The New York Herald Newspaper, January 31, 1867, Page 4

4 FINANCIAL. CURRENCY AND SPECIE FNGLISH AND AMERICAN SYSTEMS. ‘History of Paper Money in Great Britain, Superiority ef the Present Sysiew in the United States. bo. &e, be. BNGL19% COMMENTS ON AMERICAN CURRENCY. Gome Engtian newspapers have lately called the t- tention of their readers to the present state of the American currency, and the London Times has informed world that the people of the United States are just now suffering the perplexities of men who become sud- @enly too rich, and who do not know what to do with dhelr money. That journal is a great eupporter of Peel's ‘Dill, of 1810, and it can, thorefore, see no good ina paper ourrency that is not convertible into gold ats fixed pride; and it intimates that America can-never be really Prosperous and safe without a return to specie payments. ‘The readers of that journal are also informed that, with the exception of the New York importers, no one in ‘this country seems disposed to advocate a resumption of specie paymenta, When we cail to mind the events of the last fonr or five years, the great strugele in which ‘the people of the United States have been engegod; the extraordinary expenditure required for catrying on the war, and the wonder. ful olaaticity of the people's industry in mecting thts groat drain upon thelr resources, it would seem sur. prising indeed that tho poople of the United States should be fn favor of a return to specio payments; and ‘why? Bocause had they not so gloriously and ontirely emancipated themselves from the idolatry for gold, which periodically fetters the trade and commerce of England, they never could have carried on the war and at the same time retained their powers of production ao vigorously as they have done, The way in which they have accomplished this isa remarkable event in com morcial bistory. It might be important, therefore, to call the atteation of our people to the faye which may Dofall thom if they change their present r currency into one based upon gold at a fixed price; and we cannot do better than take a review of some of the more prom!- nent facts in the financial history of England trom the Commencement of the great French war of 1793 to the Pamsing of the Bank Charter Act of 1844. Before onter- {ng upon the historical part of the question it will be as woll to say a fow words on THE NATURE OF MONRY. There is, end has ever becn, much misconception about it. Money is of two kinds, and to understand the ourrency question it is necessary that we should see olearty the distinction between them. The one kind 1s used in mercantile transactions between different aations, the other {is legally used within any givon ation. They are distinguished in Scripture as ‘‘money current with the merchant’' and ‘tribute money.’ Tho @mentia! characteristic of tho former is the intrinsic value of the material of which it is made; but tho easen- (tal characteristic of “tribute money” ts the tegal au- ‘thority of the impression affixed to the material. In ‘the Cormer,case uncoined gold and silver may be money ; dm the latter case they Rot money until they are ‘coteed, although, of course, they may be and are meney's worth. Tribute money may be made of zold, eitver, copper, leather, wood or Paper or of any other! eommodity which is comparatively worttiless in itself, the sign affixed to it by the ruling Power constituting its value as legal tender for tee payment of a definite amount of national taxes, or any other crodit ongagemont within the State; ‘dat this tribute money ia no further valuable to the mer haat, who wants to take his money for expenditure ina foreign uation, than for the amount of gold or silver it may contain, or for the amount of these or any other valuable commodities which be can obtain for it in the mation (0 which this tribute money belongs. In this country this distinction between the two kinds of money ja now observed, and there is accordingly a paper cur- renoy {or tribute money, and the presious metals for mercantile money. In England this distinction is not observed; and the consequence is that, while in America gold ia o useful servant, varying in price like other com- moditios, in England it is a tyrann.cal master, fixed in price, aud from time to time causing money crises, sack @ the people there have just passed through. FINANCIAL BISTORY OF ENGLAND ¥ROM 1793. When the war with France broke out tn 1793, the great abuse of paper money in France had begun to develop itself, and this naturally aroused the fears of the English peopio fost English bank notes should also love their veime, Under these circomstan.es, many persons in Ragland wore induced to hoard all the gold and silver money they could accumulate; this together with the war policy of the British government produced a severe monetary panic. This panic was, in a great measuro, arrested by the judicious measures of the British gov- erament. The covernment sanctioned an issue of Ex- more a ere Rent as subsidies to continental {roe the Baok Directors gave. an much ns £6 ba all fag gold. The corn ot 1705 fail ht ef coures, increased ‘national aithe uae te bm yr became totally impossible for the Bauk of Eag- ean the (nereasing taxes req: the mercantile value of