The daily star-mirror. (Moscow, Idaho) 1911-1939, 1923-03-06
TURKS RAN WAR
ON SH0ESTRIN>.
National Debt Is Smallest o.
Any Nation Participating
in Great Conflict.
STRICT ECONOMY IS OBSERVED
Anpora Government Reslsts Tempta-
ZION to Print Up Any New Money
Needs but Little Foreign
Money or Loans.


Paris.-Turkey is the least bankrupt
Of any nation that has taken an active
part In the World war, according to
information reaching here, not except
Ing England or France. The chief rea-
son is that apparently she has conduct
ed her wars since 1914 with the strict
est economy. The present Angora or
nationalist government, which has
been fighting the Greeks and holding
Off the allied powers since 1910, has
resisted the temptation to print up any
new money.
The total prewar and war debt OF
Turkey, including the charges that
may be set against her at Lausanne
or in any treaty of peace to pay dam
ages to foreign nationals, is estimated
to run barely above $1,OO0,O000OO.
This sum is regarded as ridiculously
low when it Is remembered that, by
way of comparison, France owes the
United States a war debt Of $780,
100000, and Germany ewes the allies
approximately S34 1000, 100000.
European interest Political.
From a European point of view, the
interest In Turkey is partly political,
especially in war times, and largely
financial in peace times. American In
terest also has been directed toward
Turkey in the last few years, her to-
bacco crops, II nothing else, being
A
An analysis of Turkeys finances
shows she became bankrupt In 1874,
after foolish sutans and their corrupt
ministers had contracted unprOductive
foreign loans. In 1881 Abdul Hamid,
in order to satisfy these loans, turned
over the salt and other monopolies to
an institution known as the public
debt, to be directed by foreigners until
their debts should be paid.
In one way or another Turkey owed
abroad In 1914, 165,O0OOO0 Turkish
pounds. This unit had a prewar value
Of $446. Also she had funded debt
of 152, 100000 Turkish pounds. OF the
foreign debt. roughly the equivalent Of
SS0O000,O0O France held 60 per cent,
Germany p per cent and Great Brit
ain, Holland and Belgium about 10 per
cent.
Turkeys war debt expenses have
been described as 'the most amazing
thing in the history of World war
finance" She ran her war Oh shoe
string. When the army needed any
tn hnar1 OF rQ-
Questioned from the civil population
or else the army simply went with
out it. And this army often num-
bered 100000 men, In 1915 there
was one internal loan of 1S,O00,Q00
Turkish pounds (about $79,000000 at
there was d paper money issue of
154,5S1 400 Turkish pounds, secured
by German government treasury bonds,
payable Is years after the war. Ger
tain supplies in limited quantities were
bought in Germany
These figures have distinct bear
ing on the future for those Americans
or others who wish to live or do bust
ness In Turkey.
Has Splendid Future.
According to one American financial
expert who has Travelled all through
Turkey, as rarely do the majority of
foreign visitors, If Turkey secures a
stable political government and if she
frees herself from foreign control,
there is no reason why she cannot in
tensify her agriculture and prosper
Strange as it may seem to the casual
tons, this expert asserted Turkey
needs but little foreign money or
loans. Hers Is problem rather of a
sound domestic policy; encouraging
the creation Of domestic capital
through better banks; the opportunity |
for proper land mortgages. and pro-
gressive agriculture.
Many Americans in Europe are |
keenly the trend of politics |
leading to a peace with Turkey If |
new Turkey gets the peace she de- |
and if the Angora men of the |
Pasha and Gen. Ismet Pasha, keep |
control, it is believed Americans will |
10 better in Turkey than any other
These Turks take the point of view
hat those who are not for them are
against them, and they have been made
% feel during the four years that
Admiral Mark L. Bristol has been
United States high commissioner in
Jonstantinople that they were not
riendless when dealing with Ameri-
ans.