New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-24
THE TERMS OF PEACE.

THE TERMS or PEACE.
The lesson Of defeat is hard one TO learn
Hardest of ali is it to a proud, ambitious people
Ike the Greeks. They were hurried by their
own impulsive passions into war IN winch
they wore from the outset hopelessly over
matched They were beaten and they had the
bitter knowledge that they had chiefly them
selves to blame. What terms they might have
made with their conQucror, had they two be"n
left TO their own devices ii Is impossible to say
hut there is no reason to suppose they would
have been nearly as favorable as those now
imposed upon them by the Powers. Su'h
settlement was not TO be. however The row.
crs interviewed and insisted upon arranging
terms of peace themselves. They did not agree
among themselves and after weary discussions
have arrived nj a compromise not altogether
satisfactory to any of them, but accepted ny
all as the best that could be made. To the
Greeks IL is said to be most unsatisfactory, SO
that there is much talk Of the Athens Govern
mcnt repudiating It altogether. The latter
would he an act of sheer madness, which could
result in nothing but the oncomlng OF still
harder fate. The best thing Greece can do is 10
accept the terms as arranged. and he thankful
that they are not still worse
SO far as they have been disclosed the terms
appear TO provide for the payment of an in
demnity to Turkey the prompt evacuation or
Thessaly and some very slight changes OF
boundary in favor of the Turks. The indem-
nifty is by no means excessive, and It's payment
is TO be assured by the turning over OF GER
tain proportion of the Greek revenues to an
international syndicate of bankers and brokers,
who will administer it in the interests of those
who advanced the money for the indemnify.
Thus far the terms seem fairly just. although
the Greeks strongly resent the establishment
of foreign control over even part OF their
finances 4 still more serious and more reason
able ground of objection is that in fixing the
amount of the indemnity no account has been
made of what Turkey has already helped her
self 10 in ThcSSaly During the summer the
Turkish Army has occupied rhesSaly, and Turk
ish customs officers and tax -gatherers have held
full sway. All the revenues of that richest
province of Greece. all its crops and live stock
and a large proportion of the personal property
of its inhabitants have been coniiscatcd by
Turkey The total value thus secured by
Turkey from Greece must amount to millions of
dollars and il certainly seems not unreasonable
to ask that II should be reckoncd as an offset
against the Turkish claim for war indemnity.
70 one other feature of the scheme the Greek
objection Is still more strenuous. but vastly less
founded on equity. That is the provision that
The syndicate shall take from the Greek revc-
nucs not only enough to pay the indemnity. but
also enough to pay the defautcd interest on
Greek bonds for the last four or five years.
Whatever may be thought Of the generosity or
grace of the Powers in thus wrestling from
Greece in her extremity what they did not
venture TO require from her in her prosperity
there is little room for sympathy with Greece
She practically repudia.cd part Of her solemn
obligations. and she did go when she was as is
believed. well able TO pay them in full 1t may
he humiating for her to be compelled TO settle
np now. but that will be merely the practical
enforcement of the inexorablc truth that the
way of the repudiator, like that Of all other
transgreSsOrs il hard.
This last feature of the settlement has been
forced into tn, scheme bv the German Govern
mcnt, which has insisted upon il as sine qua
non. The reason of Gc:manys great interest
in the matter has been supposed to be that the
bulk Of the Greek bonds on which interest has
been repudatcd are held in Germany. Such
may he the now, but ii was not n short
time ago. England the chief bondholdcr.
But Baron Blcichroedcr who already held n
considerable block of Greek bonds, saw an
opportunity to make grand stroke. When
the fortunes of Greece were at their lowest ebb
he bought up mt a low price all the Greek bonds
he could, until he and his friends became the
largest holders of them in all Europe. The mo-
ment that was done the German Government
insisted imperatively upon forcing Greece 20
pay the defauled interest. which. Of course,
would greatly increase the value Of the bonds.
When 1t is added that Baron Blcichrocder is at
present on exceedingly intimate terms Of friend
ship with the German Emperor, an interesting
side light Is thrown upon the manner in which
high finance" controls the destinics Of nations.