Mr. Macgregor’s report on Spain, a truthful exposition of commercial ignorance, habitual disregard of treaties and violation of contracts, describes her public _securities_, past and present. Certainly they had very imposing names and titles--_Juros Bonos_, _Vales reales_, _Titulos_, &c.,--much more royal, grand, and poetical than our prosaic _Consols_; but no oaths can attach real value to dishonoured and good-for-nothing paper. According to some financiers, the public debts of Spain, previously to 1808, amounted to 83,763,966_l._, which have since been increased to 279,083,089_l._, farthings omitted, for we like to be accurate. This possibly may be exaggerated, for the government will give no information as to its own peculation and mismanagement: according to Mr. Henderson, 78,649,675_l._ of this debt is due to English creditors alone, and we wish they may get it, when he gets to Madrid. In the time of James I., Mr. Howell was sent there on much such an errand; and when he left it, his “pile of unredressed claims was higher than himself.” At all events, Spain is over head and ears in debt, and irremediably insolvent. And yet few countries, if we regard the fertility of her soil, her golden possessions at home and abroad, her frugal temperate population, ought to have been less embarrassed; but Heaven has granted her every blessing, except a good and honest government. It is either a bully or a craven: satisfaction in twenty-four hours _à la Bresson_, or a line-of-battle ship off Malaga--Cromwell’s receipt--is the only argument which these semi-Moors understand: conciliatory language is held to be weakness: you may obtain at once from their fears what never will be granted by their sense of justice. [Sidenote: TRAVELLING IN SPAIN.] CHAPTER V. Travelling in Spain--Steamers--Roads, Roman, Monastic, and Royal--Modern Railways--English Speculations.