policy which beggars the treasury, whilst utterly failing to protect native industry, and demoralizes at the same time that it impoverishes the people.  We are not of the number of those who would abandon the assertion of a principle quoad another country, the wisdom and expediency of which we have advocated, and are still prepared to advocate, in its regulated application to our own, from the sordid motive of benefiting British manufactures to the ruin of those of Spain.  Rather, we say to the government of Spain, let a fair protection be the rule, restrictions the exceptions, prohibition the obsolete outcast, of your fiscal and commercial policy.  We import into this country, the chief and most valuable products of Spain, those which compose the elements and a very considerable proportion of her wealth and industry, are either untaxed, or taxed little more than nominally.  We may still afford, with proper encouragement and return in kind, to abate duties on such Spanish products as are taxed chiefly because coming into competition with those of our own colonial possessions, and on those highly taxed as luxuries, for revenue; and this we can do, and are prepared to do, although Spain is so enormously indebted to us already on the balance of commercial exchanges.

This revision of her fiscal system, and reconstruction, on fair and reciprocal conditions, of her commercial code, are questions of far deeper import—­and they are of vital import—­to Spain than to this empire.  Look at the following statement of her gigantic debt, upon which, beyond some three or four hundred thousand pounds annually, for the present, on the capitalized coupons of over-due interest accruing on the conversion and consolidation operation of 1834, the Toreno abomination, not one sueldo of interest is now paying, has been paid for years, or can be paid for years to come, and then only as industry furnishes the means by extended trade, and more abundant customhouse revenues, resulting from an improved tariff.

Statement of the Spanish Debt at commencement of 1842:—­

Internal—­Liquidated, that
          is verified, L.50,130,565 Without interest. 
        Not liquidated 9,364,228 with 5 per cent in paper. 
        Not consolidated, 2,609,832
        Bearing 5 per cent, 15,242,593 Interest, L.762,128
          Do. 3 do. 5,842,632 —­ 233,705
                               ----------- -----------
                              L.83,189,850 L.995,833
                               ----------- -----------

External Loan of 1834, and the conversion
            of old debt, L.33,985,939 5 per cent, L.1,699,296
        Balance of inscription to the public
          treasury of France, 2,782,681 —­ 160,000
        Inscriptions in payment of