The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-09
THE TURKISH SITUATION.
A Dead Nation in a Dying
Land.
BANKRUPT AND HOPELESS.
Paper Money Which the People Know
TO Be Worthless

Experiences TO say nothing OF euihmoz ssnse, tells
Us that the Issue Of paper money by any government
no matter under what guarantees is sure sign ofthe
financial weakness Of the country. No clearer
implication OF this rule could DO given than that
which is afforded in the present state of Turkish
finances. Insolvent Turkey was six months ago,
that insolvency has boon douby increased by the
Issue OF paper money (caine) to the amount or
boo 000 600 pastres (about $40. 600 0o0l When, In
August last tho government declared intention OF
issuing paper money to the amount Of 400, 000 900
pastres-foresecing that this step would cause
further depression tho already greatly embarrassed
state OF trade Of the counry-t promised the public
that further issue would DO made until tho first
issue should have been recalled. This promise
quite Of piece with similar engagements mado by tho
Turkish government for shortly alter the
commencement Of the new year another issue
to the extent OF 500, 000 900 piaslres
put In circulation. The result might have boon Fore
told; the tradc and commerce OF the country now
In such state of stagnaton that unless unfore
seen event wards OF the impending blow will not DO
long before the Turks, TO quote Mr. Gladstone,
must "bag and baggage" leave Europe. OF course,
outside Of Turkey the caime has mere value at
lached to 1t than would DO bestowed upon the promis
sory motto OF a merchant whose affairs known to be
In the hands OF the bankruptcy court
A DEPRECATED CURRENCY.
AS everything exported, therefore, be paid for
in what is here called ''good money"-leading to the
inference that the paper money Is 'bad," indeed 1t
is for all purposes OF outside tradeit is obvious that
before long the currency of Turkey will DO entirely
paper AS yet this looming event has only scast its
shadow BEFORE" but nevertheless the probability
OF speedy arrival tends almost daily depreciatc
the value OF the came To-day 1t Is quoted at los;
that is to say, for Turkish Ira "a so nomnaliy) in
good money (equal to 100 piastres) money changer
will give you los piastres in notes In spending
this money you will find that different establish
ments different values attached the caime, and
purchasers, unless they have had the misfortune
to have been born or TO have resided for
o long time in the country, are entirely
at the mercy OF the shopkcepers In nearly all tho
shops the rate at which the came Is accepted posted
up, and OF dispute the proprietor merely points
to his tariff and there end Of IL. am speaking
now only so far as Constantinople is concerned In
the interior very different state OF affairs exists
Hero something like law and justice, although can't
say much for the latter, exist There ''mght." rep
resented Of course, by the Turks Is looked upon
"right." aud tbe weakest (the Christians) goes to
the WALL" The officials Of the government, from the
xaptehs (poicemcn) up to the mudrs and caimacams.
paid in caime ut the OF 100 piastrcs TO tho
ra Turkish pound, instead OF AZ the rate OF los
piastrcs, the negotiable value OF this paper money.
towns and villages in the interior they, somewhat
naturally it must BIO said, think that II they paid
its nominal they should be able pass
1t at that rate This shopkecpers in most
Chrstians-thc Turks being too lazy and apathetc to
engage to any great extent in tradeai to understand
Tho zaptiehs then resort force aud broken heads
and frequently loss OF life ensue.
PAPER.
My remarks as to these results arc not based upon
the evidence afforded by isolated cases. Almost
daily correspondence from the provinces gives par
tcuars CT instances of this kind. The troops stoo,
when they paid at all, paid In caime Not
long since something very much like riot took place
Daroanellcs in consequence OF this 1t appears
that the troops stationed there received some money
on account four months that owing to
them. This paid in caime but the authorities
had nothing but notes Tor 100 piastres, and they
wished to pay twenty five piastrcs each. After
sending round and finding It impossible to get the
small change IN the town. iney ovcrcame the difficulty
In this way. The soldiers told of lours and
TO each quartet in the presence OF the other three
was given note Tor 100 pastres, with
and then pay tho others Tho sarals lmoney
changers) shops were at once besicged, but the
difficulty experienced ming change was en-.
HANGED enIod owing the fact that tho soldiers set
q very different value upon the cnime TO what the
lradespeope md Disputes arose. assaults were com
mittcd, and ultimately the shops were closed Fortu.
natey Tor the conimercia community OF the place. the
next day supply oil twenty-five plastic notes arrived
from Constantnope. and the soldiers were enabled
dissolve their unwilling partnership.
TURKISH COIN
Between the came and tho good money como the
copper piastrcs which are now current at $50 10 the
Ira. The market to be overlooked with these
big smeilng COINS, which are rather larger and de.
cdedy heavier than the French five franc piece and
II while out walking you happen 10 have three four
in side pocket II Is absolutely necessary to
the corresponding pocket the other side.
II you do not you are likely to capsizc,
said 30 have got ducking ccauss-usually parting
his In the middle-he changed one day TO tho
sde and thus destroyed the equilibrium OF his fragile
Brait In each gold Ira there five silver
ncdjedchs, and In each medjedeh there four besh
hks, about franc; consequently with copper loo to
The ira. beshk should be worth pastres copper;
while, with caime at l65, note with the nominal
value oil live plastrcs should BIO represented copper
BY traction oil pastre under the value bears upon
It's face As before mentioned. however, the values
attached to the Turkish currency vary considerably.
IL Tor instance you buy pair OF gloves IN that gen
eral store on the Grand Rue dc Pera known as tho
Bon Marche (or no other reason as far as can make
than charges much higher than some Of the
medjedieh Is taken at the rate OF twenty piastrcs
only instead OF twenty-seven; but II, on the
other hand you happen TO tender payment In copper
you must pay at the rate OF twenty-sevcn To tho
medjedeh So diversified is the rate at which the
rous COINS are taken here that a. three shops joining
four and hall, i've and five and hall piastrcs Wnic
II returning 10 the street you should be tempted to
purchase ring OF fancy bread about us large as a
chiids hoop, and probably as paIatablo from an
.kmekdji, or itinerant baker--numbcrs Of whom you
meet In the Grand Ruc--lo youi surprise he takes
your bcshik ut seven aud q hali piastrcs.
BULL-DOZE BY STEAMSHIP COMPANY.
Sometimes the disputes hch arise as 10 the current
yauc OF came OF amusing character TO those
who arc parties to the controversy According to
the market, or Tor private reasons, the Bospnorus
steam com and other caterers for the convey
ancc oil the pubic frequently RAISE or lower the price
at winch they accept the caime; a.. lew days
boats running from different villages on the banks
81 the Bosphorus 10 Stamboul were surprised and
angry und that the employees OF tho company, when
they round, according 10 tho usual custom, 10
collect the fares just before the boat reached its des-
tnation, that their came was taken NJ slight per-
centago lower than that at which II had previously
been accepted. Tue difference was iDsignihcant but
the majority Of tho passengers we're regulars and
not .'transicnts,' they refused to accept
change upon tho deprecated tarG When the boat ar
rived tho BRIDGE rather within lew yards Of II,
there being many people on board who had not paid
their fares, the captain refused TO 80 any further so