The session of the Spanish Curtes was opened on the

24th of last mouth, by the Queen Regent. The speech which she delivered on the occasion was handed to her in presence of the Cortes by CALATRAVA, the Prime Minister; who thereby signified the responsibility of the Cabinet for all that it contained. Although considerable pains had, of course, been bestowed to varnish over disagreeable topics, the speech presents a most deplorable picture of the state of the country. It commences with a declaration of the principal reason for summoning the Curtes,—namely, the necessity of revising the Constitution of 1812. On this point the Queen is made to say- " No sooner was I convinced that the restoration of the Constitution of the Monarchy proclaimed in Cadiz was the national desire, than I hastened to swear to it, and ordered it to be sworn to and observed throughout the kingdom as the fundamental law. And it being also the national will that this law should be revised and corrected, in order that it should respond the better to the ends for which it was ordained, I convoked immediately the Cortes which were to deli- berate on this salutary reform. At the same time, I called around my person and composed my Government of persons who had my entire confidence, and who, already sufficiently known, I believed would inspire the same feelings in the nation. I hope that in the course which they have pursued in the conduct of the Government, they have not shown themselves unworthy of this confi- dence; and if in any of their acts they have been seen to step out of the sphere of their faculties, 1 doubt not but that the irresistible necessity of resorting to those means to save the State will, by the equity and benevolence of the Cortes, be deemed a sufficient justification."

The state of the foreign relations is next mentioned.

"The Foreign Powers, which in both hemispheres recognize the indisputable rights of my august daughter, continue all in their anterior relations of friend- ship and good understanding with me. Among them especially the august allies of the Queen, the subscribing powers to the Quadruple Alliance, continue to manifest the same desire to sustain it ; and in conformance with it afford us the same assistance and cooperation as heretofore. To the multiplied aids which we already owe to the generosity of his Britannic Majesty, has been further added the support given to the operations of out Army of the North by the naval force which p irticipated so greatly in the glory acquired before San Sebastian on the 5th of May last ; and we have to acknowledge another supply just afforded of 100,000 muskets, so important to us in our present situation. We are equally indebted to his Majesty the King of the French for the reinforcement which, under a meritorious General, has been incorporated with the Algerine auxiliary legion; although that Cabinet has since thought right not to carry into el:xi measures for augmenting the cooperation on the part of France. Her Most Faithful Majesty gives me new proofs of her good-will ; and at present measures are in contemplation with her Government, from which I anticipate a happy result for the ulterior and more useful employment of the auxiliary Portuguese forces. " The remaining Powers of Europe, with whom we are not on an equal footing as to our relations, do not omit on this account to show a pacific dispo •

sition towards Spain, although some of there have ordered the persons in charge

of their Legations at Madrid to withdraw ; on which 'account, I have trans- mitted a similar order to ours in their respective Courts. The Cabinet of the Two Sicilies has alonegiven me cause ("just complaint ; which for its import- ance, and on account of what I owe to the dignity of the nation, and the throne of its Queen, has obliged me, min+ to my regret, to recall my Charge d'Affaires in Naples, and to order the agent of that Government to quit Spain. The par-

ticulars of this disagreeable ocetnrenee you will hear more at length in the Cortes, from my Secretary of Foreign Affairs; but the means adopted have nut left, upon my part, any feelings of hostility ; nor will they disturb the continu- ance of the commercial intercourse between the two countries, on the same footing as heretofore."

The lukewarmness of Louis PHILIP'S friendship is here plainly indicated ; but it is an odd juxtaposition to affirm the pacific dis- position of the Northern Powers in the same sentence which an- nounces the rupture of all diplomatic relations with them.

Negotiations connected with the recognition of the i.idependence of the South Alnerican States are declared to be in progress ; and then the internal affairs of Spain are dealt with. The organiza- tion of the National Militia, the revision of the Commercial Code, and improvements in the Administration of Justice are promised. The 100,000 muskets shined by the British Govern- ment are mentioned as greatly facilitating the execution of the first of these measures. Then comes the important subject of finance— .

" The state of the public finances, of which the receipts, through untoward and disastrous events, have become disproportioned to the expenses, shall he ex- plained to you by the Minister to whose branch it belongs. The same will pre- sent also to you with all despatch the statement of the public expenditure, seal the plan of contributions resolved upon in order to cover it. This be will ac- company with all explanation and data necessary to satisfy the anxiety natural in so serious a matter. In the same manner he will submit, for the examina- tion and approbation of the Cortes, the decrees issued in favour of the national credit, pointing out that which appears most proper to restore and extend it. " All the interests on the Spanish Debt are paid to this date, with no more than a single exception, very painful to me, which is that of not having obtained the funds necessary fur the payment of the half-yearly dividend belonging to the Foreign Debt, and ehich falls clue on the 1st of November next. I have confi- dence that my Government will overcome the obstacles which have reduced it to this extremity, in order that only a short delay shall be experienced between the date of the obligation and that of its payment ; which delay will be compen- sated by the allowance of a proportionate interest during the interval.

" The penury of the public Treasury, increased at the same time by the exigencies of the war and by the Cortes not having met, compelled the Govern- ment to take upon itself the painful and indispensable resolution of asking front

the nation a supply of two hundred millions of rials, reimbursable in four years with the produce of the common revenue, and with five per cent. interest OR each. The Cortes, in its patriotism, will take into account the inevitable causes which compelled this measure, the only one of salvation which uttered itself is such distressful moments."

