Evening Republican, Volume 23, Number 87, Rensselaer, Jasper County, 9 April 1920 — TURKS’ FINANCES BASICALLY SOUND [ARTICLE]

TURKS’ FINANCES BASICALLY SOUND

Impression to Contrary Before oTWrtOl to Haw Been Artificially Created. FINANCIERS W <■ ir>r, soT ' phr l Ravahuea Shown to Be Already Adequate to Conduct the Old Govemwent—Large Sums Squandared on Harems and -no!) li >aiaceA : fr ' ‘ y n»i'Pi tj Lp. if* j Constantinople.—American experts who have tavestigftted thft flpaucial condition of the former Ottoman-em-pire say they are convinced that it is B men tally sound. Several 'conare advanced to support _ . it, it la stated that the popular poAat of view that Turkey was bankrupt before the war was partly created artlficiallly for the benefit ot foreign financial Interests with the object of frightening other would-be Inl&t’dis, and for political reasons of establishing spheres of Influence. ~l'lThe fact that Turkey was always able to secure leans is -cited as evidence of her financial soundness, though, .against; this may be advanced that she was a Ogi: cal center coveted by many powers who fwere played, i the one against the other, and that financial considerssubordinated to political purposes. Turkey Did Net Default. It is pointed out that Turkey did '& bier indebtedness in re years, btif funds for the payriieht of interest and amortization were com tlnually increasing and doubling at itie rate' «ri every 15 years.' The rev- • country ** a whole were 1 WAeasiitte at the normal natural rete prosperous iH rfWWh T '; I t An enormous percentage pf revenue never reached the treasury, the loss bgiWWgLaa high as 50 per cent. This was partly ascribed 't<P thd syseemyjf farming out the taxes electors Vdyfog ta adaT" 1 0 the question dr of dpjng ness here under whatever government UflbMhbHsheC qtraifMßtegaßnthat the above facts show revenues already S ritate'’W' con ol& gOTernt aiUHhat with good jjbverotment ÜbqwrdnanclaUy jattfamted Ao the equlvaledt of #1,078,000,000,0 sr w«ck #788,200,000 was in the nubile debt or loans to the, government, the difference Itj prlvkte en-

rfteijgiSMfWld. concisions. r , { j The bulk of these jtavestrnfuMs was loans were Issued below par, so that ttusj money usever ireached Zhe treasury- Enormous commissions are bankers dnd In “gratifications to various local ministers to 1 get their support for’ the loans, Sums that did reach the 'treasury said to have been squandered on palaces, harems So the loans did not, on the whole, ..quanta - therefore the publie debt continually ( increased. Z 5 Sphere* ©f lnfluonce. n k The object of such loans, ft is stated, was partly'aheis®^ltlcaA; lnt^ n t of making Turkey default so invested powers could .take oyer her 1881. s ThIS led . tQj ; CT<P creation Of loose spheres of Influence, 'SSa.TfiSGrSi FHrtlch, Syrta.tath the Italians want•dng the A^P^f i oc ' ; biieeidngt Constantinople.. Ip the cpun‘dl of adnjlhltttatk’h of the Ottoman .war eSsumed in son|e thare- was one Englishman, . one German, one Art** it&b aw lW«a?kW <w*fluoied br an Eng-

Tacncy'luternHieTy pueup"** "J «•* UshmW Rt investigators to had created sources lor’ meeting interest and the debt, JtnwouM have been Ws play <« entry W end pay It&Mt. However. as tberdebt of ab tempts,' additional loans were madez UftP♦ntlrMM*Wv ' con slcl e roil.' si r ® n , eiiitdjp** •