New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-04

KING GEORGE.
remainder Of the loan of Independence. the prin-
cipal Of which is not required 10 he paid but an
annual sum Of 200, 600 francs is paid 10 each Of
the three Great Powers on this account In adii-
tion To this foreign debt there is internal d'bt
amounting 10 10, 0OO, 600 francs or this amount
about 1o4, 900, 600 belong the forced currency.
The remainder is a pcrpetull loan. never 70 no
paid, with interest at per cent. The total debt
is, therefore. in round numbers. 10000 600
francs The annual charge for interest and sink
ing fund amounts nearly b 900 900 francs This
debt is placed manly in England and France II
is estimated that third part of it is in the hands
of patriotic Greeks For the payment Of interest
and the sinking fund various customs revenues
and receipts from monopolies and taxes are
pledged. But although the Government reports
show an excess in receipts Of some 3o,0oo,o0o
drachmas over the amount required for the scr
vice Of these loans the fact remains that the Gov
crnmcn. is not at present really able ~ meet
them.
When Mr.. Trroupis came into power about
eleven months ago the financial disease IN"
great nalady which required the services of an
expert physician. and his prescription for it, treat
mcnt the main thing in his political pro-
grammc. II was my privilege 10 Lear him present
last December. before the Chamber of Deputies
by which it was supported. For three hours the
Finance Minister spok" with great power. making
his argument with consummate skill and defending
il by an array of figures which hc delivered with
ont a note. much : Mr.. Gladston" reels of from
his remarkable memory the detail Of the budget
Every corner of the House crowded. and the
occasion was a great oratorical triumph for Mr..
lricoupis He bc,ouelt MS opponents 10 con
slider the question apart from political preiudic"s
and wholly as a financial problem. The policy Which
he then outlined. and which he has since adhered
to FREELY this:
The total amount Of forced currency is Ioi.-
500 900 francs OF which 10 s0o.000 are in gold
and s.. OOo, 600 in hank notes. Mr. Tricoupis's
scheme was to obtain abroad a loan of loo,ooo-
600. which should he used 30 pay back thi,
lGsOO 600 francs in gold. and to withdraw FROM
circulation within the course of two years In"
SO 600 600 in bank notes. Having strong ma
jority in the House there WAS 10 difhcultN III
securing the authorization OF loan. MI Ihe"-
tokos the Minister Of the Interior, was sent to
London 10 negotiate il. For the last two months
the cold market and the rate of exchange have
0uctnated considerably under the varying re-
ports which have com" concerning his success
To assure foreign bankers a. To the sovency ana
resources of Greece. Mr. 1ricoupis invited ia" En-
plish and the French Governments each Ia send
dition of her revenue and securities. These two
AGENTS spent some months in Athens and thc elab-
crate detailed and thorough report OF Mr. Law.
the English representative, has just been pub
lisbed bv the English Foreign Office. This re-
mort il favorable to the purposes OF the MINISTRY
II roprcscnts the unfaVOrahlc condition of creek
finances a. due rather TO mistakes III a'iminstra-
ton than to the poverty of Greece. IL presents
an encouraging account Of the national resources.
yisiblc and occult, and of the development under
tb.. rocent Ministry of the revenue. The present
financial crisis he traces partly to the mobili-
zation of the army, and the general dl>orsahlZa-
ton of the country produced by poiticil events
in 1856: still further 10 excessive poir""i"S
abroad, involving charge on the revenue winch
fine country under imperfect financial admnistra-
ton was unable TO support, and eqnally 10 thc
laxity of an administration which neglected the
uropcr collection Of taxes Mr.. Law, as cautious
insncier, pointed out what to many Greek capt
talists was already evident. that the raising oi
a loan for the simple purpose Of paying the IN
terest on former loans only be- Jus'iiien u"uei
very exceptional circumstances lhere sho"lh
be clear proof that the resources oil inc country
under normal conditions are sulhcien' 10 ocir''
all charges and that the amount oil thc loan 10
be granted will suffice 10 tile over temporary
difficulties without charging the lu'uf" "S on"
thS limits Of endurance loan uh"cr Sucn CIT
cumstances should be considered IN the hsht Oh
:, drug administered TO secure 10 the patient ih
mediate required rcpOse that time may DE sai''"
10 allow rccupcritNc capacity 10 eAc'''Sc "'
power and complete the cure MI Lid" pro-
cccded then to slow why such loan might ne
made to Greece. and how il should oc apPile"'
His scheme was essentially the same as that OIL
the Ministry the payment of the goid deo' 10
the banks and the withdrawal oil oo''oo'ooo
drachmas of superuous paper currency
Under this favorable report exchange went
down again. Finally it was repor'e' '''' -"
Theotokos had succeeded in making 'he io"i'
The Parliament, meanwhile, scme TWO moh'"s ago.
had completed its session. The ra'inca'i'i OF 1T
ceptance OF the convention of the loan WAS i'' 10
the royal authority. One of the CONDITIONS agreed
upon by the contractors OF the loan was the APP
,ointment of four directors. three OF whoih were
20 be chosen by the English and french iehdefs'
and the other by the Greeks. these difec'ors
were to sit at Athens supervise the casnihg ana
transmission to London Of the taxes anu revenues