sufficient self-denial and love for their country altogether to withdraw. Under these circumstances, how was it possible for the government to economise as it should and might have done? The pressure brought to bear upon it, the influences exerted, were more than it could resist, and many a place was given that ought to have been suppressed in the interest of Spain’s exhausted treasury. It gives small hope for the future of a country when one sees even the best of her sons doing nothing without hope of reward, nothing for the pure and disinterested love of their native land. And to this rule, in Spain, I fear there are but few exceptions. A careful investigation and calm review of the present state of the finances of Spain, leave upon the mind a strong doubt as to whether a national bankruptcy can possibly be avoided. I have exposed the misery of the treasury, as left by the ministry of Sartorius—seven millions sterling deficiency, and not as many pence in the coffers of the State for the pressing necessities of the new government. With some difficulty, and by the aid of the signature of the San Fernando Bank, the finance minister has obtained about fifty thousand pounds sterling, secured on colonial revenues. Of course, a very short time will see the last of that small sum; and what is then to be done, in presence of a revenue which it is expected, with good show of reason, will, for some time to come, be below an average? Economise, it may be said; but economy is not to be effected, on an important scale, at a few days’ notice. It is probably in the army that reform and reduction, if made, would most rapidly be felt. It is said to be the intention of the minister of war greatly to reduce it; and no opportunity can be better than the present, for when all the men who, in virtue of the boon of two years’ remission of service lately granted to the whole army, have completed their time, shall have received their discharge, the military forces of Spain will probably be smaller than they ever have been since the beginning of the Carlist war. The expense of the Spanish army is about three millions sterling—an enormous burthen on the scanty revenue. There are other burthens more difficult to diminish. The system pursued in this country of turning out numbers of public officers and employés when a new government comes in, to make room for its friends and supporters, has loaded Spain with pensions, half-pay, and retired allowances. These amount to a million and a half sterling. How is this load to be lightened? But very gradually, it is evident;—by filling up vacant places with pensioned men, whose pensions thereupon cease. To abolish all those pensions not due to long service or ill-health would be to condemn thousands of families to starvation, and to raise a storm that no government could withstand. Such a sweeping measure would not be just, nor is it practicable. A reform of the tariff is an obvious and