The Portland daily press., 1879-02-22
Egypt's Erecting to America,

The movements of the Khedive to sup
press the disturbances at his capital, cause,
so the cable dispatches inform us, some ap-
prehension in both Eng land and France. 1t
is not likely the apprehension rises from the
fear that the ruler over Egypt will make his
government more despotic than before. 1t
probably has its origin iD an assault by the
Khedive upon an institution far dearer 10
either Englishmen or Frenchmen than poit-
cal liberty, the pocket-book. The Cairo
rioters are creditors of the Egyptian govern
ment, and the Western nations fear that j.
Ishmal Pasha gets into the habit of shooting
bis creditors instead Of paying them be may
come in time to draw no distinction between
the domestic and the foreign holder of the
debt. Hence the alarm in England and
France.
The sympathies of this country, on the
other hand. will naturally go out to the Khe-
dive. I[e is in something the sane plight in
which we find ourselves, though his case is
far worse, he having just reached the end of
that rope we are still dragging in a leDgthen-
ing chain. Some years ago lshmael Pasha
fell in love with the American idea of build
ing up great country on credit. So he
built great public works, constructed rail-
ways. dug canas, projected vast sys,em OF
irrigation. undertook to promote agriculture
by liberal subsidies, offered greal rewards to
cotton planters, established government
system of telegraph, aud borrowed money
wherever he could fud lenders. British
gold-bugs and French Shylocks and native
bloated capitalists, took advantage of his ne
cessllies, and bought his bonds at discount.
They gave him gold and other forms of prop.
erty in exchange for his notes, and Egypt be-
came prosperous land. Prices we're high,
business was brisk, the volume Of trade i'm.
mense, and nearly every man debtor.
After while the debts began to fall due.
The Khedve did the same unwise thing we
did. Instead of borrowing money solely on
demand notes that be could always refuse
to pay, he gave out quantity OF time notes.
When they expired he found himself COM
PEELED to take them up. Unfortunately be
was not so well situated as some American
cities which escape the payment of debts by
surrendering charters. He could not do
that. Unluckily too. for him. bis foreign
creditors were stronger than he, and he was
unable to force them to take demand notes,
that were never to be paid, in payment of
time notes. The American system was evil
IDENTIFY not altogether suited 10 barbarous
country like Egypt. He fell Lack on the old
effete European method OF economy, re-
duced expenses, cut off extravagant appro-
priations, and discharged superfuous Of
fcials. But he could not altogether free
himself from the progressive notions of the
free West. So, while paying those he could
not refuse, he swindled those he had in his
power. Properly enough he reduced the
army; but he also declined to pay arrears
of wages He owed for many months SER
vice-that is he did owe until be adopted the
Ohio idea and said: 'Let the soldiers be
paid, they are paid, that is my fiat" The
soldiers, however, being men of war, and un-
familiar with civic methods of paying debts,
broke into insurrection, and demanded their
wages.
The vigor with which the Kbedive is putting
the insurrection down naturally excites fear
in England aud France that this new method
of paying old debts may yet be applied to
foreign credits. But in this country the feel.
ing is one of sympathy, not of reprobatien.
We see the "Na,ionap idea growing In
Egypt, and exut. We would not wonder if
the vote was doubled by next fall. We re.
joice at "the greeting which the Oldest ma
tion of the earth has sent to the youngest"
ard are even willing 10 acknowledge that
Egypt may be able to teach US some lessons
On the proper disposition to be made of
bloatedcreditors. The issue of the struggle
will have great deal of influence on the
Maine canvass.