The duke said that he did not wish the office, but accepted it on
patriotic grounds, "as every Spaniard is bound to devote all his powers
to the defence of his country." The duke is well and favorably known in
England, where he was educated, and it is considered that the choice for
this office is a good one.
The Spanish Minister of Finance, in discussing Spain's financial
condition, recently said that he considered it satisfactory, and that
the payment of all expenses of the war is assured; as a means of raising
additional funds he proposes to convert the floating debt, now amounting
to about 500,000,000 pesetas, into treasury bonds of small denomination,
and to extend the Bank of Spain note issues. Spain may by this issue of
additional paper money find herself in as unfortunate a position as did
Cuba when Weyler endeavored to force paper money upon the people there.
With an increase of twenty per cent. on taxes of all kinds, and with a
paper money of doubtful value, Spain will indeed be in a sorry
predicament.
Later reports from Spain would indicate that a crisis is approaching;
business is at a standstill, and a famine imminent, as provisions are so
high as to place them beyond the reach of the poorer people. It is
thought that if an encounter with our fleet ends in disaster to Admiral
Cervera, a revolution is inevitable. It is said that Emperor Francis
Joseph of Austria has advised the Queen to leave the country, but that
she has expressed her determination to remain and face the result.
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