the peeoious metals being much above the tribute value at- tached to them in coin. in that state of the bullion mar. ket the bullion dealer bad only to take bank uvtes to the bank and the amount in gold or stiver coin, the material of | when melted down, he could sei! for a jt than that attached to it as coined mone: wee which ho was disti advised , fa, February, 1707, to issue an order a} council by which the bank was restricted from ae or ee in until the sense “ could be taken on the Partiament shortly afterwards sanctioned the suspension of cash payments, aad an act was passed to continue the eus- Deasion. After this act was passed the Baak of Engiand py eae time to the end of the war the one pound Bank of note became the real representative of the “ mer. ling," as that term was understood in all recetpts | i iH Head {4 Hie 2B Hg Hil nae fate thie ni LH ns iG nH tii [ ‘ h i | i itt we tt u| ri fF i i i bei att iit i [ = , with the in cing Of the war at that time, precious “Sete taguiy wanted for orig oy toda year 1000 the market price of goid became enhanced pr NR -e 1600, 1801 and 1803, the market of gold to the mint by és, + por ounce; but in the next six years the excess of t ounce. | the Your 1608 commenced that very large ran a “wo the latter years of nok wan, ear sont nearly <),000, 900 10 gold to nxblien to fosia, Sweden aad * months later, but there tend with, and the act did not cease until YLANG TO RESTORS: METALLIC CURRENCY. During the monetary discussions whi Parliament im 18) ry SKPOUB CONBEQUENCES OF PREL'S WEASURE. Peel's bill, however, was allowed to pass; but it had no gooner become the law, than the predictions of those it, became verified. When he nto Parliament, tho amount of bank notes in circulation was about £25,000,000, and tho partios who had op} introduced his bill financial operations of France during 1817 and 1818, in making a new gold comage, had enhanced the market price to 813. per ounce, but to carry out this new scheme, it was nocessary for the bank directors to provide gold bullion in exchange for bank notes at £3 10s. 6d on and after Octover 1, 1820; and at £3 17a. 10%d. per onnce on and after May 1, 1822. On and after May 1, 1823, the Bank Directors were required to provide gold in coin at the rate of £3 173. 10',d. per ounce. The Bank Directors were thus required by Peel's act to force down ina limited time the market price of gold from £4 1s. to £3 17s, 104¢d. per ounce. ways in which this could be accomplished. The Directors must either increase the supply uf gold or decrease the supply of bank notes, and as they could not increase the supply of gold they were compelled to withdraw bank notes from circulation, which they accordingly did by reducing the note circulation from £25,000,000 to £18,000,000. The bank directors and other men of monetary experience foresaw this necessity, but Peol, ia his ignorance of the natural effect of his own measure, had assured these practical men that they were quite mistaken, and that, 8o far from there being any necessity for the bank issues to be reduced, he could see no reason why they might not be increased. Ho also said that it was a mistake to suppose that a large incrence of tax- required an incroase in the circulating medium. Peel waa a young man when Le made this assertion, but on the currency question he wasa very young wanin- There wero only two The folly of this opinion was scon manife force. down the price of gold whon the law it the absolute standard for determining the vaiue of everything else caused the money value of everything else ‘to fall immediately from ten to twenty por cent. people were consequently thrown ment, and within three months of the 'g bill the great meeting of work people at which ended #0 disastrously, and which {s historically known as the ‘Mapchester mas- luce in like manacr declined in monoy fue of money was increased, but not quite idiy'as manufacturing products. The only property was enbanced in value was thofunds, Ii Great numbers of work fanchester took pl luce which had lot i terre terete ra eee a tes mons to lave recourne to 4 | For tho bdonton ot tes tax rr years. this. ti aie mate oe yo y: This rty sipping away from him without how it happened. CONCERNING OASH PAYMENTE, It may be asked, was not the British government morally bound to restore the system of cash payments, ‘as the money had beon borrowed durit that understanding? It is true Pitt and his coli 108 made that promise in 1707. But the beneficial ing ly controlied paper currency could not thea em foreseen. We think, therefore, after the coun- 2 a, oheq came 3 53 hit aa i il i A ! He ‘= 3 Fl = Hi i i iE ue 251} Ht i i i i | z i Gilt s 5 Lj i a wEe* fa? ttl 8 A Zg8 i i =) s ¢ 5. ib thus increasi! sperity lasted, there was an increased demand for labor, which, of course, improved the condition of the laborer, While this increase in papér cieculation was taking place the United States government was led by President Jackson to adopt a change of policy in regard to ‘TH AMERIGAN MONETARY SYSTEM and in providing for an increased circulation of gold, its value in American money was enhanced ut six per cent. Im consequence of this enhancement it became very profitable to export lish sove- reigns to America. Had this