174 SPANISH LOANS. 



Don Pedro Varela, sometime Secratario del Despacho de Hacienda, 

 actually ventured however to propose to Carlos VI., not the suppression 

 of the GremioS) but the free entry and establishment of Jew com- 

 mercial houses in Spain, as an economical resource, to whom should 

 be entrusted the charge of supporting the credit of the Vales or 

 domestic floating debt. The passage is curious in the original : 

 Don Pedro Varelas en una exposition dirijedaal Senor D. Carlos IV. 

 le pidio, como un recurso economico, la entrada y establecimiento en 

 Espana de casas Hebreas de comercio ; d cayo cargo corriese sostener 

 el credito de Jos Vales. What is more curious, the king submitted 

 the daring proposition to the council of state, to which the cardinal 

 inquisitor general, and the cardinal patriarch, were called for deli- 

 beration, and this infallible tribunal actually ratified the plan with 

 their approval. It failed notwithstanding in spite of its most rever- 

 end patrons, for the minister died just as his project saw the light, 

 and, as nothing in that country survives a minister, it was sacrificed 

 upon his tomb, as the Hindoo widow is led to the stake, that her 

 ashes may be reunited with those of her dead lord. Another 

 speculation, after many throes, had a happier delivery. A new 

 ministerial department was created for the encouragement of in- 

 dustry, under the title of Departamento del fomento general del 

 reyno y de la balanza de comercio. This meritorious board, composed 

 of the best practical economists of Spain, accomplished several ob- 

 jects of utility ; another census, that of 1797, embracing a greater 

 detail than that of Carlos III., was undertaken, the gross results of 

 which however show little increase of population for the twelve 

 years' difference ; and various statistical works were published of 

 considerable merit considering the scantiness of materials at com- 

 mand. 



From this sketch it will be perceived that, in effect, Spain made but 

 very superficial practical advances in the science of political economy 

 down to the period of the invasion of Buonaparte (at which point 

 our cursory review terminates) and the first installation of the 

 Cortes. The view of the question most flattering to national vanity 

 has been presented as depicted by Spanish authors, laudably jealous 

 of the fame of their native land, and notably by Canga Arguelles, 

 a writer and a statesman, partaking in no mean degree of the pre- 

 judices, and the spirit of exaggeration, too common among his coun- 

 trymen. It will be seen that projects were not wanting ; that writers 

 were, for the Peninsula, prolific ; but the beneficial results are few 

 and far between in truth much cry and little wool. Neither the 

 first nor the second Cortes neither that of 1814, nor that of 1823 

 contributed materially to further the great work of economical re- 

 organization. So far as violent and vulgar, and therefore easy 

 expedients were at hand, wherewith to bolster up a falling revenue, 

 they were had recourse to ; and confiscations, sales of national do- 

 mains, with arbitary seizures of church property, regardless of 

 vested and even of life interests, became the order of the day. The 

 odious monopolies of the Estancos de Tabaco, del Abadejo, de Lanas, 

 de la Sal, were however all left untouched, and a reform in them 

 rarely hinted at. The last, the salt monopoly, is one odious beyond 

 example, and constitutes an exaction no less cruel than arbitrary in 



