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England And Turkey

England And Turkey image
Parent Issue
Public Domain
OCR Text

The British have more reasons for 'ishiug to x)reservo the Turkish empire 1 ïan the iear that its destruetion may bic Bnssia to drive them ont of India, l )he Turkisli Government owes Englisli apitalists more tlian $1,000,000,000. i )lie flrst lojjn was made in 1854 to moet lie expenses of tlie war with Russia, nd was for $15,000,000. It was then lic Turks got their flrst taste of British gold. The next year thcy borrowed 25,000,000 more, and almost every year iuce thoy have added to their debt, as ,he following table shows : 'ear o Anunuti TntcrcKt, biatMt borrowed. ter cent. SU $ 16,000.000 G k;5 2Ti,0fl0,(no i% 888 5,000,000 f 8ro io,:ra),"" o HC'J (l,IHH),ml 6 w;:i 40,ooo,(K)0 G Kfi5 1G1,816,815 5 B66 3o,ooo,(XH) r 867 12,500,000 G SV;i 111,111,1(111 fi 71 By00,000 G S72 55.631,000 0 873 140,000,000 G 874 200,000,000 G Total $924,908,915 When this enormous sum was received and squandered, the Turks failed to pay the interest on the bonds, and by a decree of the Porte, dated Oct. 6, 1875, the interest on the debt was reduced one-half the stipulated amount. The breaking out of the insurrectiou of Boenia last yenr, and the war with Serviu, afforded the Turkish Government an excuse for declining to pay any interest to the bondholders. Li addition to the bonded debt. the Turks had managed to run up a floating debt of $150,000,000 a year ago, a considerable portion of which is due English bankers, ship-builders and manufacturers. Since then the Turkish Government has issued about $100,000,000 of legal-tender notes, which are now greatly depreciated, and coin has wholly disappeared from circulation. It is clear from this exhibit that, if the Kussians are allowed to overtlirow the Turkish Government, the vast sum borrowed from the English will be lost, principal and interest, to tho last shilling. The Porte has nothing left to show for the money escept a fleet of ironclads.


Old News
Michigan Argus