" NEWS OF THE WEEK.
Jr the Continental journals furnish a true record of European affairs, we may almost suppose that the course of events has been stopped by common consent, until the Spanish Cortes have made up their minds as to what portion of their creditors they will con- descend to pay, or rather promise to pay. This engrossing subject occupies nearly all the newspapers and the letters of foreign cor- respondents. The different stock-markets are in a state of tremu- lous agitation, while jobbers and sharpers, from Count TORENO at Madrid to the owner of some five hundred francs of Rentes Per. petuelles in the Rue Richelieu at Paris, are constantly alert to gull the gamblers and simpletons, who are believers in "private information" and "extraordinary expresses."
The grand discussion commenced on Tuesday week, in the Chamber of the Procuradores at Madrid ; and the result is not yet known. The Marquis DE MONTEVIRGEN, a member of the majority of the Finance Committee, defended the report. This called up Count TORENO, who announced the determination of Government to oppose its adoption with all their power. His speech, which is spoken of as a very able one, consisted principally of arguments to prove the justice and the policy of recognizing the Royal as well as the Cortes Loans. He admitted that the 'GUEBHARD Loan was contracted by parties who had no authority for so doing; but maintained that its subsequent recognition by FERDINAND, when de facto and de jure Sovereign of Spain, re- moved the original dethult. He referred to the example set by the French Government since 1830, which had recognized the loans contracted by Louts the Eighteenth and CHARLES the Tenth ; also to the fact of Louis the Eighteenth being forced to make good the engagements of NAPOLEON during the Hundred Days. But he omitted to state the important distinction, that the loans of Louis the Eighteenth and of NAPOLEON were contracted by them when actually in possession of the seat of Government and the sovereign power; whereas the GETERHA.RD Loon was the work of a factious junta, expelled from the capital, and acting in defiance of the established authorities. , In like manner, the sub- sequent French loans wanted the legal and constitutional guarantee of the Cortes ; and should not be considered a national debt, any more than one contracted by a King of England without the authority of Parliament. FERDINAND refused to summon the Cortes, and the King of England might refuse to convene a Par- liament; and both might, as FERDINAND did, contrive to borrow oney at usurious interest on their own credit : but as we presume it would be impossible to obtain a vote of the House of Commons which should saddle the nation with the payment of a debt thus contracted, so it seems unreasonable to expect the Cortes under similar circumstances to levy contributions on the Spanish people for the purpose of satisfying FERDINAND'S creditors, who aided his Illegal and oppressive government. The justice of the case seems clear against the Royal Loan. But whether it is politic to provoke French hostility, in the existing posture of Spanish affairs, U another question. Count TORENO accuses the Committee of treating France as if
she were "as far off as China ;" and though he admits that there IS little or no danger of her Government taking violent methods to
enforce the claims of its subjects, yet he dwells upon the "infinite variety of shades between friendship and enmity," and upon the disastrous consequences of losing the active assistance of Louis PHILIP, should an emergency occur. This is a point on which a great deal may be said. We incline to the opinion, that some angry words, and perhaps some threats, would be the consequesce
t.if rejecting the Deapotic Loans ; but that it is so manifestly the
interest of France to be on good terms with her neighbour, that the storm would soon blow over. It is very certain, that Louis PHILIP wIlibe swayed by motives of interest, not by chivalrous and generous feelings: he will not continue friendly to the Spanish Government on account, of their recognition of his subjects' claims, a day longer
than it suits his own policy ; neither will he persevere in his enmity an hour after it answers his purpose to be again on friendly terms,
On the whole, then, we should say to the Spanish Cortes, "Be just, and fear not." We have already stated our opinion, that jus- tice does not reqaire the Cortes to tax their constituents with the repayment of money illegally procured to oppress them.
M. GALIANO has been elected Deputy for Cadiz. This gentle- man is a distinguished Liberal, and will prove a formidable adversary to the Juste Milieu policy of the Government. AR- GUELLES bed not arrived when the last accounts left Madrid. He too, it is supposed, will add the weight of his talents, reputation, and oratorical powers, to the side of the Opposition. The Liberals have been constantly (Paining strength since the meeting of the Cones: it is not improbable that they will before long become ascendant in the Cabinet. It is, therefore, an in- teresting point to ascertain to what lengths the views and plans of their leaders extend. Very contradictory opinions and informa- tion have been given on this question. It will probably continue a matter of uncertainty until they are tried by the touchstone of actual power. But in the meanwhile, we see nothing in the - speeches delivered by the party in the Chamber of the Procure- dores to make us apprehensive of any violent proceedings. It is more to be feared that some of their plans of internal reform will fail, owing to a deficiency of practical statesmanship in the ardent theorists who will have the formation of them.
The probable recall of RODIL, and the appointment of MINA W the command of the Queen's army, is the only rumour of impor- tance which the week has brought us from the seat of war. RODIL has not maintained his reputation for generalship ; while, unhappily, he has proved himself the same savage warrior who carried fire and sword through Peru. MINA, at least, would uot: aggravate the horrors of partisan warfare, by acts of unnecessary violence and pillage.
