Spain -- Description and travel; Spain -- History; Spain -- Social life and customs
The number of post-offices in 1877 was 2530, of letters 78,446,000;
postal cards, 1,040,000; newspapers, 38,479,000; books and samples,
5,767,000. To Great Britain were despatched, in 1879: Letters and postal
cards, 1,083,000; books, &c., 317,900; total, 1,400,900. From Great
Britain: Letters and postal cards, 931,100; books, &c., 646,100; total,
1,577,200. The receipts from the post-office in 1877 were 361,704_l._,
while the expenditure was 297,412_l._, leaving a surplus of 64,292_l._
_The Finances of Spain._
The most prominent circumstance in the financial condition of Spain is
the startling increase of the public debt since the revolution of 1868.
The capital of the debt was then 212,443,600_l._, the interest of which
was 5,580,000_l._ The funds, three per cents, were then at 33. In 1880
the capital of the debt amounted to 515,000,000_l._ Since 1870, by abuse
of credit, the interest of the debt had been paid from the capital; then
one-third of the interest was paid in paper, with a promise to pay the
remaining two-thirds in coin; this engagement was soon broken, but the
paper was punctually paid until 1874, when the interest of the debt was
erased from the budget. In face of the evident bankruptcy of the
country, an arrangement was made in 1876 between the Government and the
principal foreign fund-holders, by which, from January 1, 1877, to June
30, 1881, inclusive, the interest to be paid on the three per cents was
reduced to one per cent., and that on the six per cents to two per cent.
From June 30, 1881, to June 30, 1882, one and a quarter per cent. will
be paid, and arrangements as to future payments are to be made before
the last-mentioned date, and a return to a full interest of three and
six per cent. is to follow at fixed periods. The success of the scheme
is shown by the fact that in 1876 the three per cents, still nominally
paying three per cent. interest, were at 11-1/2; in January, 1881,
paying only one per cent. interest, they were quoted at 22; and the six
per cents, paying only two per cent. interest, were at 42.
From the above statement we may gather some idea of what the civil wars
of the republic, the cantonal, Carlist, and Cuban insurrections, joined
to the expensive experiments of well-intentioned but inexperienced
financiers, in remitting taxes while the public burdens were increasing,
have cost the nation. A calm observer, Mr. Phipps, in his official
report to the British Government, calculates that from 1868 to 1876 the
addition to the debt from these causes amounted to at least
260,000,000_l._, considerably more than the total debt of Spain in 1868.
Public-domain text, read in full here on John Shaqi.
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