New-York tribune., 1919-02-03

the last century has drifted through
two stages and is now on the eve of
the third and apparently final one
The first stage, which may be aptly
described as the Turkish Delight
opened with the Crimean War and
lasted gaXly for about twenty years.
until the bankruptcy of 1876. It was a
season Of complete freedom in borrow
ing and spending European money for
amusement, and the only visible traces
left o. its existence are the marble
palaces of the Sultan on the Bos-
porus During this period millions
and millions of British capital was
swallowed up.
The second. or Bismarckian. period
was one Of restricted borrowing aad
spending, the money being used chiefly
for the development of the Turkish
army and strategic railways. This was
the immediate sequel of the Congress
of Berlin and lasted steadily until the
recent war, for which it was really
calculated to prepare Turkey.
French Money Used
During this period about $780, 900 900
OF French money was employed, while
the Germans. with their usual ability.
capital with which to exploit their.
Eastern schemes. British capital was
slightly used, as British financiers,
acting upon the principle of once bit
twice shy, gave Turkey the cold shoul-
deg
The third or Entente) stage, which
is about to open, can only be one Of alb
soute foreign control as regards both
borrowing and spending. Turkey can
not escape anarchy without the help
OF Entente money, but that money can
lrt-
ments and Turkish fighting. 1t must
be applied exclusively to economic de-
Velopments. Without Entente control
this would be impossible.
From the Turkish point of view the
Turks, who are apparently self-effaced,
still hold power and are the strongest
force in the country; without money,
however. their power is gone. They
know this. Therefore with the aid of
powerful friends in the world of
finance they hope to get money and
dodge international control. Their
friends are group Of international
to see France sold. England lose CON
troll of the seas and The Central Pow
ers victorious in the recent war
Paper Money Plot Begun
The efforts Of the Young Turks seem
dl present 10 De concentrated upon an
ingenious scheme in connection with
the paper money with which Germany
so abundantly supplied Turkey in the
course of the war. The details are
extremely complicated and confused,
but the scheme practically amounts to
this.
Under prctext of redeeming this
Iaper money for German account
either America or The Entente or both
are to grant Turkev about $500, 600 .000
or the equivalent of fresh ten years
lease of freedom, to waste. They argue
that the Entente would run no risk, as
it has the means of enforcing payment
from Germany and that the invest
ment would be good one, as tie En- |
tente would obtain $685., 100000 of
German paper money for the S500,000, /
900 in cash.
Back of the minds of the Young
Turks is the idea that even with in
ternational control over Turkey they
will, if they have the money, retain .
power. as they can spend the money
as they choose
Turkey. however. has no need Of this 7
amount Of money. as she has a cur
rencv circulation four times larger
thar is necessary. Germany will have I
all she can do for many years to sat /
isfv the reasonable claims of the En- I
tento before thinking of settling the /
claims Of her allies.