, 1876-05-31
THE ART OF REPUTATION,


ous experiences with their nntionnl creditors,
and the English papers, in grimly humor-
OTIS sway, arc beginning to discuss reputation
as a science or fine art. Tic London Spec
tator, iii all article upon this topic, calls at
tention to tho peculiar tinnnciering Of three
or four nations whose bonds aro in every
truo I}riton's pocket. First, como the
Turkish vipers, who 1lavo turned upon their
English bcnefactors md stung them after
hnying been defended against the great lus-
Sim l,car and accommodated with 1nillionR
Of money to mako good their wnr losses.
And now the IS Sick Man Of Constantinoplo
hns so managed his oxcl'ecquer rs to utterly
cxtinguish his credit. As tho Spectator says:
Tho theory Of tho Porto is that tho
Government will pay l,nlf their prom
ised interest regularly, and if they
do, Turks nro worth ut lcnst
so, per cent being about tho usual interest
required on n second class security but what
with promises of improbable future pay
nloMts, and issues Of bonds for interest which
only increase the debt, md ridiculous pay
nents to sinking funds, Turks are worth
Ii, and tho flonting debt increases every
day." Spain is another instance which
brings grief to tho British pocket filed with
Spanish bonds, since sle also il On tho royal
ronl to Republication, Spain Inns tho honor Of
competing will. Great Britain in ono respect.
She ]sas public debt almost Us big aa the
British, mud increasing go fast thas 1t will
soon meet and pass it. Thoro is no posi-
bl1ity that it can ever bu paid. Sho could,
however, by removing her ilonting debt, pay,
rs the Spectator intimatos, nbout SIS, 400, QUO
per nnnuu,, which could 10 increased in
time with moro Bcienliho taxation, but in
stead Of this, tho Minister of Finance Inns
n,ailo compromise which has sent Spanish
stocks down to H. With d debt Of $S:,,h0o,-
000,O00, the interest OH which moro than
consumes NIL tho revenues Of tho Kingdom,
the 1Iidalgos aro advancing 1ncrrily nlong to
bankruptcy. Tho pcruvinns havo Eeon re-
1narkably handy in bankrnpting themselves,
and Fcruvian boutla lnve been ns plenty in
England rs plu1n-pudtlings, and tho Spectator
lnournfnlly la1ncnts that tho Peruvian
Government-which han this advantage over
most other Governments, TINT it can pawn
visible and tangible article rs collateral &C.
curisy, can, Ms it were, deposit jewels
to baek it's noto Of haud-hns yacillateG, and
intrigued, and jobbod till its credit ii de-
stroyed md ita creditors ruined, with
out any sufficient relief to it's Treasury,
which, by all accounts, il moro cnpty
than when it was paying interest oyer
tho counter" Lastly, tho Egyptians aro be-
ginning to play fast md loose with their
bonds, and 10 act rs if they also wcro stnrt-
ing out on tho road to rcp,.l;ntion. JonH
Bull is evidently i'll sad plight, as ),o
stands with hin pockets stuffed with tho
!. o. U'a Of tho Turks, Spaniayls, Peruyians,
Egyptians, and other loatl,on, md watches
his debtors going into bankruptcy, one aftor
tho other, preparatory to landing in final re-
pudiation. Ills plight, in fact, il almost
pitiable, Ms may bo seen by tho following
sample lament from tilo SPECTATOR:
No good, whatever. TINT wc sec, accrlcs to any.
hody from tlta sort Of laundering, and lcnat of ait
to the State, which IN tue only party Il, tue nair
wtloac interests We need consider today or prr-
haiss ut any time. The casc inust hc very cxceu-
tiunal In which tho wlhest arrangement for the
Stac Ia not ulso the wirest fnr tic bonlhotlctp,
md W. tnay take 1t, fur the purpose Of ths arEt-
tnent, TINT their interests arc identical Stppoa-
Ing, thrn TINT statn either ttrough Internal i'll
cHltlcs such M civil war through tho failure Of
sa revenues, or through continued COURSE Of ex.
travasnnce, has become unable meet It's engage.
n'cnta. but fs still somt Kpare Teycnuc left, what
c'arsc wonl'l ucnslbte Minister atlopts We can-
not but believe tint 1t would be exactly tu Gun.
tTary course to the one now fMb1tua!ly adopted, -
that hv wauld contrnct tho Amnunt of nominal lIn.
b!lty, rather than tho amount Of nominal interest.