The course of events in Spain is perilous, though for
the preeent all is outwardly tranquil. ESPARTERO is now every thing with the Junta and the populace of Madrid. He has succeeded in forming a Ministry, which gives temporary satisfaction to the people, and has received the sanction of the Queen Regent. To the measures for dissolving the Cortes and establishing the liberties of the Corporations the Queen will not offer any resistance. These are to be the first propositions of the new Ministry. If the matters in dispute were to end there, and the promises of the Queen Regent to fulfil those stipulations could be trusted, Spain might enjoy internal peace. But the proposition which is to follow these, as a guarantee for their execution will prove the bone of contention ; it may even involve the mischief of foreign interference. The Queen Regent, it is thought, will resolutely resist the division of the authority of the Regency, to which ESPARTERO and the Provisional Government have agreed. It is now proposed that the power which she has hitherto exercised alone should be divided among five. The new Cortes are to have the settlement of the Regency- regulation, which it is supposed will not be formally proposed to the Queen till after they are assembled. On her refusal, which is considered most likely, a fresh scene of anarchy will commence ; and even if she consented, the unwilling acquiescence would only be simulated to gain time. Meanwhile, the Junta at Madrid and the Juntas in the Provinces continue to exercise the functions of government, which they do not intend to resign until the new Cortes meet. In one respect they seem to manage affiiirs much better than the Queen Regent has ever dene ; for, by some means or other, they have plenty of money at command.
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