21 OCTOBER 1882, Page 3

A new political movement has broken out in Spain. The

Liberals of almost all shades think S. Sagasta, though nominally a Liberal, far too reactionary, and have asked Marshal Serrano to be the mouthpiece of their ideas. The Marshal, though now above seventy, has consented ; and as he is still the most popular officer in the Army, and as General Martinez Campos has declined command, the Ministry is struck with consternation. It has endeavoured to patch up an agree- ment with Marshal Serrano, on the conditions that he shall ac- cept the Monarchy ; that he shall be Premier, with S. Sagasta as Minister of the Interior ; and that he shall be content with liberal measures, without reforming the Constitution. The Marshal accepts the first two conditions, but wants the Con- stitution of 1869 as well ; and the Ministry, to gain time, will seek the opinion of Parliament. Spanish Securities have felt the shock on all Bourses, but we fancy the danger is exagge- rated. The King has been gaining power with the Army, and at the right moment may have strength either to compel a coalition, or to appoint Ministers of his own selection, whom the • packed Cortes will obey.