The daily gazette., 1875-11-04
From the New York Journal OF Commerce..
n Sick Man SicEer Than Eyer.

The financial default in Turkev has
mas caused more sensation among Eu-
! ropean capitalists and inventors than
any disaster of the kind that has hap
| pened of late years. About 5000. .OO0.-
UUO OF Turkish securities are now held
IN the money centres of Europe; Eng
ianG has the largest share of these
France is the next important holder:
Austria has good stock of the i'm.
periled securities on hand, and even
Italy has boasted of yearly rcvensc
of $12 900, 900 from Turkish bonds
High interest, consummate skill in
placing the bonds, and a general i'm
preston (which the financial agents
always sought to encouage) that the
W estern powers would, by diplomatic
representations or other interference.
keep Turkey from rcpudiating her
debts, were the causes which led to the
popularity of her loans. In fact, none
OF the Western powers had done any
thing to warrant this impression. Eng.
land and France did once assist Turkey
In financial extremity by giving "a
Joint guaranty for the payment of the
interest on the Turkish loan of 1885
but beyond that neither Of those coua.
tries, which have most at stake in the
Turkish solvency, has assisted or coun.
seled in the administration of her
financial affairs. The unlucky holders
lot Turkish funds In England dixie
th2se in the other countries) are now
suffering the inevitable penalty of their
own etceu ot gain, credulity, want Of
Judgment, akl even of common sense
L -
losing millions in &rntrai and SOL,
American bonds becaise thev wo,,IJ
not take the trouble to C~nsgIi go
raphy or gazetteer OF any other lfiIra1.
tial source of information about the
governments to which they loaned
their money. The temptation of ten
per cent. interest wholly blinded them
to suspicious which would have pre-
vented less ravenous capitalists from
investing, And SO these Turkish bonds
could never have been placed in Eng
land or elsewhere had capitalists given
five minutes study to the rotten and
decrepid condition of the Turkish
empire any time in the last twenty
wears. Besides possessing the worst
8 heme or theory Of government in the
world, she is the most eXtrayagant
and reckless OF nations in her expendi.
lures. And not dollar of these go for
railroads or other internal improve
ments, but the whole is squandered
on an army and navy, in building pal
aces, in ministering TO imperial pomp
and pleasure, and in supporting % vast
horde Of worthless officials. These
facts were accessible to all persons who
could and would read or use their
tongues in asking questions; and thus
| it is that one cannot feel much pity for
| the majority of those dupes who suffer
| from the repudiating policy of the
| Turkish Government. To an outsider
| there is something almost comic4i
in the bewilderment of the British
bondholders who held a consultation
| meeting in London on the 10Th ultimo.
Some of the unfOrtunates were in favor
| of gently remonstrating-by commit
| tee-with the Sultan, and persuading
| him by the power of reason to canoe,
| the fatal decree. Others thought that
| England, France and Italy should take
| right hold and lecture or threaten Tur-
| key into retracting her resolution and
! rcsuming payment. One sagacious
bondholder recommended that the
| Crown should deprive thz Sultan o.
| the Order of the Garter in case he per-
sistS in repudiation. After much eX-
citement and nonsensical talk the meet
ing resolved to memorabilia the Brit.
| ish Government to make some repre-
sentation to Turkey. 1t is possible
that this may be done, The French
Government has already, in compliance
with the urgent request of anxious cit
| liens, demonstrated with Turkey on
the subject Austria and Italy, with
| England, may also have something to
say. But it will take more than remon-
STRANGE or advice to make Turkey pay
| her debts or the interest upon them
regularly. The proposition which she
has made to pay for five years the in
| terest and sinking funds half in cash
aud half in new five per cent. bonds
il undoubtedly the best she can do,
The bondholders may think themselves
lucky if they get that much. AS for
the future Of Turkey she has no visi-
ble escape frome hopeless bankruptcy
unless she passes under the control OF
some strong power or powers which
will govern her for this good Of herself
and o. Europe.