The expedient of adulterating the currency has been used to the point of exhaustion. Twelve years ago the Spanish dollar was worth seven piasters; today it is bought for twenty-one. The man who then possessed one hundred thousand dollars has discovered that today he has only thirty-three thousand. This calamity has hit Turkey worse than it would have affected any other country, because very little money is here invested in land, and most fortunes consist of cash capital. In the civilized countries of Europe a fortune is the result of having created something of real worth. The man who wins his wealth in this way is increasing at the same time the wealth of his State. His money merely represents the abundance of goods at his disposal. In Turkey the coin itself is the thing of value, and wealth is nothing but the accidental accumulation of money within the possession of an individual. The very high rate of interest, which is here legally 20 per cent., is far from indicating any great activity of capital. It only indicates the great danger of letting money out of one's immediate possession. The criterion of wealth is the ease of its removal. The Rajah will probably buy jewelry for one hundred thousand piasters in preference to investing his money in a factory, a mill, or a farm. Nowhere is jewelry better liked than here, and the jewels which, in rich families, even children of tender years are wearing are a glaring proof of the poverty of the country.
If it is one of the first duties of every government to create confidence, the Turkish administration leaves this task entirely unperformed. Its treatment of the Greeks, its unjust and cruel persecution of the Armenians, those faithful and rich subjects of the Porte, and other violent measures, are so fresh in everyone's memory that no one is willing to invest his money where it will pay interest only after many years. In a country where industry is without the element on which it thrives, commerce also must largely consist of the exchange of foreign merchandise for raw home products. The Turk actually gives ten occas of his
