A thought of the safest course in this exigence seems to have passed across the mind of Escoiquiz, ... that Ferdinand should escape from Madrid to Algeziras, where there were more troops than in any other part of his dominions, and from whence he could always command a sure retreat to Gibraltar. But this thought was speedily dismissed; resistance was never seriously contemplated: perplexed and helpless as Ferdinand and his counsellors were, they willingly deceived themselves as to the impending danger, and there came at this time ♦DISPATCHES FROM IZQUIERDO.♦ dispatches from Izquierdo, the favourite’s agent at Paris, which contributed greatly to deceive them. These letters stated the result of his conferences since he returned from Aranjuez, with Duroc, the grand marshal of the imperial palace, and with Talleyrand. An arrangement, they said, between the French and Spanish governments, might arrest the course of events, and lead to a solemn and definitive treaty upon these bases: 1st, That there should be a perfect reciprocity of free commerce for French and Spaniards in their respective colonies; each granting to the other this privilege, to the exclusion of all other nations. 2ndly, Portugal being possessed by France, France necessarily required a military road to that country; and the continual passage of troops through Spain, to garrison it and defend it against England, would be a constant occasion of expense, of disputes, and unpleasant consequences, which might all be avoided, France giving the whole of Portugal to Spain, and receiving an equivalent in the Spanish provinces adjacent to her own empire. 3rdly, The succession of the throne must be regulated once for all: and, lastly, there must be an offensive and defensive alliance. Upon these grounds, the French negotiators said, an arrangement might be concluded which would terminate happily the actual crisis between France and Spain. Izquierdo remarked, in transmitting these propositions, that when the existence and honour of the state and the government were thus matter of discussion, the decision must come from the Sovereign and his council; nevertheless, that his ardent love for his country had compelled him to make some observations to Talleyrand upon each of these points. Upon the first he had observed, that to open the commerce of the Spanish Americas to France was in reality to divide them with that power; and, moreover, that unless the pride of England were effectually beaten down, such a measure would render peace more distant than ever, while till peace was made, the communications of both countries with those colonies would be cut off. He added, that even if French commerce were permitted, French subjects could not be allowed to settle there, in derogation of the fundamental laws. With regard to Portugal, he reminded Talleyrand of the secret treaty of Fontainebleau, the sacrifice of the King of Etruria, the little that Portugal was worth, if separated from its colonies, and