7 JUNE 1873, Page 2

The Spanish Cortes has met, and is busily engaged in

veri- fying its powers. It is well understood, however, that it con- sists by eight to one of Moderate Republicans, who in the changed situation of France are almost Unitarios ; that they will accept Figueras and Castelar as their leaders ; that Pi y Margall will be President ; and that an army will be formed of well-paid men, supported partly by the revenue, which will be raised with determination, and partly by the issue of £15,000,000 of green- backs. That resource is to be secured by national property,— which is nonsense,—but will probably float long enough to give the Government an army strong enough to defeat the Carlists and maintain order in the great towns. The Cortes once in movement, all that is wanted is to bind the peasantry to the Republic by a land law which the Monarchical parties would not accept, and then govern firmly, strongly, and with an evi- dent wish to secure advantages to the masses. All now depends upon finding a President who can govern without repressing too much. If he is there, the instrument of government is ready to his hand.