Since his restoration to favour, the Prince of the Peace has been gradually and constantly gaining ascendancy. The usual titles of honour being exhausted upon him, the antiquated dignity of _High-Admiral_ has been revived and conferred upon him, just at the time when your tars have left us without a navy. Great emoluments, and the address of _Highness_ have been annexed to this dignity. A brigade of cavalry, composed of picked men from the whole army, has been lately given to the High-Admiral as a guard of honour. His power, in fine, though delegated, is unlimited, and he may be properly said to be the acting Sovereign of Spain. The King, by the unparalleled elevation of this favourite, has obtained his heart’s desire in a perfect exemption from all sorts of employment, except shooting, to which he exclusively devotes every day of the year. Soler, the minister of finance, is employed to fleece the people; and Caballero, in the home department, to keep them in due ignorance and subjection. I shall just give you a sample of each of these worthies’ minds and principles.--It has been the custom for centuries at Valladolid to make the Dominican Convent of that town a sort of bank for depositing sums of money, as it was done in the ancient temples, under similar circumstances of ignorance, of commerce and insecurity of property. Soler, being informed that the monks held in their hands a considerable deposit, declared “that it was an injury to the state to allow so much money to lie idle,” and seizing it, probably for the Queen, whose incessant demands form the most pressing and considerable item of the Spanish budget, gave government-paper to the monks, which the creditors might sell, if they chose, at eighty per cent. discount.--Caballero, fearing the progress of all learning, which might disturb the peace of the Court, sent, not long since, a circular order to the Universities, forbidding the study of moral philosophy: “His Majesty,” it was said in the order, “was not in want of philosophers, but of good and obedient subjects.” Under the active operation of this system, the Queen has the command of as much money and patronage as she desires; and finding it impracticable to check the gallantries of her _cher ami_, has so perfectly conquered her jealousy as to be able not only to be on the most amicable terms with him, but to emulate his love of variety in the most open and impudent manner.