The sun., 1880-12-05
WHAT is GOING ON IN EUROPE

Berlin the European powers which were
parties TO that treaty recommended that
Turkey should appoint an International Com
mission to examine into the claims Of the
Turkish bondholders. and to report on the best
method OF satisfying them. The Porte has rs
yet taken no steps in that direction. and the
bondhoders are showing signs Of dlssatlsfao-
tion. OF course these bondhoders are deeply
interested In any inquiry that may bring to
light the means. which certainly exist Of at
least paying them their interest; but . still
larger class are moro deeply interested In
thorough examination into the finances OF the
Porto. The British Foreign Minister recoR-
nized this fact. and specially instructed his
envoy to Oonstantinopls to urge that the Com
mission. X appointed. should be ordered to ex-
anime not only the complaints Of the bond
holders but also and primarily the general
financial situation OF the empire.
1t is believed that a thorough search into
Turkish ways and means would reveal q state
OF affairs which would astonish those who be-
lieve that Turkey is hopelessly involved and
bankrupt. The example OF Egypt is cited. II
in that country tho effect OF financial commits
sion. empowered to inquire into and reetify the
abuses OF the revenue system. was so remarka-
BILE. II may reasonably be supposed that In Tur-
key where the same abuses exist to a still
greater degree. similar commission would ar
rive at equally satisfactory results. The Sultan
naturally opposes any inquiry into his private
affairs for the same reason that the Khedive did.
and probably the Khedive's fate will intensity
the Sultan's opposition. There 10 no reason to
believe. however. that the greater portion OF the
Turks would not welcome any measures OF re-
form which might result from the report OF the
Commissioners. At any rate they could not be
In worse plight than at present. The salaries
f,f thu mi M ciala 0raatlv In p
rears. The landowners are so taxed that they
can barely make a living out OF their property.
and the holders Of Government securities get
no interest on their money. The only thriving
Turks are those to whom the duty of collecting
the revenue is iptrusted. To these rascals the
appointment Of q commission would mean
ruin. the bastinado. and probably death;
for to their venality would most OF
the difficulties OF the Turkish finances
be traced. It is impossible to estimate
the amount OF their peculations. but It Is GER
tain that the country is prolific one. that the
people are fairly industrious. and that all tho
results OF their labor are gobbled up by the tax
collector. 1t has been recently discovered that
in one district only about half the money col
lected is paid over to the treasury. and that is
said to be favorable instance.
The present state OF affairs is not to be wholly
laid at the door OF the present Government.
since for decades and perhaps centuries
the system Of fraud has been increas-
ing: but the present Government is
clearly responsible for permitting It to
continue. The resources Of Turkey are very
large. and might De made enormous by ordi-
nary business management The result OF
commission would be to partially restore tho
credit OF the Porte in a few years. Then would
follow the building OF railways and country
do to ahann pf rrhi nh Of
Turkeys poverty is due. The opening OF
means Of communication would release the
mineral wealth with which the country abounds.
Asia Minor is particularly rich in mines
OF silver lead. OF chrome. and OF coal. At pres
ent these products are brought to the seacoast
on tho backs Of camels. and even then pay for
their transportation. The work OF the Com
missioners would not be SO difficult as might be
supposed. Already there exists a private COM
mission appointed by the Turkish bankers
who have supplied the Government with funds
as a security for which the revenues arising
from various imports have been hypothecated
These men have naturally become acquainted
with the way in which the collections OF reve-
nue. have heretofore been made. and OF course
they have made arrangements for preventing
the money from sticking to the fingers Of the
Government collectors. An examination OF
their methods would go far to solve the dif1icul-
ties. The Turkish bondholders could hardly
do better than to place their interests in the
hands OF these men, who are already in a posi-
ton to give them information about the safest
course to be pursued.
1t is refreshing to turn from consideration
OF the money matters OF Turkey to those Of
Greece. 1t is a mistake to suppose that King
Georges small domain is In a chronic state Of
i'm peeuntosity. Yet such is the prevalent opin-
ion. and the astute Greeks like to encour-
age 1t. The difference In the credit
OF the two countries Is sufficient to
exemplify the erroneousness OF looking
upon Greece rs a land OF begRars. The pa
per money OF tho Turkish Government Is worth
only about 81 per cent. OF its face value. while
that OF Greece is worth 81 per cent. which Is
rather more than the value OF the paper OF
Italy. The pay OF the Greek official. though
meagre 10 not in arrears. Since $780, when the
Epirus. Thessaly. and Crote were given to the
Turks. those provinces have steadily declined
in prosperity. while the rost OF Greece has
trebled its revenues and more than doubled it's
population. The national debt OF Greece is
about $50. 900 900. the interest on which amounts
to 90. 750. 900. and her annual revenue Is about
So. 100000. When Greece again gets possession
OF her lost provinces. her revenue will quickly
increase to nearly treble what 1t is now.
This gain TO Greece will prove detrimental
to the interests OF the creditors OF Turkey
for the loss OF the three provinces will
| percsptibly lessen their security. Had tho Gov
| ernments OF Europe assisted King George In
regaining his lost provinces. they might reason
ably have saddled him with part OF the payment
OF the interest on the Turkish bonds. Greece
will now. In all probability. have to fight for heI
| own. and will be under no moral obligation tC
burden herself with Turkeys liabilities; be.
| sides. she will have to increase her own nation
| al debt In order to meet the expenses Of the war
Further than this the Turks will devastate the
provinces before evacuating them. and years
will pass before they recover from the MoSlem
vengeance. 1t would be to the manifest advan
taGe Of all parties. except Turkey, II the latter
| could be induced to quietly give up to hcl
| pluoky little neighbor the territory in question
| But there seems to be no chance of this. anC