New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-23
nal intention has been changed, or to expect
that It will be-
THE GREEK INDEMNITY.

Soma confidence is expressed that the Powers
will fulfil their often-made declaration, that no
norton of any Christian land, to Wit, OF
Greece. shall he surrendered TO Turkey. In
Great Britain, In France. In Russia, and III
deed everywhere but in Germany, the Turk
isL demand for cessiOn of Thessaly is regarded
os intolerable But the demand for cash in
tcmnity Is n different thing. 1t cannot be mega
t,ved so easily. In fact. according to all the
rules OF war the Powers must c0ncede that
Turkey Is entitled to such an indemnity. unless
they have the courage Of the truth, ana main
tain that Turkey has been the aggressor, OF
which there is little hope They may object
TO the demanded indemnity Of Si4, OOO,ooO rs ex-
cessive which il assuredly appears to be. But
s(n e indemnity they are certainly pouhd 10
grant.
Before the cash is paid, however, Greece, or
the great Powers. or some one or another. VIII,
TO paraphrase what Mrs. Glass did not say
about the hare first have to find the cash.
Where II is TO be found is no easy question to
answer. Greece is poor. OF that there Is no
doubt She Is almost bankrupt. She has al
ready been forced to. or at any rate has been
entity of. martial repudiaton Of her debts. She
is to-day in such straits that another default Is
April coupons on her bonds, but there is wide
spread fear that indemnity or no indemnify
size will not be able to honor the next that ma
ture. In that case what is the use In talking
of cash indemnity to Turkey? There is an
old folk-saying in Greece, You cannot take
something from nothing
This is the situation: The Greek debt held
outside Of Greece amounts to about $120,OOO,-
rnn FOR oil tbo N
tants Of the kingdom. Few nations have so
large an Indebtedness as that. or this, roughly
speaking so per cent is held in Germany, which
elucidates the German demand for 'nterna-
tional control of Greek finances, like that now
exercised over Turkish funds: 40 per cent in
Great Britain, and 10 per cent in France. The
ether great Powers hold none Of 1t. The finan-
clal side Of the settlement problem Is there
fore one that appeals to only three of the SIX
great Powers About four years ago Greece
arbitrarily reduced by 20 per cent the interest
payable TO bondholders. That was the act Of
Reputation complained Of Since then the re-
manning 30 per cent of interest has been regn-
larly paid in gold. There has been hope that
the defaulted 20 per cent would also be paid
some time, but this war has postponed such
time to the Greek Kalends.
the end of its borrowing resources. 1t has by
pothecated practically all its sources Of revenue,
including customs, monopolles and internal
taxes Under such administration as Sir Edgar
Vincent has given TO Turkish finances. the con-
dition might be improved. as Turkeys has been.
Greece might thus be enabled TO pay full inter-
est on her present debt. That she would be able
also to pay such an indemnity as that demanded
by Turkey, amounting TO 36 per cent of her
present debt is not to be supposed. The pres
cnt bondholders might welcome the establish
ment Of such control, for the security and lqui-
dalton of their claims. They certainly would
not approve the establishment of it for the pur-
pose of exacting from Greece payment of new
obligation, which would make their coupons, If
not their bonds, of still more doubtful value
than now And bondloldcrs have vast influence
with European Governments.