the Philippine Islands. The Queen Regent has authorized the raising of
about $40,000,000 for this purpose, and the Bank of Spain is to undertake
the task. The loan is to be secured by the customs duties of Spain.

* * * * *

After more than three months of consideration, the General Treaty of
Arbitration with Great Britain was rejected by the Senate on Wednesday,
May 5th.

From the moment the Treaty was first proposed it met with great opposition
in the Legislature, and many people predicted that the Senate would never
ratify it.

The feeling of the public was, however, so strongly in favor of the
Treaty, that it was thought it would surely be ratified after certain
objectionable clauses were changed.

The Committee on Foreign Relations took the Treaty in hand to make these
alterations; and when it was reported back to the Senate, people hoped
that it was in a form that would be found acceptable.

This has not proved to be the case.

The Constitution of the United States requires a two-thirds vote for the
ratification of a treaty, which of course you understand means that
two-thirds of the Senators present must vote for it, or it is lost.

On Wednesday, the 5th, there were sixty-nine present when the vote was
called. Forty-three voted for ratification, twenty-six against it.