San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1878-05-04
EGYPT'S RUIN.

A Country Bankrupted by It's Extrava.
giant Isuler-The Khedive's FOndness for
gorgeous Fetes and High-Priced Act
rSsses.
correspondence of the Philadelphia Press.J
ALEXANDRIA, EGYPT, March 3.-We
are in the midst of a Government finan-
cial crisis of the most serious character.
All payments are stopped, interest on
the public debt, salaries to officials, and
the claims of private creditors. 1t is
most extraordinary state of things,
when we compare the financial condi-
ton of Egypt with what it was on the
accession of Ismail Pasha and its pres
ent status. Then, there was no public
debt; now it is about $40, 100000, ex-
elusive of the Khedive's private debt OF
$40, 100000. When tho Khedive came
to the throne he owned only $4,000 fed
dams (acres) of land; now he possesses
1000, 900 feddans, or one-fifth of all the
cultivated lands of Egypt. How he &C
quired such an immense quantity it is
not easy to explain. A great deal OF it
was obtained by force from the fellahs
in one way or another, and the more
readily, as there is no justice for them
in local courts where the Khedive is de-
fendant. The worst of this concentra-
ton of land jim thea hands of the Khe-
dive is that, being cultivated on his ac-
count by paid agents, the land yields
much less than when in the hands of
peasant proprietors. Their products
also 20 into the Government ware
houses, and the Khedive fixes the prices
at will, rules the market, and becomes
the commercial monopolist of Egypt.
If this million of acres were let at "a
the feddan,, it would give an annual net
return of E4,OOO,OOO sterling, from
which 100000 could be taken for the
interest on the private debt of the Khe.
dive, and the rest could be applied to
the uses of the public debt. .., ..
WHAT HAS BECOME OF THE MONEY?
From 1868 to 1877 the cultivators of
lands paid into the Treasury of the State
914O, 10000 sterling. Add to this &c.,
100000 realized from foreign loans, and
we have the round sum of f400, 100000
sterling the Egyptian Government has
received in fourteen years. Where has
all this money gomez The aggregate
administrative expenses for that period
were 6O,0OO,O00, and the Canal of
Suez, the Port of Alexandria, 800 miles
of railroad, the military outlay, and va
rious public works, all together cost
Ell, 100000 making total of 971,-
100000. No one can tell how this great
sum has disappeared. Moreover, where
are gone in eighteen months the $780,
100000 of francs of floating debt con-
tracted by the decree of November 1872
Where are the 94,OOO,0O0 paid by Eng
land for shares in the Suez CanalP
Where are the advance payments of
2SO,OOO,OO0 of the unified debt made by
the syndicate of Parisp Where are the
25O,OOO,OOO francs of taxes collected in
1876, when payment of interest ceased?
Where are the 347,0OO,00 francs COM
ing from the Mouteabala, to say
nothing of 3OO,eOO,0OO of new
debts to be converted? These
sums represent milliard and half of
francs which the Viceroy has had in his
hands since 1872, sum which does not
figure in any balance sheet, and of
which he is the sole administrator. The
annual revenue is sufficient to defray
the Government expenses, with sur
plus. All the expenses, including the
tribute of f6S5,SOS to the Sultan, aver
age about 80, lis, 161. The receipts, &C
cording to the Viceroy himself, are f10,-
450, 1000, leaving a.balance of fl 1884, S39.
1t is impossible for the Khedive to plead
poverty as an excuse for having sus-
pended payment of interest on the pub
lie debt for two years, and of not salts
flying the demands of tradesmen, mer-
chants and others having relations with
him. An inquiry has been proposed,
and the Khedive assents to it, so far as
it relates to a certain description of re-
ceipts, but not as to the items of expend-
iture. To protect himself he falls back
on his Suzerain, the Sultan, and says he
will refer the whole subject to him, and
be guided by his instruction.
DEAD HALT.
We have come to a dead halt! There
is low treasury and low Nile. The
Government officers have no money to