Letter From the Acting Secretary of the Treasury in Reply to a Resolution of Th
Letter From the Acting Secretary of the Treasury in Reply to a Resolution of Th
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But as the plans of one side looked to the outstretched hands of the creditors, while the other side were thinking of their own empty stomachs and emptier pockets, nothing ever ripened. Experience pointed the divan to a foreign loan as the readiest way to re- plenish an exhausted treasury. Such a loan guaranteed by the great powers, or by one of them, could not fail of success, ample for domestic wants, and a small percent- age for distribution among the creditors. Failing this, small sums have... been borrowed from time to time of the Galata bankers, whose names appear in the recent transac- tions, and secured by a pledge of the different revenues. Such loans are simply ruinous ; to the Turks . If they are repaid, to the bankers if they are not. The new agreement, if I comprehend its scope, embodies a series of dealings and gives more satisfactory security to the bankers; and at the same time relieves the custom-house of certain incunibrauces and turns its proceeds into the public treasury.
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To quickly assess the difficulty of the text, read a short excerpt:
But as the plans of one side looked to the outstretched hands of the creditors, while the other side were thinking of their own empty stomachs and emptier pockets, nothing ever ripened. Experience pointed the divan to a foreign loan as the readiest way to re- plenish an exhausted treasury. Such a loan guaranteed by the great powers, or by one of them, could not fail of success, ample for domestic wants, and a small percent- age for distribution among the creditors. Failing this, small sums have... been borrowed from time to time of the Galata bankers, whose names appear in the recent transac- tions, and secured by a pledge of the different revenues. Such loans are simply ruinous ; to the Turks . If they are repaid, to the bankers if they are not. The new agreement, if I comprehend its scope, embodies a series of dealings and gives more satisfactory security to the bankers; and at the same time relieves the custom-house of certain incunibrauces and turns its proceeds into the public treasury.
What to read after Letter From the Acting Secretary of the Treasury in Reply to a Resolution of Th?
You can find similar books in the "Read Also" column, or choose other free books by United States. Dept. of the Treasury to read onlineMoreLess
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