The Queen Regent of Spain has constructed a Moderado Mi-
n istry-
PEREZ DE CASTRO President of the Council and
Minister of Foreign Affairs ;
NARVAEZ Minister of War ;
MILLAN Minister of Finance ; AnRAZOLA Minister of Justice ; CoLtatvrEs Minister of the Interior ; MONTES DE OCA Minister of Marine.
A decree for the dissolution of the Cortes appeared in the Madrid Gazette of the 19th.. The new Cortes is summoned to meet on the 18th of February 1840.
These measures gave great dissatisfliction to the Liberals ; and the inhabitants of Cordova, Granada, Cadiz, Murcia, and Alicant, had declared their resolution to pay no taxes to the existing Govern- ment.
The secret of the Queen's preference of the Modcrado party, at a time when agreement with their opponents, who bad a majority in the Cortes, appeared indispensable, is said to lie in the consent of the Moderados to rob the public creditors of Spain of money and securities due to them, in order to pay off arrears to the Queen Regent on account of salary and allowances. The portion of the revenues derived from Cuba, Porto Rico, and the Philippine Islands, which was pledged to the payment of the debt, has been made over to the Queen, and is no longer available for the discharge of interest or principal clue t, the British and other foreign bond- holders. The Madrid correspondent of the Morning Chronicle says, in allusion to this transaction-
" Politicians cannot fail to find in it the key to the proceedings of the last twenty days ; in short, the character of the Crown, and the interests of the foreign and national creditor, have been regularly sold to keep Ministers in their places. This is the compact ; let those interestedin Spanish affairs study it well: if their eyes are to be opened, this document I think must have that tardy effect."
The document alluded to is an account of the fraudulent trans- action in the Madrid Eco del Comercio. It caused a decline in the value of Spanish Stock in England of about 4 per cent. There are reports of smart skirmishes in Arragon between the Royalists and CABRERA'S troops, to the disadvantage of the latter...
