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ised. I pestered my superiors with my opinions on this subject in 1836-7-8-9. Liberavi animam meam' might be fairly said by me, if the star-spangled banner were floating to-morrow on the Moro Castle, or flaunting in the breeze at St Iago de Cuba. In the course of seven years a feeling, strongly prevalent in the colony, in favour of independence, has been changed into a desire for connexion with the United States. It is needless for recent political writers on Cuba to deny the existence of a strong feeling of animosity to the mother country, and a longing desire for separation. From my own intimate knowledge of these facts, I speak of their existence. could have been induced, in 1837, to guaIf England rantee the island of Cuba from the intervention of any foreign power, the white inhabitants were prepared to throw off the Spanish yoke. There was then a Spanish army nominally of twenty thousand men in the island, but the actual number of native Spaniards in it did not exceed sixteen thousand. The leading men of the Creoles had then little apprehensions of the result of an effort for independence. A liberal allotment of land in the island, for the soldiers who might be disposed to join the independent party, was a prospect, it was expected, which would suffice to gain over the army. It is not to England, now, that the white natives of Cuba look for aid or countenance in any future effort for independence. It is to America that they now turn their eyes; and America takes good care to respond to the wishes that are secretly expressed in those regards."

These are the opinions of a man several years resident in Cuba, evidently a shrewd observer, and who can hardly be suspected of misrepresentation on this head; and we do not hesitate to place confidence in them in preference to the rose-tinted accounts of the Madrid Heraldo, and other official prints, according to which the present happiness, prosperity, and loyalty of the Havaneros are such as were never surpassed in the annals of colonies. Mr Madden, we have seen, is of opinion that the Creoles and resident Americans, if guaranteed from foreign intervention, are of themselves a match for Spain, and could throw off her yoke and defy her efforts to reimpose it. then, would be the state of affairs, if What, three or four thousand Yankee volunteers, who, by themselves, we suspect, could give occupation to all the dis

713

posable part of the sixteen thousand Spaniards in garrison, were suddenly to drop upon the Cuban shore, by preconcerted arrangement with the disaffected? In 1849 this has been within an ace of occurring; in a future year, not very remote, it may actually

occur.

What would Spain do, when and-yellow banner was replaced by news were brought her that the redWould she declare war against Amerithe speckled bunting of the States? ca, on the strength of the warsteamers she has been lately building with her creditors' money? Brother Jonathan, we suspect, would mightily chuckle at the notion, and immediately seize Puerto Rico, and perhaps make a dash at the Philippines. But the Spanish government, loud as they can hardly render themselves so ridicubluster when sure of impunity, would lous. No; in the hour of their distress they would piteously look abroad for succour, and turn their discomfited countenance to the old ally to whom, perity, they forgot their numerous in their brief day of seeming prosobligations. It is our belief their apalthough this country, being great and peal would not be made in vain. But powerful, could afford to forget its cause of complaint-as a man overlooks the petulance of a froward child -it would be right and fitting that an amende honorable should previously be exacted from Spain, and that arrogant government, for an insult humiliation should be inflicted on her which, let them mis-state the circumstances as they like, was far from justified by the alleged provocation. And moreover, before a move was made, government on behalf of Spain-robbedor a note transmitted by the British of-its-Cuba, a solid guarantee should unquestionably be exacted for an equitable and speedy adjustment of the claims of the ill-used holders of Spanish bonds.

These gentlemen, roused at last by promises to depart from the suaviter a long series of neglect and broken in modo, and to substitute an energetic remonstrance for the honeyed and wont to address to the president of complimentary epistles they have been the Spanish council, are raising a fund to be employed in the advocacy of their claims by an agent in Madrid

