American citizen. [volume] (Canton, Miss.) 1864-1890, 1878-04-27
EGYPT'S RUIN.

\ Country Bankrupted by its Extrava.
giant Ruier-The Khedive's fondness FOR
Gorgeous Fete. and High-Prio.d Act
resses,
correspondence of the Philadelphia Press
ALEXANDRIA, EeYrT, March 3.-We
are in tie 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 u things,
when we compare the financial condi-
Ito" Of Egypt with what it was on the
accession of Ismail Pasha crc its pres
ent status. tHe.i, there was no public
dcbt, now it is about $4,000, 900, ex-
elusive of the Khedive's private debt of
S45,O00,000. When the Khedive came
to the throne he owned only 10000 fed
dams (aores) of land; now he possesses
1000, 900 feddans, or ore-ffth of all the
cultivated lands of Egypt. How he ac-
9uired such an immense quantity it is
not easy to explain. A great deal of it
was obtained by force from the fetlahS
in one way or another, and the more
readily, as there is no justice for them
in local courts where the Khedive is de-
PENDANT. The worst of this concentra-
ton of land jim the| 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 go 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 100000 sterling, from
which f5OO,O 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
f14O, 900, 900 sterling. Add to this &c.,
OOO, 900 realized from foreign loans, and
we have the round sum of f400, 000, 200
sterling the Egyptian Government has
received i'll fourteen years. Where has
all this money gone? The aggregate
administrative expenses for that period
were f6O,O00,000, 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 f11,-
100000. No one can tell how this great
sum has disappeared. Moreover, where
are gone in eighteen months the 5O0,-
600, 900 of francs of floating debt con-
tracted by the decree of November Is?
Where are the "a 900, 900 paid by Eng
land for shares in the Suez Canal ?
Where are the advance payments OF
$50, 100000 of the unified debt made by
the syndicate of Paris? Where are the
| $50, OOO, 900 francs of taxes collected in
1876, when payment of interest ceased
Where are the 347 100000 francs COM
| ing from the Mouteabala, to say
nothing of 800, 100000 of new
| debts to be converted? These
sums represent a milliard and half OF
\ francs which the Viceroy has had in his
hands since 1872, sum which does moi
| 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 1903 to the Sultan, aver
age about 80, lis, 161. The receipts, &C
cording to the Viceroy himself, are f1O,
| 40, 900, leaving abalance of Il 1874 ,S39
1t is impossible for the Khediye to plead
poverty as an excuse tor having sus
pended payment of interest on the pub
lie debt for two years, and of not salts
| fying the demands of tradesmen, mer
chants and others having relations will
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 bacl
on his Suzerain, the Sultan, and says h
will refer the whole subject to him, ant
be guided by his instruction.
| A DEAD
We have come to dead halt! There
is low treasury and low Nile. TIL
Government officers have no money t.
support their families, who are in grea
distress, and can hardly get credit an.
longer at the butchers and bakers. Mer
chants and contractors to whom tn
Khedive owes money can not meet thei
engagements, and disastrous failures ar
constantantly occurring. In the mean
while, the $4,000 Egyptian contingen
in Turkey must be supported, and take
on taxes are piled on the poor .tellahs
Large numbers of them have had thei
lands confscated to the Government 10
non-payment of taxes. The reduce
crops will make it yet more difficult 70
them to meet the demands of the ia,
gatherer. Discomfort prevails anon
all classes, for all suffer alike. The Mu.
sulmans would be perfectly content
England should take possession of tn
country, for it is evident that the Kht
dive is at the end of his resources, an
is incapable of governing the country
As for the public debt, the creditors {
Egypt will either have to compromis
on the principal, or a reduction of tn
interest, unless some clew- can be had t
the disposition of the vast sums of MOI
ey 1 have referred to above. There