adjustment of the tariff, on imports alone, perhaps we should be justified in saying one million and a half, or not far short of two millions sterling, import and export duties combined, would go far to remedy the desperation of Spanish financial embarrassments—­the perfect solution and clearance of which, however, must be, under the most favourable circumstances, an affair of many years.  It is not readily or speedily that the prodigalities of Toreno, or the unscrupulous, but more patriotic financial impostures of Mendizabal, can be retrieved, and the national faith redeemed.  The case is, to appearance, one past relief; but, with honest and incorruptible ministers of finance like Ramon Calatrava, hope still lingers in the long perspective.  With an enlightened commercial policy on the one hand, with the retrenchment of a war expenditure on the other, the balance between receipts and expenditure may come to be struck, an excess of revenue perhaps created; whilst the sales of national domains against titulos of debt, if managed with integrity, should make way towards its gradual diminution.

As there is much misapprehension, and many exaggerations, afloat respecting the special participation of Great Britain in the contraband trade of Spain, its extraordinary amount, and the interest assumed therefrom which would result exclusively from, and therefore induces the urgency for, an equitable reform of the tariff of Spain, we shall briefly take occasion to show the real extent of the British share in that illicit trade, so far as under the principal heads charged; and having exhibited that part of the case in its true, or approximately true, light, we shall also prove that it is, as it should be, the primary interest of this country to regain its due proportion in the regular trade with Spain, and which can only be regained by legitimate intercourse, founded on a reciprocal, and therefore identical, combination of interests.  In this strife of facts we shall have to contend against Senor Marliani, and others of the best and most steadfast advocates of a more enlightened policy, of sympathies entirely and patriotically favourable towards a policy which shall cement and interweave indissolubly the material interests and prosperity of Spain and Great Britain—­of two realms which possess each those products and peculiar advantages in which the other is wanting, and therefore stand seized of the special elements required for the successful progress of each other.  Our contest will, however, be one of friendly character, our differences will be of facts, but not of principles.  But we hold it to be of importance to re-establish facts, as far as possible, in all their correctness; or rather, to reclaim them from the domain of vague conjecture and speculation in which they have been involved and lost sight of.  The task will not be without its difficulties; for the position and precise data are wanting on which to found, with even a reasonable