Although the gradual progress of the
subscription does not bespeak the
fund-holders very sanguine in their
hopes, they may rest assured that this
is a step in the right direction. Their
only hope is in agitation-in keeping
their just and shamefully-neglected
claims before the world, and in such a
conjunction of circumstances as may
enable the cabinet of St James's to
put on the screw, and compel the
Spanish government to be honest.
As to an appeal to arms, however it
might be justified in equity, and by
references to Vatel and other great
authorities, it would hardly be con-
sonant with prudence, or with the
spirit of the times: but other means
may be devised; and in the event of
a European war, we can imagine more
than one circumstance in which, as in
the case of the seizure of Cuba by
America, Spain would be too happy
to subscribe to the just conditions this
country might impose for the settle-
ment of English claims. But there is
danger in delay; and if we are un-
willing to believe that Spain is, in the
words of one who knows her well,
"irremediably insolvent," there is
no doubt she must speedily become
so, unless some radical change takes
place in the views and system of her
rulers. What she needs is an honest
government, composed of men who
will make their own advantage sub-
servient to their country's weal. "My
firm conviction," says Marliani, “
"is,
that when the day comes that men of
heart and head shall seize, with a firm
grasp, the rudder of this vessel now
abandoned to the uncertain move-
ment of the political waves, they will
take her into port. Spain is in the
best possible position to make a giant's
stride in the path of prosperity. She
offers to the foreigner a thousand
honourable and profitable specula-
tions; the application of capital to
public works, to agriculture, to mines,
will be an inexhaustible source of
profit." When M. Marliani wrote
this, capitalists were more prone to
embark their money in distant specu-
lations than at the present day. But
still the principle holds good; and
there can be no question in the minds

of any who have studied Spain, that an honest and moderately able government is all that is wanted to develop her vast resources, and enable her to come to an honourable compromise with her creditors, who, there can be little doubt, would show themselves accommodating, if they saw evidence of a desire to pay, and had some certainty that, when they had accepted an arrangement advantageous to Spain, it would not be broken in a few months, leaving them in worse plight than before. How this has been repeatedly done was lately clearly exhibited in a letter addressed by a Spanish bondholder to the Times, of which we here quote a portion:

"Between 1820 and 1831, Spain con-
tracted loans as follows, [detail given],
to the amount of 157,244,210 dollars.
And on no portion of these loans does
Spain now pay interest. In 1834 there
was owing, in interest upon those loans,
49,541,352 dollars; and the Spanish go-
vernment then offered, at a meeting of
bondholders, held at the City of London
Tavern, to give for all those loans, and the
interest upon them, new stock, on the
following terms:-A new active five per
cent stock, upon which the interest should
be always punctually paid, for two-thirds
of the capital; a new passive stock for
the remaining third; and a deferred stock
for the overdue interest, on condition that
they had a new loan of £4,000,000 ster-
ling. These terms were agreed to, and
issued in exchange for the old loans and
the conversion took place; and there were
overdue interest, £33,322,890 five per
cent active stock; £12,696,450 passive
stock; and £13,215,672 deferred stock.
These are the stocks now in the market,
in addition to the £4,000,000 loan then
granted. In two years after this tran-
saction, the Spanish government stopped
payment again, and left the bondholders
in the same situation, with one-third of
their capital cancelled, or made passive
stock, which bears no coupons, and is,
consequently, not entitled to claim in-
terest. In 1841, the Spanish govern-
ment paid the active bondholders four
years' interest; i. e., from 1836 to 1840,
in a three per cent stock, instead of cash,
and which produced the holders about
four shillings in the pound; (this is the
three per cent stock now in the English
market, on which the interest is paid.)"
It is not very easy to get at infor-

FORD'S Gatherings from Spain.
+ Histoire Politique de l'Espagne Moderne, ii. 424.
City article of the Times, September 14, 1849.

mation about the amount of Spanish debts, accumulated dividends, and so forth; but the above lucid statement of the liabilities to foreign creditors, combined with the testimony of other authorities before us, leads to an aggregate estimate of the whole debt, external and internal, at upwards of one hundred and twenty millions sterling, probably at the present time nearly or quite one hundred and thirty millions, unpaid interest being added. Without entering into the intricate complications of the question, we shall not be very wide of the mark in asserting, that less than three millions sterling per annum, in the shape of dividends, would constitute an arrangement surpassing the wildest dreams in which, for a long time past, sane bondholders can possibly have indulged; in fact that, considering the amount of passive stock, and the concessions that would willingly be made, it would pay what would pass muster as the full dividends. An enormous sum for Spain-will be the remark of many. We beg to differ from this opinion. An enormous sum, certainly, for a dishonest Spanish government. Charity begins at home in Spain as much as anywhere; and if people squander their cash in paying creditors, how shall they enjoy their little comforts and luxuries, and make up a purse for a rainy day? How shall the royal family of a poor and insolvent kingdom have a civil list of half a million sterling, besides crown property and appanages to Infantes? -how shall Queen Christina and her uncle, the ex-king of the French, be repaid the sums they lavished to oust Espartero, and to bring about the infamous Spanish marriages?-how shall the same illustrious lady make her investments in foreign funds, and add to her hoard of jewellery, already, it is said, the most valuable in Europe?-how shall Duke Muñoz play at bulls and bears on the Bolsa, and give millions of francs for French salt-works?-how shall the Spanish ministers, men sprung from nothing, and who the other day were penniless, maintain a sumptuous state and realise princely fortunes ?-how, finally, shall the government exercise such influence

