power, it would prove a very serious matter to us; it is to be hoped
that the question of annexation will be settled at once.

* * * * *

Very little news of interest is received from Spain. In the list of the
new Spanish ministry, published week before last, we included the name
of Señor Leon y Castillo as Minister of Foreign Affairs; Señor Castillo
did not accept the office, which was then offered to Duke Almodovar de
Rio, who has accepted.

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;