The Cabrera " convenio " has evidently failed, and the
Madrid correspondent of the Times draws a gloomy picture of the con- dition of Spain. He says that Spain has now 247,000 men under arms, and is levying 70,000 more, without whom no attack on the Carlists can be attempted. The war costs .150,000 a day, or 11,500,000 a month ; the Debt has increased to 1375,000,000, with a charge of 111,250,000 a year ; and the revenue has sunk from 125,000,000 to 119,000,000. There is no sign of the war drawing to a close, and it will probably only end with the total exhaustion of the Carlists' pecuniary means. They are said to owe 118,000,000 already. This is a black picture, but it must- be remembered that the Army of Spain is much smaller, popula- tion for population, than our own army and marine during the Peninsular war ; that the Debt will probably be compounded for a manageable sum, say £200,000,000; and that the smallness- of the revenue is the consequence of very lax and light taxation. Spain, if well governed, could still surmount all difficulties. Her danger is not the state of the Treasury, or the magnitude of the Army, but the tone of despair among the people.
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