*

at elections as to reduce the numerous and powerful party opposed to them in the country to utter numerical insignificance in the legislative assembly, and to fill every municipal office with their own creatures and adherents? It is a very singular fact that, although for many years past the revenue of Spain has been steadily increasing, the annual deficit always continues about the same. Thus much can be discerned even through the habitual exaggerations and hocus-pocus of Spanish financial statements. M. Mendizabal, in his budget for 1837, (in the very heat and fury of the Carlist war,) showed a deficiency of seven millions sterling, the revenue then being about £8,700,000 sterling. In 1840, the minister of finance stated the deficit at £6,800,000 sterling, the revenue having then risen to upwards of ten millions.* And since then the deficiency has averaged about five millions sterling; and even now, that Spain is declared so prosperous, will not be rightly stated at a much lower figure, although finance ministers resort to the most ingenious devices to prove it much less. But if it is so trifling as they would have us believe, why do they not pay their dividends? Forced loans, anticipated imposts, unpaid pensions, and shabby shifts of every kind, show us how far we are to credit their balance-sheets. One financierthat very slippery person, Señor Carrasco-actually showed a surplusupon paper. "The present revenue," wrote Mr Ford in 1846, 66 may be taken at about twelve or thirteen millions sterling. But money is compared by Spaniards to oil-a little will stick to the fingers of those who measure it out; and such is the robbing and jobbing, the official mystification and peculation, that it is difficult to get at facts when cash is in question." The sum stated, however, is about the mark, and bears out Lord Clarendon's often-quoted declaration in the House of Lords, that the Spanish revenue is one-half greater than it was ever before known to be. Few men have had better opportunities than Lord Clarendon of acquiring information on the affairs of Spain; and his well-known friendly feeling towards her present

MARLIANI, ii., 430 and 471.

rulers precludes the suspicion of his giving a higher colouring than the strictest truth demands to any statement likely to be prejudicial or unpleasant to them. It is a fact that the revenue is still upon the increase; and it has augmented, in the last fifteen years, by more than one-half, for in 1835 it was but seven hundred and fifty-nine millions of reals, or, in round numbers, £7,600,000 sterling. It certainly seems strange that, with an increase of revenue of at least four millions, the decrease of deficit should barely amount to two, although the country, at the former period, was plunged in a most expensive war, and had an enormous army on foot; the estimate for the war department alone, for1837-according to Mr Mendizabal's budget already quoted, presented to the Cortes-being upwards of seven and a-half millions sterling, or within one million of the total amount of estimated revenue. Thus we see that Spain presents the curious phenomenon of an expenditure augmenting in proportion as the revenue increases. In most countries the puzzle is the other way; and how to force the revenue up to the expenditure, is the knotty point with statesmen. The most benevolent can hardly help suspecting that some foul play is at the bottom of this augmentative propensity of Spanish financial outgoings. But Spain is par excellence the country of itching palms; and in view of the statements we have here made, and which defy refutation, most persons will probably agree with a writer already cited, when he says that," with common sense and common honesty, much might be done towards releasing Spain from her financial embarrassments. Perhaps it is not too much to say, that a vigorous government, capable of enforcing taxation, might, with integrity and energy, and a forgetfulness of selfish gains, provide for the interest of every portion of her debt, and, in the end, pay off the principal. If Spanish finance ministers, and the capitalists and sharpers by whom they are surrounded, could bring themselves to think of their own fortunes less and of the nation's more,

..

we should hear very little of new foreign loans. A virtuous native effort is wanted; themselves must strike the blow! All governments are bound to support their several departments, and obtain a sufficient revenue; and the administration of Mon and Narvaez has not the excuse of want of power."* This is the language universally held by all persons acquainted, from actual observation, with the extent and abuse of Spain's resources. The taxes in Spain are exceedingly light in proportion to the population, but they are unfairly distributed, and most iniquitously collected-the state paying an enormous percentage on most of them, and being besides scandalously robbed by officials of every grade. But the inequality of taxation in Spain, which presses (by the threefold means of direct impost, excise, and exorbitant import duties upon manufactures) especially on the peasant and agriculturist-crushing the very nerve and right arm of Spanish prosperity-brings us to the consideration of a recent measure, from which much good has been predicted, and from which, as we trust and believe, advantage will ultimately be obtained.

