, 1877-02-03
The Turkish UItinatum.

act ssore he could hste1i 10 respunsIbs advice IN
cabinet meetins.-S- /. Hlrdld
The Turkish EItinlatum.
The Turkish grand council has at
last settled the pending negotiations
by peremptorily rejecting the propos~
ais of the powers, snd declaring that
The Porte will submit 30 no terms
which are dishonOrable or humiliating-
This Is a curious termination of the
conference, and eviDees a remarkable
change in the position Of the eastern
question. Three months ago Turkey
was almost on her knees 10 the pow
err. Russia was threatening on her
frontier. The possibility of march
TO Cunstantinopie was the current
topic of conversation. England had
solemnly warned the Porte that If 1t
went 10 war it must expect no help
from her. And IN fact all Europe was
gird,ng at the Turk, while Meesrs.
Gladstone and Bright were firing the
British heart, and demanding, with
exceeding tierceness, that the wicked
Turk should recroSs the BOsphorus.
Since then, however, a rev man has
come upon the scene, and his name IL
Midhal Pasha. OF European descent
and training ambitious, bold. IN
scrupuluuI and sagacIous q; he has is
suned The periIon> Grand Nizle:ate,
and with it the porlentous task OF de
livering TurFey from her present
troubles. Since he took the helm
lhe complexion Of things has very
rapidly changed. The Porte has been
no longer suppliant, but has recover
ed lis characteristic stubborness and
pride. Every means has been adopt
ed TO stimulate the religious passion
and prejudice Of the Mohammedau~.
All talk OF submission has been aban
doned And now We see the pcwers
relreating discomtited from a mission
they undertook for the express pur
pose of di>posing finally Of the sick
NAN. aud Russia at the same time Is
said to have formally announced to
her foreign representatives that she
does not feel justified in pursuing
warlike policy, lacking European al
lianCes.
As for this last report, We place no
confidence in it. Russia knows her
self well able TO cope with Turkey
single handed. She has done il before
when her resources were far less form
liable. Aud We believe that othiug
less serious than the dread of a gener
al commercial panic or.i nAllaI.so ', al
now reS:r1In iv.. That however must,
and such catastrophe IL among the
possibilities. The truth is that the
Russian finances are IN AL exceedingly
embarrassed condition, while her com
merce was never iii such straits, The
prospect Of war at this time with
power known to be so resulute and
desperate as Turkey might well pre-
cipltate the crash, and il the tace OF
impending bankruptcy war would be
oUt of tie question.
II is true that the Porte Is no bet
ter prepared for so formidable an un-
dertaking, but the Padi>hah is about
to tave recourse 10 an issue of paper
money, and as he does not intend TO
bother himself with any promises Of
future redemption he will no doub;
get Oh swimmlngly to- few months,
and until the natural course of depre-
citation has compelled him to issue sew
eral thousand million notes, when of
course the experience of all similar
experiments will be repeated. a:
this moment, however, tie Porte oc-
cupIes the most positive attitude of
any power in Europe, and it is curi-
Gus to observe thai as it has regained
is resolutions the PienipoteDtiaries
have appeared to lose theirs. In fact
these gentlemen leave The Conference
in attitudes unpleasanIly suggestive of
dogs retreatirg with their tails be-
tween their legs, while the Turk
whom they came to bully and dictate
70 is marching proudly about with
chip on his Muhammedan shuiders,
deiying all creation.
TRADE STATISTICS.-The PuNI of New
YORK gives Il compilation embracing the tran
s4criuus Of the principal clearing houses Of
the country. The compilation Is not com
Hlete, ss the operations of only twelve Of the
twenty clearing houses IN the Cnpn'ry are In
cluied but il includes lhosa Of he principal
cities. and the number embraces 3l2 banks ur
the 39f that are associated with clearing
housrs TIE Transactions rspOrr>i aggregar-
for the yesr 1870 S3l. .29l go 615 To this
should be add,i d bout 5000. .UO0, 900 for the
Louisville clearing house, which Is not re-
ported for 1915, but i, included in the repor,
Tor 1876. which az Sreg4Te- So, ,2jt G6l ,S:}S
The decline fr the year 1876. as cInnare,;
with the previous year, was nearly 10 per
cent. or al amount a tI'rl7 more Ihzu IS ,00j.-
0G0 600 But two of ne twelve cities ennu-
Grated show a gzir for the last year. New
Orleans shows gain OF $ per cent and Phil
ade,phia Of : per cent. New Yo;k declined
from SD .3G5 ,5l5. .692 in 1915 TO $40 535 .3lS,-
057 IA 1876. The decline l.. however, more
spoaren, than al. /, l. 10, supposed that
there was any material decrease in the qnili-
ties of commodities exchanged. but that e1-
changes were made at lower prices.
IL spite of the fact that the radical
managers of the freejIneE's bank rob
bed the negroes all over the South Of
81 GJt, 600, the HAYES organs still
maintain that every negro Is necessa-
rily q radical. This is midsummer
rralreSs IN tie 2auh Of .,.in,nr