The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-27

the poverty and disease OF . neglected river TIA
versed country, oppressed with rauk vegetation,
poverty and oiseAsr Industry and intelligence IA.
vOred by der ru'e on the pact OF he Turks.
have improved the country Ia sanitary aud social
ss well as IN an Agricultural sense; and what has
be en- done 10 BasaTis Day be done else ShsFe.
The resoar es Of Turkey, b,th In Eucops a1d IN
Asia are censssss dly enormous; the various races
| usder TIE Sultshs sway are not without energy
aud .iDe usty. Under the nes iosti utoas--Above
! al, under The rev sDirt IN which the government
| Is con6uctet--tfa a. larg commerce which already
| exists with Turkey cannot fai TO In rease. Nor
it be said that for these Improve meats we rely
| upon the lazy TURKS. We rely upon nothng Of the
| sort The rurk. do not seen likely ever 10 arrive
| atthat perfe ton in the practical management OF
Affairs POLITICAL and commercial which dis fagushes
| the western nations. But wh.t the Turks do seem
likely to understand and praetice ID the minimum
Of Interference with the subject races, consistent
with order in the development OF the resources Of
the country. Turkey may be said to be country OF
castles where roughly seakicg the dominant race re-
serves to itself he dii airy poser aud where another
race ts the soil, while third transacts the COM
merce.
Freed from Russian intrigues and aggrezsons,
impreenated with Europeao ideas, conceded q
gate OF Countries under that NAME bids fair to take
stride forward, at least sufficiently far 70 warrant
tie loan OF few millions the strength OF her vast
resources. Time and events win SHOW the Turks
thai they must c0ncede some share OF the power
and full share Of liberty to the subject races and
as the country with regard to az iculture aud COM
merce may be deemed to possess virgin soil, there
nation tn the productiveness which in past ages
ma te Il the seat Of EN- Dire.
Under these circumstances we cannot think that
the demand made by the Turkish government upon
the capitalists Of Europe is un earranted BY facts.
The gentlemen who frequent the Stock Exchange
are not wanting in sympathes for patriotism and
Dafional Independence and II to the above coosi-
may b. looked upon as efficient aid to Turkey in
tho war which, with France, England, and Austria
ct her back, she L. waging with Russia-they may
fDd in that an indnctment not presented BY every
demand or loan which Is addressed TO them.
from the London Times, Aug III
The result OF the new negotiations for Turkish
loan will be watched with interest. Former circum
stances have damaged its prospects, but more from
the confused Impressions the! have left, than from
however, should be understood. It was nearly three
years back-pamely, on the 3lst Of October, 1851
that Turkey first attempted to become q borrower.
For some years the currency of the country had
peienced depreciation, and to restore it, the Bank
OF Constantin0lle was authorized by the Ministry
to contract loan Of e. 600 900. The terms ar
ranged ut London and Paris we're for six per cent
stock at par guaranteed BY the government, and to
be reimbursed in twenty three years at f120. Con-
soils at that time were at 100, and the reliance upon
the honor of Turkey was such tina; the scrip of the
new bonds, in the course Of q few weeks, advanced
to premium, with the prospect of further
Rumors however, became prevalent that the
terms were considered too Cnerous Mt Constantine.
le, AID that ttey would be disavowed the ground
that the Turkish Plenipotentiary at Paris had ex-
ceeded bis authority, ami that the scrip had been
Issued without the tioa warrant OF an imperial FIR
man. For some months the question remained in
aeeyance. but 1t was eventually settled by return
OF Their money to tfs tcrpholders, with bonus Of
HQr hia M FRY hor Ii
were heard OF until December last, when Namik
Pasba visited Paris and London, and arranged the
Details Of loan Of 000 half of which was
to have been subscribed ny the CrSdet Moblier.
with the sanction of the French government, aud
the other half in London. To the astonishment Of
every ore. however, the proper firman appeared
lions were broken Off Finally, on the Esd of March
last, little more than four months ago, Messrs. I
Rofhschild announced the completion of terms COM
pr1sing loan of f2 200 900 In six per cent stock
at 60, redeemable in fifteen years.
ConsOls at that time we've Ut 500, and on the fol-
lowing morning hasy quotations Of the scrip we're |
mace al premium. 1t soon, however, declined to |
to premium, and the declarati n Of war, which |
aPpea ed five days afterwards, having sent cOnsos !
ia panic down to $751; the public withdrew from
subscribing, and the affair was not carried further
1t is by the light Of these circumstances that the
proposals now about to be put forth must be con,
sidered. They involve two points: First, the ex.
tent of dscredit inflicted by the disavo val Of the
original contract in 1851; and next, the present
position OF Turkey, as regards her ability to fulfil
any engagement abe may contract, compared to
what 1t was at that period. In respec. to the first
al, there 10 no question as to the correctness of
er assertion that it was issued premsturely, far
as concerns the absence of the firman which was |
Necessary to its ultimate validity.
but the charge sgalst her was, that, although the
contractors might have been, to some extent want.
ing in vigilance they committed no error, except
they were misled by all the high fuDctionaries Of
tse Sultan; and, moreoAer that no notice given
to them OF any rreguiarity until the loan had been
many weeks in the market at large premium, and
part OF the proceeds had absolutely been received by
the Turkish government, and applied to the ext. |
gencies Of the State. The hour for ca, ceiling the
bargain on any other terms than that Of paying it's
full value to the holders-namely, ii per cent pre-
mium-had therefore, passed, and it was commended
by those who most sincerel, desired to see Turkey |
sustain, at any cost, her traditional honor, that |
nothing short Of this would satisfy the requirements
OF the case: Instead Of II per cent premium, how.
cent, returning, at the same time, principle and
interest in full. To the extent Of that allowance the
English public we're clear gamers By the transaction,
although individual holders Who had purch ased ct
the higest quotation sustained severe loss
This, however, ia no justification any more th an
If man who bad sold coneols to an agent at 90
were to deny the power Of that agent and to refuse
to "a, offering one per cent In settlement Of the
speculation.
But II must be remembered that the charge. even
under any aspect is not that Turkey dshonored any
direct and legal debt, but that eas failed A. ms
ment great perplexit TO act the high
est construction Of novel and peculiar question Of
n""sncial equity. The disavowal Of the loan Is we'll
known TO have been the work Of the reactionary
party who soon afterwards came tenn oorarily into
o61ce, and who had evidently acted under the de-
cerasing influences OF Russian intrigue. It il also
known that In the absence OF Lord Stratford the
Porto received even English advice, to the effect
that the step II proposed was all that could be
fairly required, while there were portions Of the
press in this country who were likewise disposed to
consider that the Stock Exchange were attempting
an exaction.
That those were tho real friends of Turkey, who
pointed the stern conditions she owed has siuce
beeu fully proved the result OF her imperfect
course, by which abe saved a few thousand nounda