The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-11

next, because the patriotism OF rival politicians
would 6e dlstrusted even by themselves; ana lastly,
OF imperiaf France.
AS FAR as this country is concerned, Spain MAY
aud u she pe,stures upon a rer,.tie he espsrln.sSt
toH encounter no opposition nom as We are in
ts,est , o,'y a. SpGfn paviy her deots. This
as lreey as ever whatever form OF government they
assts ssSs:s s s pHa g s sSssa and bs Sa
see that British creditors can e worse or than they
are, while the chances are that after while they
may be better. A considerable period may probably
elapse before there II again q settled government,
for unquestionably civi war sthreatened by which,
II iit comes, the country cannot fail TO be at least
foreign creditors OF Spain must make up their
minds to general suspension Of their claims, In
which those who nave been bold enough to make
the last few months win suffer most. After 1t Is
over, whatever party wins, money will be needed;
poverty OF people whose industry is already demon
azed the alternative will be recourse to London,
Paris or Germany for the assistance Of loan. But
dtions precedent are fu1lled-one that the govern
ment promises to be stable government, and the
other that justice be done to the claims OF existing
While, therefore we regard the claims OF the for
eign creditors OF Spain AZ likely TO obtain distinct
now in progress 1t IL not to be concealed that delays
and perhaps great delays are inevitable, II is not
easy IOr country 10 settle down INTO harmony with
itself after its worst passions have been reused by
social and political animositie5. And even II a
veil be drawn over such distractions, the morale
Of the people Will certainly be weakened by
the sacrifices imposed upon them. Spain has had
but an Indifferent harvest this year. She has had
little or nothing TO export In return for what she
has mpor5ed; her minerals have not found active
market; her wool has to sustain severe competition
and her wines likewise; and we hear nothing OF
Spanish manufactures In large sense, either here
or abroad The fact is that industry in spain is par
ayzed by political depression and burdensome taxa
ton with revenue or f22, 0O, 600 the expenditure
is Ell, 900 900, ana tohe NE rtrenue Is diminishing
the erpeaditve Il Increasing. The public expendi-
ture per head OF the population Is nearly two
pounds per annuin, Spain In this respect standing
third among the European nations-the first two
being England and France, whose people are inf
nitey richer The debt OF Spair is at least
on which the annual interest 5000; but this
does not include unsettled claims, which Will have
some day to be settled Is not to be expected that
an impoverished people, whose productive powers,
already essened by extravaganza governments,
are further threatened by the exacttons incidental
to martial law and civil war, can support such
expenditure. II the present struggle ends by max
the foreign creditors of spain will only be exceed
i'll gloomness by the prospects OF the Spanish people
themselves. But whatever government succeeds to
power must from its accession, endeavOr to allevi
ate the burdens OF the people by reducing the ex-
penditure and the consequent oppressveness Of the
taxation II remains t0be seen whether the wis
rulers Of the nation as Is necessity is obvious to
foreign Observers II 1t be we satisfied that the
industry and enterprise 4 the Spanish people win
do the rest, provided these qualities be supplement-
cd by q financial administration that will command
the confidence Of Europe Time, however, Is need
ed to ascertain these points. Meanwhile, all is APP
tors IS to abstain from all connection or concern
with conflicting powers or principles satisfied that
maintenance OF an impartial though not disinte-
rested attitude, and that the primary condition OF
Spanish tranquility Is good government which,
among other attributes, includes that OF financial
honor.