S. Camacho, the Finance Minister of Spain, has produced his
Budget. The accounts as yet received are hardly clear, but it would appear that he expects a revenue of 1,19,000,000, partly dependent on new and bad taxes ; that he hopes_ to borrow £10,000,000 more, and that he expects his expenses to be about 227,000,000. He intends to make some arrangement or other about the overdue coupons, and will pay no more interest, but only assign £1,000,000 a year for the payment of the Foreign Debt, that is, we presume, by drawings at par. As this million is no more certain than any other payment from the Spanish
Treasury, the budget involves repudiation, and has excited such indignation, even in Spain, that it is believed S. Camacho will modify it, issuing some other promise. Serrano seems as unable -to find a financier as a General.
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