There is small consolation in the above passage for the holders of Spanish Bonds: it is seldom that a Government confesses penury. Of the measures taken to repress the rebellion, not men is said-

" The indispensable necessity of giving a new impulse to military operations in order to terminate the civil war, has made it peremptory to adopt re:olutions for the new levy of 50,000 men, and for the mobilization of the National Guard, under the terms that are described in the decrees to which they refer. The combination of both measures will considerably increase the active forces, and hasten the moment of reestablishing in the State peace and order, the essential basis of all prosperity public or private. " In the mean time, the army as well as the navy has incessantly given ad- mirable proofs of its decision, and of its sufferilig for the cause of liberty, and of the throne of my august daughter. The army, impelled by its patriotism, associated itself to the declaration of the provinces in favour of the Constitu- tion; but never lost sight even for one moment of the principal object of its duty—the pursuit and destruction of the rebels. The victories won by our sol- diers coincided with the manifestations of their wishes. Our enemies fly be- fore them ; although, unfortunately, they have penetrated into the interior of the country, but w on ithout*ce showing a front, without once halting, and after having made our army suffer more from fatigue in pursuing them than from the difficulty of conquering them. Evils they certainly have caused wherever they passed, like a pestilence ; but they have also instilled everywhere a deep aver- sion to the fruit of their rapines ; and they have the sad conviction that they can nowhere fix with security and confidence their rebellious banners."

It is here admitted that the rebels overrun and plunder the country with impunity. The allusion to the services of the Nang

is amusing. \V here is the Spanish navy, and of what does it consist ? The speech concludes with an exhortation to the Cortes to perform with diligence and determination the weighty duties assigned to them— •

" Such, Deputies, is the state of public affairs, and of which my Secretaries of State will give you more ample details in the different memorials which they

will present tope* respecting the branch of the Administration confided to each of their care. Your decisions will, I doubt not, be conformable to the ur- gency and gravity of the circutonances ; and in the means which enu apportion to my Government, and in the strong and energetic measures which you take, will be founded the confidence of termivating this disastrous civil war, and the first wish, the first necessity of this Spanish nation, which hopes fur every thing from you.

" At the same time, you will proceed to the reform of the Constitution ; and with a hand as skilful as firm you will c4ablish the basis of the new social organization. To this noble awl majestic work you are principally called. I in such a matter nothing propose or counsel as Queen—nothing do I seek as mo- ther. It is not possible to imagine, from the known generosity of the Spanish nation, that the prerogative of the constitutional throne will stater any prejudice on account of the orphancy and youth of the innocent Queen who has been called to wimpy it. En ope has its meg wits upon you ; she will see that, taught by twenty- four years of combats, of inisfortimes, and cruel changes, you know how to apply the lessons of your own expel truce and those of foreign example. Arrived at the summit of your sublime mission, you will, I doubt not, discard all partial and narrow interests and all exciusive systems. The nation and the civilized world hope from you a fundamental Inc in which the legislative power shall deliberate awl resilient without precipitation and without passion which the Executive Government shill have all the freedom and force of tics fon which it needs, without givieg ,any grouad for apprehending that it will become an fypreasor ; and in which the ail. iitiistration of justice, strengthened by an absolute independence. shall give na sense of inquietude to innocence or of impunity to crime. Such are. with t &min, the views with which you. will enter upon di; great work, worthy of )our knowledge and of your pru- dence. Thu: revised and reformed, the Sp ini.lt Constitution will acquire more respect and symically amongst foreigallitious; more love, if possible, and more

stability, a g ourselves."

The Queen was greeted with acclamations of goad-will on her progress to mid return from the Chamber. Most of the houses

were decorate I with gly awl there was a grand parade of the garrison and of the National Guard. The places reserved in the Cimitilior fir strangers were entirely occupied by persons in the tnitlille classes ; not a sitiat le member, male or female, of a noble tinnily. was present. The Queen locked well, and her man- ners were unsure fascinating than ever. She was not, however, so splendidly dressel as usual, an! it is suspected that she has sent her jesrels into some place of safety. Iler favourite MuNoz dis- creetly kepi out of the way.

A Coininaiee was appointer! to draw up an answer to the Queen's speech, aid little doubt is entertained that it will be favourable to the Government; as sixty-six Deputies, being a majority of those in Madrid, signiqed the course they were dia. posed to take, by putting their names to a declaratory resolution, that the Queen Regent should be confirmed in her authority during the continuance of her daughter's nonage. It is said that the Ultra Liberals have resolved to support the Ministry in a pro- position for a second Chamber, to be elective, and on the plan of the American Senate. MENDIZABAL made his financial state- ment on the 27th. He asserted that Spain only required some period of peace, to place its finances on as high a footing as those stony country in Europe. Even now, she paid a military force of 260,000 infantry and 12,000 cavalry. What this powerful army was doing, or where it was, the Minister did not disclose. He disavowed the prqject of his agent, M. ARDOU1N, for paying the November Dividends with the Cuba Bonds, and stated that he intended to give Treasury Bonds for the Dividends, which Bonds would soon be taken up.

No intelligence that can be depended upon has been received with respect to military operations ; though it is said that GOMEZ has been driven into the mountains of Cordova; that SANZ has been defeated in the Asturias, and EGUIA cotnpelled to raise the siege of Bilboa by ESPARTERO.