Spain is again disturbed. S. Camacho, the Finance Minister, finding
that every relaxation in the excessive duties greatly in- creases trade—the last one quadrupled imports—has arranged a Free-trade Treaty with France. He has also, in order to secure the bondholders, proposed a very heavy increase in the trade-licence duties, the Schedule D of Spain. The treaty has driven the Catalonians, who have grown rich through Protection, quite crazy with rage; while traders in all cities are irritated with the new licence duties. The manufacturers of Barcelona have, therefore, thrown the workmen into the streets, while the shop- keepers everywhere are shutting their doors. The Conservatives, of course, are delighted, and so are the Clericals. S. Sagasta is sure of his majority, which he packed to begin with, and promises to support his Finance Minister; but the pivot of power just now is the King, and the King doubts, not wanting to fire on Bar- celona. The struggle is still doubtful, but as the consequences of yielding will fall on the bondholders, we suspect S. Cama- cho's proposals will be withdrawn, and some Ministry of Ad- ministration formed for the present. No Spanish Government seems strong enough to readjust the taxation of the Peninsula, which is now almost Oriental, and very corrupt besides.
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