The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1877-05-04
TURKEYS FINANCIAL CONDITION.


Paper Money in Unlimited Quantities
scrip Which Is Almost yalueless-The
Money Worth Nothing Outside of the EN-
pire.
The insolvency of Turkey has been, to
n considerable extent, increased by the
issue of paper money (caime) to the
amount of 700,000,000 piasters, about
1919, 100000. When in August, 1876,
the Government declared its intention of
issuing paper money to the amount of
300, 100000 piasters, it promised the
public that no further issue would be
made until the first issue should have
been recalled This promise, like most
of those made by the Porte, was soon
broken for, shortly after the commence
ment of the present year, another issue
to the extent of 400, 900, 900 was put in
circulation. The result is complete
state of stagnation, and, unless some
unforeseen event wards off the impend-
ing blow, it will not be long before the
Turks, to quote Mr.. Gladstone, must,
" bag and baggage, leave Europe. Out
side Turkey this paper money, or caime,
has no value whatever. The caime daily
depreciates in value. Our latest advices
quoted it at 165. that is to say, for a
Turkish Ira GA. 10), nominally 100 pins
tiers, money changer would give you
165 piasters in notes. Different values
are attached to the caime by different
establishments, and when one at
tempts to spend his money he is
entirely at the mercy of the shop-keep-
ers. The officials of the Government
oil 10 30
paid at the rate of 100 piasters to the lira,
instead of Mt the rate of 165 piasters, the
negotiable value of the money. The
army, too, when paid at all, are paid in
caime. This fact, not long since, led to
almost q riot. The troops stationed at
the Dardanelles received money on ac-
count of four months arrears that were
owing them. This was paid in caime,
but as the paymasters had nothing less
than notes for 100 piasters, and they
wished to pay the men % piasters each,
they overcame the difficulty in this way !:
The soldiers were told off into tours, and
to each quartet, in the presence of the
other three, was given n note with in
structions to get change for it where he
could, and then pay the others. The
ooTuJS \ilout -cllttllSeIS) anu SnOpS were
at once besieged, but the difficulty expe-
rienced in obtaining change was enhanced
ten-fold, owing TO the fact that the sol
diers set a very different value upon the
caime to what the tradespeople did.
Disputes arose, assaults were committed,
and ultimately the shops were closed.
Fortunately for the commercial commu-
nifty of the place, the next day a supply
of 25-piaster notes arrived from Con-
stantinople, and the soldiers were en-
abled to dissolve their unwilling partner
ship.
Between the caime and the "good +"
money come the copper piasters, which
are now current at 80 to the Ira. In
each gold Ira there are five silver medji-
diehs, and in each medjidieh there are
four beshliks, one of which is equal to a
franc; consequently, with copper at $50
the Ira, a beshlik should be worth seven
and half piasters, copper while, with
caime at 165, note with nominal value
of 5 piasters should be represented in
copper by fraction of plaster under
the value it bears upon its face.