NEWS OF THE WEEK.
THE meeting of the Spanish Cortes has proved a godsend to gamblers: whether 'honest men will eventually be benefited by its proceedings, seems a matter of exceeding doubt. We stated last week, that after having adopted, by a majority of 63 to 47, the first article of Count TORENO'S financial pro- ject, by which all the Foreign Debts of the country were re- cognized, the Procuradores annulled the Guebhard Loan, in defiance of that resolution. The report of the Committee was then sent back to be remodelled ; and a majority of seven to two agreed to recommend the recognition of the whole of the Debt, excepting the Guebhard Loan, and that the interest on the Cortes Loans should be capitalized and divided into forty portions or series, one of which should be annually drawn, and, we presume, added to the recognized Debt, bearing interest. The minority of the Committee, consisting of Senhor FLORES ESTRADA and the Marquis of MONTEVIRGEN, reported in favour of dividing the Debt into Active and Passive, in the proportion of two thirds Active and one third Passive. This latter project was opposed by the Minister; who very decidedly advocated the views of the majority of the Committee, and expressly abandoned his own plan. On a division, however, the report of the majority was rejected, by 57 votes to 41; and subsequently the project of the minority was adopted.' After all this chopping and changing about, it would be idle to attempt any calculation as to what the ultimate decision of the Cortes may be. One thing appears certain—that there is a great deal of mystification, and there is reason to fear, of unfair management, in this business. The object of the Minister seems to be, at all events to bring about such an arrangement as will enable him to obtain temporary relief by means of a loan in London and Paris. We &aid advise any person who thinks of taking a part of that loan on the supposition that he will possess any actual security for the repayment of his money, or even the interest of it, to peruse the Letters of 0. P. Q. in this week's Spectator. They place the financial state of Spain in a new light ; and unless the facts they contain can be disproved, reveal a system of concealment and Jugglery on the part of the Spanish Government, which even the most pressing necessities do not justify. It has been the aim of those who wish to dispose of their stock in hand, or to make profit hy a new loan, to keep in the background, when discoursing on gpanish liabilities, the vast amount of the Domestic Debt. We he'ar a great deal of the Foreign Debt, but scarcely a word is whispered of that due to Spanish subjects; though it is plain that the latter should come in for an equal share of consideration, when the liabilities and assets of the Government are calculated. The amount of debt for which Spain is responsible, upon the principle of.recognizing ail claims, is two hundred and eighty millions sterling, or thereabouts: the Guebhard Loan is a small item in Ibis vast account, and whether it be finally recognized or rejected, matter little to the great body of Spanish creditors. For a masterly and impressive statement of the question, we refer our readers to the Letters of 0.P. Q.; to which we have given more itein than usual, but not more than the importance of the subject, end the mode in which it is treated, seems to call for at the present . It is said that the Queen's arny in 'the North is about to be re- inforced with 10,000 men. MINA'S health, according to the last accounts, is improving but slowly. Don CARLOS has issued a comprehensive amnesty.; but it cannot be supposed that it Will avail him much towards the'recovery- of his "rights," as he terms them, over the people of Spain. The accounts of the war still present a mere succession of skirmishes and pillaging, without any ,lcoPortant result whatever. There seems reason to believe that .zue*Olipture and execution of ROMAGOSA in Catalonia has pre- Aided an intended expedition of Don MIGUEL into Spain.
