Note 56 — THE PHILIPPINES, 1860–1898—SOME COMMENT AND BIBLIOGRAPHICAL NOTES

The Spanish-Philippine debt of 40,000,000 pesos, incurred in 1897 in consequence of the insurrection, has not had sufficient notice as being originally the cause at Paris of the payment of $20,000,000 by the United States to Spain in connection with the clause of the treaty providing for the cession of the Philippines. Had the islands remained under Spanish sovereignty, they would have carried this their first public debt, expended wholly for war purposes, part of it being loaned for the payment of military operations in Cuba.56