expors of gold continued it must have proved fatal to the Bank of England, and therefore to counteract it the bank was compelled to contract her banking accommodations generally, but specially to those merchants who were engaged in this American traffic, This sudden contraction of her feaues inflicted groat lows upon many in trade. These etringent measures of the Bank of England checked tire export of gold. and the monotary prossure was somo- what abated in 1838. EXPORT OF GOLD FROM HNGLAND RENEWED. But in 1839 the oxport of gold again commonced, and the demand became so urgent that the directors were compelled to seek for pecuniary aid from the banks of France and Hamburg. Again British property became depreciated, and the working classes wero reduced to a state of great distrose. OTBER SPPORTS FOR RETRY. In Janvary, 1840, vn the opening of Parliament, the Queen had to express her great sorrow “that commer- cial ombarrassmenta were subjecting many manufactur- ing districts to severo Comey: bgt to acquaint her Par- Hament, witt deep concern, the it of insubor- dination bad, in some parta of the country, broken out into open violence.” While these troubles wore increasing the monclary question in attracted public attention, and a committes of the House of Com- ‘mons was appointed to investigate the question; but they were apecia'ly reatricted from carrying their in- wiry t the money act of 1819, Does not this read like a farce? Why, that measu stituted the basis ‘of tie mes: wore to come of it Ad of place in June, 1841, The at ‘and his party into power, an: mote the Feerneaent of a question. “Io ‘Pee! pertuaded i .veatméat ludtive operations ‘this Caused Tho rato’ of interest to be consic £0- duced, and thus the facilities for getting bilis x. et Cali at a iow rate of intorest prepared the wr e mm RAILWAY SPROULATIO LATIONA, which bpm in. oe Undor the oxcitemont be produced the. way works were provecul: Tien grees slgee toreugh ‘the years 1844, 1648, 1846, Sopecenentie ek brought into circulation an ima ‘amount of credit money in the shapo of bilia of ex- change, promissory notes and railway acrip, and work- ing men being —a woll employed thore was once tmore the appearance of prospority in the country PRAL'S BANK OF BNGLAND OUARTBR ACT received the royal assent in July 1844, Tho moat import- ant Of this aot are tne separation of the issuing and the functions of the Bank of England, ed solute prohibition of C4 new banks of meuo, ead the limitat of the iasucs of ail oxisting banks aaue to an average circulation of each bank for the tweive weeks preceding April 12, 1844. Joint stock banks wore om- to accept bills for any period, instead of such ills being confined to dates of not leas than six months. This measure was iutroduced by Peel for the avowed ‘exchanges restricting the issue of bank notes within certain prescribed limita, lot the necessity for ‘them on the part of the pubiic be ever 80 This ia what !¢ technically calied “putting on the fore ferred in fecling torma to the calamities which, at dif- ‘| ferent intervals, bad marked tho provious t: realy yours end he went en to say, “When I look at the failures of Joint stock banks, whon I remember the number of £10 and £20 shareholders, whon I recollect the ruin which they have occasioned, into the dotaile of which I will tifcation will be of the highest the House to adopt a character of our pvnatnnne, Thad | inspire confidence the circulating medium, diminish al! inducements to fraudulent epecu- lation and gambling, and insure ita just reward to com- ie entorprise Conducted with honesty and secured jow what is most wonderful is, that whoa Poel was recalling to the recollection of tho House the calamitics which nation bad endured, he seemed to bo totally u lous of the condemnation he was passing upon hie own moni licy, If the of ben true tent bo Knowledge, whet cewe for the third time. “4g Ra “raw CONCLUSION OF TAR WuOLd Ni + Tt would sopm that tite retroepect.of facts in Eng- land's commercial history must convince, any unpreju- diced mind, that the yy of a currency based upon convertibility {nto gold ata fxod prico is fraught with danger, and can only be beneficial to money pear pt at cr oP) direct Rasy to the interests and woll being of the great the Optimists are ever ready to argue the oxisting Currency laws cannot be very bad, considering how country is advancing im prosperity; but it bas been clearly shown that whatever anges thas had hes ‘deen In apite Of the monetary law, not in consequence We must congratulate the psopie of the United States Upon the great reduction that is tonies gees tron @By approach to the lish system. THE NATIONAL BANKS, Views of Mr. E.G, Spaulding. Bovrata, Jan, 22, 1867. Hon. H, R. Horiscay, Comptroller of Currency, Wash- ington:— Tam much obliged for the information contained ia your letter; and I trust you will pardoa me for the re marke I am about to make. to be the future if regard to Gnancial affairs, ne 11 is obvious that this suspense and apprehension ope | rate Very unfavorably upon individuals as wollas ape the revenues of the government, Congress tn te offiolal pepe hee aban wisely, Is has not passed forward. i a bot coment “et wet ed W YORK HERALD, THURSDAY, JANUAKY 31, 1867.