One Point Is Settled

    Paris, Oct. 25. - There was another Joint meeting of the United States and Spanish peace commissioners yesterday, at which the United States' reply to the Spanish proposals of last week was presented in writing. The adjournment of the joint commission was until 4 o'clock in the afternoon of tomorrow. Guam, in the Ladrones islands, has been chosen by the Americans for the United States, under the terms of the protocol, and its cession has been confirmed by the Spanish commission. Details of minor importance alone remain to be decided upon in connection with the cession of Porto Rico, the formal transfer of which is practically accomplished.

     The chief matter considered at yesterday's session was the American reply to Spain's propositions, and the indications are that the Cuban question will be disposed of this week. But no details have been given out by either side regarding Spain's presentment of Friday last, or the American traverse of the same submitted yesterday.

         Another Chapter of Possibilities.

    That is all that is known. But there is no law against speculation, and this is what is thought to be going on. The consideration by the commissioners of the Porto Rico and the Ladrones question has now been merged with the Cuban question, and all the points Involved are being carried forward to a simultaneous conclusion. When this has been arrived at the Philippine question will be taken up. Of course, there is a possibility of a disagreement, and the Spaniards, if the American commissioners decide not to assume any portion of the Cuban indebtedness, may announce their unwillingness to proceed any further with negotiations based upon the protocol. The cortes may then be asked to indorse their action.

    May Prefer to Renew the Fight 

   In fact, the Spaniards may even prefer a resumption of hostilities to acquiescence in the American refusal to share the financial burden. The Americans, however, have intimated to the Spaniards the possibility that Spain may at some future period be able to deal with an independent government regarding the assumption of the provincial and municipal portions of the Cuban debt, which is estimated to have been $150,000,000 before the last rebellion in Cuba broke out, and $500,000,000 contracted since 1S95. But should independent Cuba --- as she doubtless would --- refuse to assume more than her proportion of the debt, based on actual betterments in Cuba, and only --- even in this case --- of obligations contracted previous to 1895, Spain would be compelled to appeal to her people and confront them with practically seven-eighths of the debt contracted since.

           Another Difficulty for Spain.

    Spain would also be compelled to declare her inability to meet her obligations, and this (at present) seems to the Spaniards a more bitter alternative than to accept the United States refusal to share the Cuban debt with all that this means, the idea being that the Spaniards would be able to call the attention of their creditors to their unyielding. though fruitless, efforts in their behalf. Spain, however, will not break off the present negotiations before having proposed that the United States share half the insular debt, which in such a proposition may be placed at $700,000,000. Such a proposition would not be accepted by the United States, either directly or in behalf of Cuba.