If the Carolines are surrendered, the King of Spain will
be in no immediate danger. The Republican Party in Spain is bitter, alleging that Alphonso intended to give up the Carolines, and is greatly favoured by France; but neither bitterness nor French favour for Republicans are novelties in Madrid. The Conserva- tives and the Dynastic Liberals are still on the King's side, and the peasantry are passive ; while the Army, though resolute not to yield to Germany, has given no sign of anti-Monarchical feeling. All orders have been obeyed, and there has been no local pronunciamiento. The King, moreover, is not a man to be overthrown without a fight. It is probable, therefore, that the excitement will subside, leaving only a sense that the Throne is not so firmly established as was hoped. It is still too dependent on the adherence of the Army, which, again, has not lost the habit of looking to popular Generals for guidance, instead of the Sovereign. Still the King has lost no territory and suffered no diplomatic defeat.
