The latest telegram from Spain, dated Tafalla, February 4, announces
that General Moriones has entered Pampeluna, and that the Royal Army is now within six miles of Estella, where the Carlist forces, much thinned apparently by desertions, have been concentrated. If the Carlists resist the place must be carried by assault, and the carnage must be fearful, but there is an ex- pectation in Spain that the Pretender will make one more effort. He has been offered an amnesty for his army, and the rank of Infante of Spain, with a pension of /50,000 a year for himself ; and the Pope, to make retreat easier, has advised him to give up his expedition, as the Church is safe, but he may not choose to accept any overtures. If his decision is to resist, he should either win or die in Estella, in the midst of his followers, but Kings rarely take that kind of resolution. Alfonso is with the Army, and appears to have been under fire, and does not appear to have run away or wished to do so, which inspirits his soldiers very much. As yet, fortune has been with him to a marvellous extent, and he seems to have at least one quality—immovable firmness— very useful to a Sovereign. The pressure placed upon him to retire to Madrid has been most severe, but he has remained, to the great improvement of his reputation, and to the great worry of speculators in Spanish stock, who fancy that with all his good- luck he may be shot. There has not been a King killed in action since Gustavus Adolphus.
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