New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-13
DOWNFALL OF THE SULTAN.
his INABILITY TO GOVERN THE FEAT
URE OF THE CRISIS,

rroN-rHE GOLD EXPORT MOVEMENT
ENGLISH INTEREST IN THIN CAM
PAraN IN THIS COUNTRY
PERSONAL NOTES.
(Br CABLE THE rniBuNE.l
London Sept 12.-Rumors that the Powers are
seriously considering the deposition Of the Sultan
lack authentic confirmation. They are not likely
ito adopt with precptate rush policy which
would be a signal for the renewal Of the oper-
ations Of the Armenian bomb-throwers and set
Asiatic Turkey again ablaze with revolution and
anarchy. but they driven along by the
Turkish Governments imbecility and the feroc-
fly Of his subjects to take some action which
will restore a semblance of law and order In
his dominions. Their remonstrahces against
massacre are Of no avail and only two Of them,
England and Italy, seem in earnest in declar-
ing that the deportation Of Armenian exiles TO
Anatona where they may be butchered at
leisure must cease. What Is evident is that the
Sultan. bankrupt in credit can no longer police
his Empire and that his entire system of gov
eminent has broken down 1t is equally clear
that government by bomb-throwing is anarchy.
The Powers only restore order by assuming
responsibility themselves. and this involves the
Russian occupation of Constantinople and the
partition Of Asia Minor on lines which Will dis
turb the always unstable equilibrium OF Euro
pean politics The youthful Car is the real
arbiter of the destinies OF the East, and as he
Journeys from Breslau and Copenhagen to Paris
and Balmoral he may open the way FOR the
future solution Of this momentous question. His
WIFI is Of supreme Importance but Europe does
not know what he thinks what manner of
man he is.
Lord Salisbury cannot Justly be censured for
no hoSitafinE
when evidence is lacking that the moral force
OF the nation is really behind him, in a deter
mined effort to reorganize Asiatic Turkey. THE
Westminster Gazette" through Mr.. Gould's car
toon. appeals frdntically for an hour or Mr..
Gladstone. but that veteran is out OF the lists
for popular agitation, and can only write let
tiers about 1.-The unspeakable assassin on the
worm-eaten crumbling Turkish throne. The
Chronicle Is devoting much space 20 impas-
stoned letters and striving to encourage the
holding Of Indignation meetings, but THE stand
ard" with all its deep adherence of Turkish
misrule, perceives the DANCE and folly Of making
the movement in any sense partisan, While
THE Times is lukewarm and can see nothing
but anarchy in the Armenian revolutionary
intrigues. Leaders like Lord Rosebery. Mr. Bal
four and 81. William Harcourt silent. al
though the Queen sets the example and shows
plainly where her sympathies lie by decorating
Mr.. Herbert, Secretary Of the Embassy at Con-
stantinople, for his brave and resoute con-
duct during the massacre. Mr.. Asquith prom
Uses 10 address his Scotch constituents on the
Turkish atrocities, but reticence on the part Of
the Opposition leaders is perhaps the wisest
policy, for. as Sir Wemyss Reid well says In
The Speaker" popular agitation would lose
half its value if created by a single statesman
What is needed in order to inspire a moral
i,
Lord Salisbury's diplomacy Is a calm, dispas-
sonate recital Of the facts OF the recent
massacre from an outside source. The Ameri-
can Minister at Constantinople Is reported to
have sent to Washington an impartial account
the prompt publication Of this report would be
of great service in England, and would power
fully affect public opinion throughout Europe.
The change in the Bank OF Englands rate
Of discount will not prevent the continuance
Of gold exports to the United States nor was
IT ordered for that purpose. One Of the best
Informed bankers predicts that the rate will
be raised again in the course Of the next
months. and asserts that under exist
ing conditions gold would continue to go to
America even If the rate were put up to per
cent The withdrawal Of 5000 600 for America
does not suffice TO explain the action Of the
ernors of the bank The period of cheap money
Egyptian cotton crop and there is increased
demand for it for bringing the crops OF the
United Kingdom into the market and for in
dustria purposes With these commercial
movements operating simultaneously with the
monetary policies of various European Govern
ments which are accommodating gold reserves,
the discount rate that had prevailed for thirty
one months was too low, and II has been
changed from to 21a per cent.
Financial writer's, who are deeply prejudiced
against everything American, have rashy as
sumed that this action was taken for the ex-
press purpose of stopping the further export Of
gold to the United States. This opinion is un-
tenable, since the increase of the discount rate
IS too small to prevent the shipment of gold in
payment for wheat and cotton THE Times, y
with better reason is satisfied that the present
bullion movement is a natural one brought
about by ordinary commercial operations and
not created artiiciay by patriotic American
bankers anxious to protect the Treasury. The
truth is that the United States has been favored
IN the political crisis b. various conditions such
as a sharp advance in the price Of cotton since
June a partial failure of the wheat crop in three
centres OF production, and by the decline OF the
export from Argentina. Gold has gone TO the
United States in response 10 normal economic
demand and the movement Will probably con-
tinue for several months unless interrupted by
some disturbing political force such as the I'M
expected triumph OF the Populist Democracy
A curious element of the monetary situation
is Japans gold deposit Of f1lOOO0oO in the
Bank Of England This has largely increased
the banks stock of gold, but since 1t may be
withdrawn at any moment 1t is not available
as a gold reserve. but is held in the vaults for
safe keeping. What the Japanese Government
intends 20 do with II is a mystery. If the navy
Is to be strengthened it will be expended in ship
building and will not leave England Lombard