The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-27

interest due the allied debt OF e. 10y, oOo, but
they bnd Greece not TO pay any siialaI sam 20 &C
count OF the interest due on the ou ioths vi ios9
It would require long dissertation to discuss the
practicable measures by when 6retts can escape
from its present state OF insolvency anu Ieappear on
Tie Stock Exchange In a position emitting her to
credit. Some persons, however, VINO are better
acquainted with the material resources oi tne coun
believe that the thing - possible Greece mas
outlived more dangerous financial crisis. The
Bayarlan monarchy was Launched into the sea
OF Eastern revolutions In the year 1885, with
= debt OF Is 100000 and with revenue OF
GOO. The interest or the debt amounted to
f2S00O0. II was evident that King Ohio could
not carry on his government with Cd 900 year, 80
the protecting Powers became hls bankers and
adopted very stringent measures for protecting
themselves. Instead OF restricting the annual inter-
est ON the whole Greek debt TO TWO ana a half per
cent and encouraging financial honesty by inducing
the bonChoers VI the Old debt TO accept the terms
they imposed on themselves the Cabinets or Great
Britain, trance and Russia annuled the prior mort
gage oi the english creditors on the national lands
M the Greek Kingdom This measure or the protect
ing overs mas forced Greece INTO many costly ex-
pedents for RAISING money and into long series OF
demoralizing financial acts. But, as we said, the
Greek monarchy has lived on since 1888 with only
about half dozen rebellions, two revolutions and
one change OF dynasty. And the Greeks II not
financially more moral IN 1865 than they were at the
establishment OF the monarchy and at the revolu.
tons in 1913 and 1862 are unquesonaby richer and
more prosperous.
The economical characteristics Of the monarchy are
lavish expenditure, increased taxation, bankruptcy
as regards the foreign debts punctuai payment OF
interest as REGARDS the Internal debts, great love Tor
riied guns and iron-clad rigaeS and great neglect
OF police arrangements, roads, bridges and ports IL
would serve no good purpose TO speak In detail OF
these things; but IL must be noticed that the BRUSH
government cannot get quit oI Its position as one OF
the three protecting Powers OF Greece as easily 1t
escaped from the burden OF lonian protection. Wnen
public opinion in Eng and can be reused 10 protect
the Greeks IN efficient measures OF financial reform
IL must call Oh tie British government 10 cancel the
twelfth article OF the convention relative 10 The es-
adjustment oI monarchy IN greece between the
courts oI Great Britain, France and Russia,
anu The King OF Bavaria acting as guardian
his MI s4V. f By this S'a Article the Creek State
was obliged TO appropriate to the payment OF the
interest OF the loan imposed ON Greece by the four
S0vere.g1S who signed the convention the first reYe
OF the country $50 that the actual receipts OF
the Treasury shall be turned over to the protecting
Powers and shall not be employed for any other pur
pore until the interest and sinking fund have been
occurred for the current year." Public opinion may
PERHAPS draw cynical comparisons between OBJ
lsusiye money lenders ana young ensiens with good
prospects 60
The mean annual amount of the Greek revenue
from 1888 to lo4s was f4oCoO0 inc large flyli st
and the expense Of recruiting and Transporting to
Greece 5000 Bavarian troops caused large annual
deficit, which was covered by advances from the
allied loan. These advances were doed out by
the protecting Powers IN the way most likely
to encourage the Greek Court in improvident
and Improbable expenditure. Count Sponneck,
the Danish counsellor OF the new dynasty who
to Athens TO teach the Greeks the whole art Of
government and finance, IN one OF those marvellous
epistles which amused his enemies and terrified his
friends, spoke OF Great Britain, France aud Russia as
governments '.called by you Greeks three protecting
POWers, DeneiactorS OF Greece." Inc projecting
Powers were, however, soon 30 ashamed of the
twelfth article of their convention that they never
carried 1t into execution openly. They have, never
SheesS, made it ground for subsequent conven-
lions and protests almost as lust ana unreas0n-
able. All the leading stipuatons OF the convention
Of 1882 have been consigned 10 oblivion King OHIO
dcthronea and died in exile. The treaty rights
OF the Bavarian dynasty were coniscated. Another
dynasty occupies the throne OF Greece under new
conventions IL is time Tor Parliament release The
Greek government from the Onelous conditions
which annulled u prior mortgage, ana enable II to
commence career oil financial honesty OF which IL
now appreciates the money value.