New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-04-10

LII love the land of nv birth Her soil ensnflneS
the s,hes of nv honored ancestors-soOo L.. .-
who left DO stain upon their hams-Psa', -,
tried and true to the last Of their olooo Ano LIZ
Lasth IrT NO TRAITOR SLEEP BESIDE Ihs"'
oreSt HrNRY COLLINS FLAGG, Of Nsw-Haven, c.
E,,harrassment Of Turkey
The Tribune translates letter on TINS
subiect. dated Feb. IS, from the correspond
euce of the Journal des DebGtS;
~, ,nv wears disorder has existed in the
finances of Turkey. This disorder was ass'
vsted in ls4s and ls49 by the troubles ~nl0n
arose in the principalities of the Danube oy 'ne
Hungarian Revelation, and by the military pre-
o,u.;on. which Turkey was obliged to take As
- ,ho original causes of this financial embarrass
r,on, thew are numerous. The Administrative
pof,rro csrtainJv increased the revenues OF Tur'
kev in large proportion, one third at least out
.bs frat effect of Capitalization was to greatly
.ngr,ent the expenses OF Government, and of col
Letting the taxes. The creation in ls43 OF reg
Mar and permanent army Of 10000 men, was an
admirable thing, so far as concerns the defense OF
the country, but it caused considerable increase
of expense. 1t would probably be inside OF the
truth to say that the war budget was doubled
thereby. If for several years Turkey has not had
spv foreign wars to sustain, it has still had din
entities with Persia, and has conducted several
expeditions in Albania, in Bosnia, aud in Kurdis-
tan. All these expeditions were perfectly sue
cessful; they did credit to the courage and dis
cipline of the troops; bat they necessarily cost
the Treasury large sum Of money. Up to ls4s
the Porte was on footing Of war In Syria. The
unlucky idea Of establishing manufactures in that
country, where hands were wanting for agrlcul
ture, where the rates of interest are exorbitant
and labor il at the highest price, cost the Treasury
enormous sums, without the slightest available
result. The reform introduced into the manners
and habits of life, and the taste for European lax
ury have been the occasion Of inundating Turkey
with foreign products, and of annually increasing
the difference between the exports and imports
while the exports remain the same. All these
causes combined, and many others which it would
be tedious to enumerate, have created the finan.
cial entertainments with which Turkey is now
struggling. :
In order to meet The exigences OF the war o.
1929, the Sultan Mahmoud debased the value o
coin, and issued some sOO,OO0OO0 or 9OO,OOOOOO
of piastres, reduced about one-haf from their
nominal value. This was in fact imposing q tax
on the country of about 4OO,OOO,OoO of piastres.
The war of 1889 against Mehemet Ali, aud the
events OF 1910, increased the embarrassment OF
.A.s 7ss.----y aSeros so.s recourse was
had to an irredeemable paper surrency, bearing
70 per cent. interest per dnnam Only 5O,OOOiOOO
Of this paper was at first issued. 1t circulated
only at Constantinople. The interest was subse'
quently reduced to per cent bat new emissions
have been made at different times, aud now there
is total of lsO.OOO,OOO of pastres, IsbOut $4,000
900 francs or 100000 dollars. The Treasury ID
indebted to the Sultan, on account OF arrears In
the civil list in the sum of 100000 or $4,000,
900 of francs an equal amount OF arrears to the
army and public officers; and to European mer
chants 25, O0O 900 or 3O,0O0,0eO Of francs. These
are all the elements Of the deficit. TIE facts are
known only by common notoriety, for the Turkish
Government publishes nothing in regard to sact
subjects Some of these statements may not be
at the exact figure, but on the whole 90 not ex
aggerate the state Of things. Thus fer, the Turk
ish Government has employed only pallatives
Up to the year 1895, q single bankiDg-house o.
Constantinople, acting on account of the Treasury
for a small commission, kept the Austrian duca'
ut 80 Turkish piastres, while it Is now worth IS
From this time to ls43 the Porte ab andoned the
system; exchange with Europe, left 20 ITSELF con
stantly rose, and in ls43 the ducat went up froG
80 to So. At that time what is called the none
tary reform took place. The Turkish Govern
ment undertook to strike only coins Of the true
standard, so that ITO piastres should represent
pound sterling and gradually withdraw from cir
oulation the inferior money issued since 1929.
Meantime, two banking houses of Constantine
pie pledged themselves, for a payment of 100000
or 500 600 france year, TO maintain the exchange
with Europe at the rate of lie piastres for the
pound sterling Things went on thus for several
years; but az the Turkish Government did no.
withdraw penny Of its inferior money from cir
culstion, but the contrary augmented its Issues
and for other reasons which we viii presently ex.
plain, these operations daily became more bar
densome, and finally the Government assumed
them on its own account establishing for that
purpose the Bank Of Constantinople. This az
sumed the functions Of the bankers; that il 20
say, it delivered all the paper required by Euro.
Pean commerce At the rate of no Piastres for the
pound sterling beside taking the paper money at
3 per cent. discount. These operations, which in
the beginning cost from 100000 to 500 900 francs
year, occasoned for the last year loss Of 5000.
600 of francs. This amount must constantly in
crease, for, as have before said. the excess Of
imports over exports is daily augmenting, to say
nothing Of the embarrassment which Is occasioned
to the Bank by the outrageous brokerage which
is carried on at its side. This Bank, really era.
ased only for Turkey, is made use of by Persia
Southern Europe. and the Danubian Provinces.
Uncurrent money is sent from those quarters 10
ConstantiDOple, which is received at preposterou.
rates. and exchanged for good bills on Europe
This viii not shaiter the Bank, but increases the