The Spanish Minister of Finance presented his budget on Saturday,
the 22nd inst. He estimated the revenue at 1,26,500,000, and the expenditure at 126,100,000, including £6,880,000 for the service of the Debt. He proposes to pay off the Floating Debt through the Bank of Spain and the Land Mortgage Bank, giving them in return the proceeds of certain taxes as securities for 6-per-cent. bonds, to be paid off in twelve years by half-yearly drawings. The whole of the remainder of the Debt is to be " unified " into a 1-per-cent. Consol Stock, interest on which will begin to be paid from January 1, 1877. Twelve years after- wards, in January, 1889, this interest will be increased to 11. per cent. The war taxes will be retained. We have commented elsewhere upon this very silly and weak proposal, which is really a grand repudiation, leaving Spain burdened with an acknowledged debt of 2700,000,000, but we may mention here that it -was re- ceived on the European Exchanges with a sharp fall, and that the Cortes have agreed, before registering it, to hear what the national creditors have to say. It is noteworthy that the national creditors in Spain, who still hold the bulk of the total Debt, seem to be totally without influence ont(he Government.
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