New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-04

issues to level AT ledSl dppI o"Nii'i'S
their value prior to the framing OF the
currency bill.
In this respect there can he no war
ranted criticism, as il is part or the
duties Of the Secretary to uphold the
standard OF government securities. IL
is also true that the country Will need
tremendous sum foi crop moving
purposes, and the price which the coun-
try banks will have 20 pay for the use
of government funds will not exceed
much. if any. the price the money
would cost in New York. Setting aside
the question of his intention. estap-
fishing a new precedent, as has peen
done. is ALWAYS attended with a posi-
BILE element of danger, II the chanse
offers opportunities in the future lot
attacking the solid structure OF con-
fidence.
This much may be said, that it seems
as though the Secretary could have
achieved his purpose of stimulating the
government issues by simply coming
out with a statement at this time tha'
the government stood ready to supply
funds for crop moving purposes 10 the
extent Of the available cash IN the
Treasury. in the event it should be
needed. instead Of specifying certain
districts md a definite amount. The
other features of the announcement
could have been included. The erect
would have been just as assuring 'o
the country at large, and would not
have carried the suggestion that '1e
present condition is critical ana de-
mands specific action. There Will SUI
he money needed from New YORK
hanks for the crops. rs $50. GoO,0OO viii
not do more than relieve the situation
and il is unfortunate that radicals
should seize the opportunity to utter
anathemas against Wall street bank
ers. 1t is fortunate for the whoi'
country that a great banking centre
such as Wall Street provides IS estao-
Hshed TO supply large volumes VI
money in times Of need.
The Balkan war, which has held INC
world in a state Of unrest for many
months. seems to have reached lis ma
snasm in the recent resorting to arms
by Turkey in an endeavor To regain
some Of her lost prestige. II was gen
/ orally conceded that the Turks had
heen practically expelled from Europe
and had been left a territory consia'
erablv smaller than the state OF con
necticut. which meant that hereafter
Turkey would be essentially Asiatic. \
wear ago the ottoman Empire occupied
an area estimated at around l.-ob
SQUARE miles. divided between Turkey
IN Asia. with about 100000 square
miles. Turkey in Africa. about 42o"
eouare miles and Turkey in Europe
1000 square miles. The total popula
| ton Of Turkey at that time was aroun'
! 10000 900. of which 2O,voco was II
! Asia. 100000 in Europe and 2,VoVW
in Africa. 1t IS difficult to estimate
the financial Liabilities incurred by
Turkey during the recent war, but j
| in the final adjustment Of her financia
obligations the burden is not too
heavy the country Will be able 10 over
come the handicap. even though mel
nonuIatlon may be reduced under
! 25.OOOOOO.
In October, 1912, the ottoman En-
pjre had an external debt Of SGi1.'
oOO. 900. OF whhh France held - pei
cent and Germany - per cent. The
credit Of Turkey naturally has beer
greatly hurt by the war. but her re-
sources are far from exhausted, ano
as soon as peace has been declared
, she will lie able TO secure liberal as
sistance financially. The floating deb
of Turkey Is estimated at around $SG.
600. 900. while the expenses resultInl
from the Balkan war have probably
added something over Sl16,OOO.OOO
about one-quarter Of which will ha''
TO be paid very soon. The product
OF Turkey are various and In Asiatl'
Turkey the seeding is reported to have
been extensive, but in the European
provinces farming conditions, as re
suit Of the war, have been sadly hurt
The returns from various countries
doing business with Turkey show tina
the volume OF trade carried on between
Great Britain. Germany. France AM
the United States during 1912 exceeded
any previous year. Turkeys trad
with Great Britain amounted to ST.,
015,124, 18th Germany $45,3Jl ,614
with France $3G, Jl2,l57 and with tn
United States $26.0l7.37l. The trad
with each country was increased, cx
cept with Great Britain.
The value Of Turkish tobacco i'm
ported by the United States increased
from $780,. 643 in 1910 to $10O1O.95.
in 1912 AS a result of the ravages o
the war the production Of Macedonian
tobacco will probably be restricted FOL
several years to come. The stocks arr
short, and the worlds demand Is saiC
TO be considerably in excess OF the sup
ply, with the prospect that there vii
be a greater disparity in the future
At the close of the Civil War in thu
United States Turkey was an i'm
portant cotton country. In 1860 Tur
key produced approximately 24O,OV
bales, but since that period cottol
growing has degenerated. and between
1870 and 1903 there was no cottoi