An ably conducted French periodical, which acquired considerable weight under Louis Philippe, from the circumstance that its closing article expressed, every fifteen days, the views and opinions of the government, and which, since it ceased to be official, has shown a strong Orleanist leaning, put forth in a recent number a glowing statement of the immense advantages to be derived by Spain from the newly promulgated tariff bill.† Prepared by a previous article in the same review, which had taken for its base, and accepted as incontrovertible, a tissue of scurrilous and mendacious statements strung together by a Salamanquino doctor, and notoriously instigated by a Spanish minister and ambassador, with reference to the suspension of relations between England and Spain, we were no way surprised to find, in the discussion of the internal situation of the latter country, implicit reliance placed

* Revelations of Spain, 365-6. + Revue des Deux Mondes, 1er Août 1849.

on the figures and assumptions of
Spanish financiers, and a most naïce
conviction that their showy theories
and projects would be honestly and
effectually put in practice. Under

the ingenious one-sidedness and appa-
rent good faith of the writer, it was
not difficult to discern an inspiration
derived from Claremont or the Hotel
Sotomayor. The object of the article
was to prove that Spain, relieved from
the incubus of English influence, and
blessed with an enlightened and ho-
nest government, is rapidly emerging
from her political, social, and financial
difficulties; nay, that this astound-
ing progress is half accomplished, and
that the despised land has already
risen many cubits in the European
scale. "We ask," says the writer,
after summing up at great length the
benefits conferred on Spain by the
Narvaez cabinet-benefits which, for
the most part, have got no further
than their project upon paper-"We
ask, is not Spain sufficiently revenged
for thirty years of disdain? Would
not this Job of the nations have a
right, in its turn, to drop insult upon
the bloody dunghill whereon display
themselves these haughty civilisations
of yesterday's date?" Having given
this brief specimen of style, we will
now confine ourselves to figures,
for most of which the writer in the
Revue appears to be indebted to Mr
Mon. The result of his very plau-
sible calculations is an immediate
annual benefit of thirty-four million
francs to the consumers of foreign
manufactures, ninety-two millions to
the country at large, in the shape of
increased production, and a clear gain
of sixty-three millions to the public
treasury. We heartily desire, for the
sake both of Spain and of her credi-
tors, that this glorious prospect may
be realised. If this is to be the result
of what the Revue des Deux Mondes
admits to be but a timid step from the
prohibitive to the protective system,
what prosperity may not be prophe-
sied to Spain from further progress in
the same path? Nor are these a tithe
of the benefits foretold, and which
we refuse ourselves the pleasure
of citing, in order to make room for
a few remarks as to the probable
realisation of those already referred
to. And first, we repeat our previous

717

assertion, that in Spain the real benefit of such a measure as the new tariff' the law has been for some time in can never be rightly estimated till and corruption in such cases, so many force. There is so much tampering interests and persons must be satisfied and get their share of the gain, often prove very illusory. that such reforms, when they come, spect to the tariff, we will take no With reheed of the statements of the Spanish opposition, who denounce it as a most defective and bungling measure, from which little is to be expected. In Spain, as much as in any country, good to be done by those who are in. the men out of power will admit little Neither do we profess to have digested and formed our own opinion upon the probable working of a tariff which comprises 1500 articles, (about twice and a half as many as the British tariff,) and whose complications and conditions are anything but favourable to its easy comprehension and appreciation.

The

We can argue, therefore, latter, especially, no unsafe guide with only from analogy and precedent; the to old habits and institutions. a people so wedded as the Spaniards pacific manner in which the great army of Spanish smugglers have received the tariff, is a strong argument against its practical value. The Revue des Deux Mondes estimates the number of smugglers in Spain at sixty thousand.

mark; and it is the first time we have This is far under the known the Spanish smugglers to be twenty thousand men, whereas we reckoned at less than one hundred and have seen them rated as high as four hundred thousand, which, however, could only be explained by including all those persons in the country who with the contraband trade. But the are directly or indirectly connected figure is not important. The principal point, and that which none will dispute, is that the Peninsular smugglers form a powerful army, including the finest men in the country, and capable, as the advantage of a little drill, of we fully believe, if assembled and with soundly thrashing an equal number of Spanish soldiers, detachments of whom they not unfrequently do grievously ill-treat. this formidable and generally turbulent Now how is it, we ask, that

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