Mr. Taylor to Mr. Olney.
Madrid , June 20, 1895 . (Received July 5.)
Sir: In my No. 370, of the 12th instant, I had the honor to acknowledge the receipt of your cablegram of the day before informing me in advance of the contents of your No. 341, of the 6th instant, which arrived here on the 18th instant. Upon its arrival I at once asked an audience with the minister of state, which took place yesterday at 6 o’clock. Confident as I was that your demand would be made the subject of a cabinet council, I deemed it advisable to formulate it in writing, so that its true import might not be mistaken. A copy of the note thus prepared and presented by me in person to the minister of state is inclosed herein for your consideration. I sincerely hope that you will find embodied in its terms the true intent of your instructions as drawn from your No. 341, which I read in the light of your subsequent cablegram of the 11th instant. After the contents of my note had been translated in my presence for the minister of state, he assured me that a response would be made so soon as the subject can receive consideration equal to its importance. At the close of the interview I made to you the following report1 by cable as instructed:
* * * * * * *
In the event the matter takes a favorable turn I fear that the demand for interest will prove a serious obstacle in the way of a settlement. Please give me explicit instructions upon that point. Shall I insist upon the payment of interest without qualification? If so, at what rate? The legal rate in Spain is 6 per cent. If there is a disposition shown to make a payment on account, what is the smallest sum I may demand in that way, and what terms shall I propose for the payment of the balance? I ask these questions in advance because it will be all important to arrange everything speedily, in the event that the matter can be arranged at all without previous action upon the part of the Cortes.
I am, etc.,
- See ante.↩