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Albuquerque Daily Citizen
Albuquerque, Bernalillo County, New Mexico
What is this article about?
American correspondent in Madrid reports Spain's economy improving after losing colonies, ending military drains and taxation; new factories, mining investments, rising employment and confidence, transforming cities like Madrid into vibrant centers.
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An American correspondent in Madrid states that the loss of the colonies has proved to be a blessing in disguise. The terrible drain upon the resources of the kingdom from military expenditures has ceased and the pressure of taxation has been relaxed. There has been a great gain in the buoyancy of the public confidence. Bankers and merchants are convinced that a better era has opened for Spanish industry. New linen and other textile factories have been built in northern Spain and considerable investments have been made in mining properties in the south. The business community has awakened to the fact that Spain's virtually undeveloped country is possessed of great resources, and that so long as the colonies remained a heavy weight upon the taxpayers of the peninsula there was no chance of industrial progress at home. Employment has increased in the manufacturing sections, new enterprises are multiplying, there are fewer beggars in the streets and more signs of wealth and comfort in all the large towns. Madrid itself has been transformed from a faded and forlorn city into a gay and brilliant capital, with a new movement of traffic in the streets and hopefulness in the air.
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Where did it happen?
Foreign News Details
Primary Location
Spain
Outcome
loss of colonies ceased military drain and taxation pressure; increased public confidence, new factories and mining investments, more employment, fewer beggars, signs of wealth, madrid transformed into gay and brilliant capital.
Event Details
An American correspondent in Madrid reports that Spain's loss of colonies has been a blessing, ending resource drain from military expenditures and easing taxation. Public confidence has risen, bankers and merchants see a better era for industry. New textile factories built in northern Spain, investments in southern mining. Spain's resources now recognized, enabling industrial progress. Employment up, new enterprises, fewer beggars, more wealth in towns. Madrid shows new traffic and hopefulness.