Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1875-12-17

reasons Of the crisis, and the probable eiii-
cacy Of the means employed to avert utter
bankruptcy.
Twenty wear. ago. the Turkish govern
lnent had no foreign debt The united
efforts Of the English AMI French govern
meuts in the Crimean war had placed her on
stable footing hy the side Of other Euro
pesn governments. FMS new position re
quired new expenses The army must be
reorganizel and modelled after those OF kd-
ropean governments, u navy must be created
after the modern pattern oil iron-elai' aud
riaed cannon, and the civil ii-t must be ell
larged tn scale Of magnteenee consistent
with the dignity of her new position. All
this required extensive Outlays oi money,
which the revenues could not Immediately
furnish. This compelled the first foreign
loan for the modest sum of t3,OUO 900.
This sum met all present emergencies, and
the money came - ea-ily aud the debt Wa
50 easy to manage that in short time al
other loan was negotiated, and then another
until the habit Of periodical loans to re
plenish the exhausted treasury became well
established. Some OF the mole clear headed
and cautious Of Turkish statesmen saw the
ruin which must sooner or later follow thus
fatal policy, and made attempts to swell the
revenues Their taxation was increased in
every possible manner, until the poor people
were compelled 10 carry an almost insnp-
portable burden. WI hen foreign b0ndhold
ers became uneasy. great deal wa- said
about the resources Vi the country, it,
mines and its boundless agricultural wealth
When It WAS objected that these ought To-
give the government -lihcient revenue in
time Of lraee without resorting Il foreign
loans, it was urged that these Resources were
not developed patient until roai7 can he
built and the mines thoroughly opened up,
and the treasury will have 4 surplus AMI
this policy will end. And 81 loan alter
loan has been carried through at increasing
IL ruinous rates.
Meanwhile little or nothing ha- been
done to develop the resources Of the country.
The policy of the government ha' been t.
keep foreign capital cat Of the country
Until within two Or three Years no iJrei suer
has had the right to hold real estate IN his
own name. and now that the right i con
eeded, lie i obliged to take hi- place by the
SIDE Of the meanest native, and defend l.i~
interests, with DO resort 10 consular aid, in
courts OF Justice (0 more corrupt than were
even those Of New York under the Tweed
regime Thus foreign capital is kept ont
As for wealthy natives, they know OF no
way OF making money except by preying on
the poor, in imitation Of the government
by loaning their money at usurious rates OF
interest And these natives know too well,
By sad experience, that the moment they
begin 10 prosper in any enterprise, the
government would be sure To absorb their
gains i'll some new form of taxation
Thus the resources OF the country have
remained dormant anu the national debt ha-
reached the enormous figure OF some 1900
900 900, the interest of which Just about
absorbs the entire revenues OF the country
1t IS true that by the last" budget the re1
enues were set down at t2l 900 ,000 Will
the interest i only $4,000 900, leaving a
balance OF six millions for current expense
But excellent Judges DO not rely On these
fgures-it is believed that the revenues 10
more than equal the interest. And Yet,
knowing no other way, the government wa
To- h.s f,.FaN .
loans, LOANS, when her steps were Suddenly
arrested By the faithful showing up OF Turk
iSh affairs in the English Parliament lat
summer In view Of that discussion, and the
newspaper comments which followed, the
English people who hold at least seven
eighthS, Of ell Turkish bonds opened their
eyes 10 the fact that Turkey was ON the
highway 10 early bankruptcy. The loan
was, therefore, a failure and the government
was obliged to turn 10 the COnstantinople |
banks for temporary loan, which was =
cured at II per cent interest Then toll .
lowed the instruction IN the Herzegovina,
which imposed new burdens on the govern ,
ment and also still farther damaged her I
credit Then came the October interest, {,
meet which the government WIS obliged 10 /
turn to the C5nstsntn0p!e banks, which, /
after much difficulty, were able 10 uegJ
tate another temporary loan at j. Per /
cent.
Tue situation wa- growing desperate
general sweeping attempt had been made to
cut down salaries, the Grand \lzier yolun
tarily RENTING three fourths Of hi~ em0lu
ments With new yigor. effort. were pat
forth u collect taxes, in some instances de-
handing the arrearages Of twenty year,,
even collecting OF Communities the debts OF
those who had been many years in their
graves. And still the treasury was empty.
with the temporary loans of July and OctO-
Der to be met and the quarterly installmentS
Of interest. Bankruptcy seemed to stare
the government in the face. and On all -ldes
the question was anxiou~ly and eagerly Ills
cnSsei ' W hat j. t. be done"
The Oihcers OF the government are 10 TX
redited with a good deal Of skill. in avoid
lug the apparent necessity Of bald repadia
ton by adopting Medium course They
have issued a decree that o1iy e-hali the
interest On the permanent !ebt be paid in
money during the next I've years, the bal
ince 10 be paid in government bonds At par,
bearing ger cent interest How the bond
holders will receive this measure does not
vet appear, bat It + more than probable they
will submit 10 It, On the ground that halt
oat Is better than nothing This they can
the better afford 10 do since the bonds they
lold were bought at les than halt their
nominal value.
This measure will give the government a
lew lease Of life. but unless there Is de
,ided change Of policy, the fatal day is ouly
al Rnr fltar ~ - 4 ]
promises Of change of policy. II i said
hat Us much Of the seven and halt mil
iol.S thus secured to the treasury as can be .
ayed ION current expenses will be faith
ully applied 10 the building of roads and
ther internal Improvements. Besides, the
resent Grand NizIer proposes to offer the
most liberal inducements for the introdnc-
ion of foreign capital into the country, that
he long talked 0f " development Of re !
ources" nav indeed be realized during the
ext five wears This il possible, but must
onfess DO not think it very probable.
hen the Turks once more find their trea-- o
nv replenished. it il more likely that they {
ill vie with each other. like dogs over
areas, to see winch can help himself TO !
he most spoil At the end Of five year>
he country will find its debt increased by
1me forty or fifty millions with sub@tan- I
tally the same old problem, only more az
to solve In short, unless honesty
hall be permitted to reign in the affairs Of
be government the end, though delayed for 8,
season. i sure to be destruction. j
Yours. NJ = p
Gar New York Letter.
,HuANY HALL--CHRISTgAs CifTs-THE LACK y
OF WOsE-CRuEITY-TH EsCiPF or HD>s Ia