The feeling in commercial Spain in favour of "peace" obviously
increases, and is supported to a great extent by the Church, which is greatly concerned at the ruin of the colonies, first on Catholic grounds, and secondly because clerical property and incomes may be seriously reduced. The Church has immense property in the Philippines, and is believed to hold Spanish and Cuban bonds to a large extent. There is, however, no sign that the Spanish Government shares these feelings, while there are many signs that in the peace party ridiculous impressions prevail as to possible terms. The broadest yet suggested are that the Americans should take Porto Rico, that Cuba should be declared independent with an " arrangement " about her Debt, and that the Philippines should remain Spanish, the Union retaining only a coaling-station. Spain might as well ask that New York should be placed in her hands as security for the Cuban Debt. It is not impos- sible, as our readers should remember, that the ruling men of Spain share the ignorance of their people as to the re- sources and the character of their great antagonist. They were utterly deluded, as they have confessed, with the idea that American menaaes meant nothing. They have, in fact, so much experience of loud words that they cannot conceive that they may be uttered by very resolute men.
