The Sun.
London, England, 1857-12-15 00:00:00

TURKISH FINANCE

--.....p.—__
CONSTANTINOPLE, Dec. s.—Whoever doubts tha
" a change has come over the dream" of the Turkish
people ought to come here now, and his doubts
would soon vanish if he saw the interest with which
the descendants of the fierce warriors of Bajazet and
of Solyman the Magnificent follow the monetarY
crisis in Europe, trying to fathom the intricacies of
the exchange, and sighing over the formidable rise
in the discount of paper.
Yes, they do see, indeed, that things have change 4
since the time when they could lose 224 galieYs 111
the single battle of Lepanto, and replace there the
next ' year by 240, and when the Grand 'Vizier
Sokolli could give the proud answer to the doubt-
ing; Capudan Pasha, that such were the power and
wealth of the Ottoman Porte that it could, if it
was ordered, get for this fleet anchors of silver, silk
cordage, and sails of satin. Then finance was easy •
enough ; a new province and a new tribute Loon
squared accounts with a large balance in hand ; new
they feel they are dependent on Europa in money
matters, and that, whatever the stress be, theY
most wait with their financial measures until
matters are better there.
However difficult it may be for them to postpone
such an urgent affair, the delay has likewise its
advantages. Every day throws a new light on the
subject, which is very much required, for even in
the best minds in Turkey there is only a small
stock of financial knowledge, and that mostly of a
desultory kind. The difficulties which the Govern'
ment has encountered hitherto in all its schemes
have undoubtedly contributed to sift the matter,
and to make them adopt more and more reason-
able views. Now and then, as is natural, there is
a relapse, but after every such crisis there Is always
something gained in the art of distinguishing diffi-
cult from impracticable plans.
ThuS, for instance, you know that lately the
Turkish Government thought it had formed a
panacea for its chronic financial indisposition by
the consolidation of the floating debt ; and there
is no doubt that it would be a great advantage and
saving to the Exchequer to have a certain regu-
larity introduced in its passives, to-know exactly
their amount, to fix the sources of revenue from
which the interest should be paid, and thus to start
as it were afresh ; but the question is, will they be
able to inspire people with the necessary confidence
in their promises—for who guaranteed that the3:_
would pay the interest regularly in gold, and VII?
they would not come forward in a few years with
a new consolidation ? The better terms whiCh they
it
offered to the holders of the new coupons wore just
the very thing to frighten them. The Govern,:
ment debts are now the chief sources of revenu"
for the speculators of Galata and. Stamboul,
vr]ip make large profits on'the continual fillettlatiOn
Ornals paper. What else but ill-will was to be eir;
petted from those persons towards any nie_as„tulid
calculated to curtail their profits ? TneY "" Avi
have had, indeed, no option but to take the' lit-he
coupons in exchange for the old ones, and, as, for
Government intended to pay the full amount
paper now at a discount of 25 to 30 per cent., t c..
would not have refused to profit" by the trent, 0
tion ; but the change would scarcely have tat`e
place when they would have—and no doubt success
fully—endeavoured to reduce the new paper to tTh'
lamentable position of the old.
The Government seems to have unedrstood this
at last, and the project has assumed a new Alb%
They want to connect the consolidation with, ~." is 4
establishment of the long talked of Bank, wine' -.
expected to interest itself in this consolidator
The project thus put forth sounds already iui
practicable, for without the help of a pesverto
commercial body, working with European caPl
~.
and after European system, the Turkish GoYer'st
ment will never be capable of doing battle agalli,il
the not less powerful clique 'of local banker:a i'LL
that is required for this is that the Governrecu_.;
should not stretch its demands too far and nu:
expect to get out of the difficulty without saerifica-'. „
• Up to this moment nothing is decided, nor v/I•`cu:
anything be attempted before a change takes pla
in the money-market in Europe.