Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1876-07-07

Letter from Turkey.
TURKISH POLITICS AND FINANCES.
ERzRooM, Turkey, May IL, ls76.
To the Editor Of tie Free Press and Times:
Everything in this land seems moving
rapidly towards destruction. Old institu-
tions die hard and the end may be good
way in the future, but it is difficult to con-
ceive of anything short of a complete wip-
ing out of the present institutions and the
substitution of something better in their
place, that can arrest the present down
ward tendency.
have already informed you of the arbi-
trary action of the Turkish government of
last October, by which only One-half the
interest on the national debt should there
fore, for period of five years, be paid in
cash, the balance to be paid in promises to
pay bearing interest at five per cent. rs
most intelligent observers predicted at the
time. the government has been unable To
fulfill its promise to pay the halt-interost.
The January interest was paid in part, bat
payments which toll due in March and
April have been formally postponed till
July. under the plausible plea tina, the sheep
tax. now in process of collection, VIII be
sufficient to clear off all liabilities at that
time. Ii is not probable. however. that the
sheep tax can any more than meet current
expenses after the stealings Of government
officials have been deducted. So when
July comes the Turks will need to study up
some new excuse for a further postpone
ment Of payment. never forgetting to care
fully and generously reckon interest on the
delayed interest.
Meanwhile the creditors Of the govern
ment have been studying ways and means
Of saving something from the general
wreck. 4 grand scheme of " unifcation'
is proposed, by which all the different loans
Of the government will be brought into one
consolidated debt of El25 900 600 Tur-
kish, about $500 600 900 OF this sum
sum 300, ,000, 900 will be required to
absorb the old onds Of tho government
which the credit agree to give at the
rate of 225 of the old for 100 Of the new.
the remaining f25 100000 being sold 50
as to help the Turks pay Of their float
ing debt. This new debt l. to bear interest
at per cent, the faithful payment Of the
interest to be secured by the sequestrati0n
Of certain revenues of the country, amount
ing to IS. S.000,00O to be paid directly tor q
period OF thirty years, 10 society 10 be
newly organized by the b0nd-h0lierS.
The inducement TO enter into this scheme
on the part of the Turks is that their pres
ent debt will By it be reduced nore than
One-half. But the chef attraction is that
it holds out the hope to a bankrupt govern
ment of realizing another loan. tender
my sympathy IN advance to those dear IN
n0cents who may be induced 10 risk any
more money in the hand Of the Turks.
The bOndhOlders consent - such large
reduction of their claims IN the hope ot
better security on the reduced debt. II
the government would faithfully stand
aside and per nit the bondholdcr- 10 collect
their interest out OF the revenues OF the
country, they would surely be well secured.
But then there l. no reasonable prospect OF
this. The Turks have already solemu.y
pledged certain revenues 10 the payment
of interest on certain loans. only ID violate
their word and divert those rcyeuues 10
their own uses. 1t may be urged that the
security here Is better because the bond
holders through their society viii be per
mitted to collect their own interest from
the revenues of the country. ! ana not 80
sure OF that The nJndholicr- have no
governmental authority nor military power,
and the moment the Turks find that they
need the revenues the bondhoiicr- axe col
Letting on the account OF interest. they VIII
quietly push them ASIDE. and take p1-~e--
son Of those revenues for themselves. and
the hondh0lders Will be as helpless 60 pre-
vent Il a. they now are 90 collect thc inter-
est on their present claims. IrC whole
,cheme Is therefore cheat. lut oi which
the Turks may gain something. bIt the lu-
noccnt bOndhoiders nothing.
II there were a spark of honor or honesty
- be found amongst the rulers Dt Turkey.
there would be some hope But Acre is no
such ground Of hope From the Sultan
down. all Is bribery and veuality. The
sovereign sells all h.~ iayors o. the h.ghe~;
bidder. receiving IN return large sums %
money. or costly presents Of jewClry. or
yachts, or now inmates for MS harem The
Grand Nlzier. next IN rank. first buys hi-
/ position OF the Sultan and only retains bis
oiiee by constantly watching ami catering
10 the childish whIm~ of his sovereign. y
he has bought his power az great cost. 80
De- must reimburse himself ly selling cii'e-
to his interiors, and thcy % their interiors,
untll those who have no CinrC- T. sell are
forced - save Themselves hy accepting
/ hrihcs- Thus every thing j. hopclcs-y ycnai
and rotten. Every man connected with the
government Is morally dcbaucaci. and ail.
without exception, while trampdnr all iG,-
ucc and honor and honesty under i1ot, are
engaged IN an unsccmly and rayonou-
S'taup'c ",'e' 'he Spoiis' Ohlo-- some
~ I'm. Shu DT -o' i-'d % Iv-ci.tIlt' u.
N ~ l,. - 'i1"'V il" "9u'
ils'' anu p'aoy tnCn ""'Ic tH'S NAV p'
m uon''@l .' 10 riiAnso thi' s'''e o' 'alii
al 'H4usn' ol improvement must 'e u'9'
/ inlS'eu- Al present 'heFe Is no germ OF re-
'oIh leIl ana IL 'Aere were there IS no
Io'! AuAl'1cu 20 us eeINina'loh anu growth.
IA my We" Only radical ana Fe'o4l'i'hAfS
cHansc can meet the case
men anu now tnat chanse j. coming;
LOT IL seems inevitable at no distant day
VIII hot attempt TO prelict. but 10 may
gro" IN some way out oi the rcoe,lIon no"
IN pt'sres, IN ~ inc Herzegovina. for near
I ly a year the Turkish government. with IL