4 NOVEMBER 1871, Page 3

The rumour which we discredited last week as too bad

to believe turns out to be true. S. Angulo, the Spanish Minister of Finance, has really proposed to a sub-committee, and will propose to the Cortes, to steal 18 per cent. of the External Debt by " tax- ing " the foreign creditors of Spain to that amount. Ten per cent. of the plunder is to go to the Treasury, and 8 per cent. to be formed into a sinking fund for the benefit of the creditor, and not to be taken till convenient. There appears to be still some doubt whether the Cortes will sanction this mode of apologizing for a theft by banking part of the proceeds, but the mere proposal ought -to make it impossible for S. Angulo over again to hold office under an honest king.