S. Camacho, the new Spanish Minister of Finance, has pre-
sented a budget which relieves Spain of her immediate rivancial difficulties, and delights all parties, except, perhaps, the foreign bondholders, who expected more. He first funds the whole ot the Privileged Debt, which was crippling the Treasury, into one loan of 72 millions, at 4 per cent. He then provides for the promised increase of per cent. upon the General Debt. External and Internal, of 330 millions, thus in future paying I} per cent, on that sum. He further takes power to negoti- ate with the bondholders before January, "on the La:,is, not of eompositiou, but of compensation," for the "permanent settle- ment of the Debt," his idea evidently being to extinguish all Sinking Funds, and offer the creditors an unchanging rate of interest. That is wise, eapecially- if he offers four per cent.
or more, reducing tbr?, bonds in proportion, but it notablo how nearly invatisa)le the failure of a Elinking,Fund i. Tho credit of the Statt is over quite dependent on it.
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