—TRIPLE SHEET. aoheme of repudiating the faith of the t with me ne meh d meee there is not the least necessity for it, and when aa maoes it \o ko Unies, Sota wo poo the re- specie paymenta, resulting tn genera hon ty disaster, bankruptey and ruin both to a the 5 the National Bank act bi cach, it passed, would make a worse instead better. In the Senate He 43 igh i i t i it year, to keep a steady and uniform ot. ia will be a necessity on his path se him to success- fully carry on the fiscal ot the government. Under @ very; steil it and pauicky: money market, the five- twenty bonds would fall w par, thereby stopping copvorsion of seven-thirty into the five-twenty bonds, and this, in view of $650,000,000 of sevon-thirties falling due between this and July 15, 1868, would em! and derange all tho operations of the Treasury Depart- mont. The Secretary of the Treasury must therofore of necessity be moderate avd discreet in contracting tho currency under the law of the 12th of April, The secretary will no doubt, by a moderate and pru- dent course of coutraction, endeavor to keep the busi- ness and industry of the nation in a prosperous condl- tion, in some degree check wild mation, gradually redtice prices, and bring ka and national currency ucarer the specie standard. On this point the Secretary in his last annual report makes the following judicious remarks:—“How rapidly the United states notes may be retired must depend upon the effect which contraction may have upon business and mdustry, and can be better detor- mined ax the work progressos. No determinate scale of reduction would in the present condition of af- fara be advisable. ‘Tho policy o! tion of government notes, should be definitely and un- changeabiy established, and the process shoald go on just as rapidly es possible without producing a (nancial crisis, or seriously embarrassing thogo branches of in- dustry and trade upon which our revenues are depend- ent.’" As the volume of curreacy is reduced, it will in- crease in value, and as 8000 4a the specie standard is yeached the national banks will be obliged to redeom their circulating notes in specie, Tho government can retire whenever it seems best, from the fiold, ag an issuer of paper currency, and consequently wilt not be under the necessity of providing gold and sliver to redeem it. ‘The burden of redeeming the nacional currency in gold and silver will then be throwu oxciusively upon the banks that issue it, and they will bo required to keep the necessary reserve of coin for that purpose. It seems to me that the act of the 12th of April con- tains all the power for coutracting the currency which 1s noc to bring the business of the country back to the apecie standard, as it wag before the rebellion. It may take three years, five ycara, or.cven ton yoars to. accomplish that result. When the old uniform standard Of gold and silver 4a reached, and prices and the bustuess of the country are ws hased thereon, national pauks il the Stage banks in the issue, circu- therefore reguiatod by the ‘rants of trade oud edu LW ararptitg eg lth ‘ot pA mi Bu $s our: should ever become the permavent policy of the opening speech [ mado in the jouse on the 26th of January, 1562, on the bill intro- eromont.. In the duced by mo, I said that “the bill before us is o and preserve our national: ‘The credit of the government, by the logal tendor act, justided mainly on the ground of imperative mecemity. jt was a temporary measure, passed in a most pressing peace is than seoms to be necessary te con- duct us safely back to that standard of value which is recognized by all tho nations of the world. In the speech to which I have above roferred I further said, ‘A suspension of io payments is greatly to be deplored, but it is nota atep iu an oxigoncy the < anotit wn if wit Arguments upon the ne- ita passage a a temporary relief to the Treas- government, On the contrary tho National Saree cs A tow the banks have but rocently Hie orgaiataiens oe mnieines, from the do. oe their circulating motes. Before the ink fs irly dry on the last tasue of national currency we are led with a bill reported from the Bank Committee in the House to omasculate and destroy this system of ban! T say destroy it, for no man at all conversant with tho of private banking and and ite ion and other restrictions would consider tt any inducement to remain under the 5 oY tmy by the Ne tional we 4 law, if the ri to tasue cirou- lating notes taken Lon g thom, These ae mae in good faith by Stockholders under tho national law, because in the first place State bank circulation was killed by United ‘States taxation, and in the neat pubes rest inducveente ‘wore held out to them national circulation to con- tinue twenty ® breach of faith on the part holding out taducements te or- ganizo under this law, killing off the State banks first and then tu a corner to kill off tho national banks, children of ite own creation. Are all the right® which tho stockholders of the banks have acquired under this law to be thus summarily disposed off How many banks would have ized under this law if the atock- thas their right to issue ciroule ting notes id be taken away from them as goon a8 po Ryd Organized? Not one ina hundred, for the that there would be no inducement to Come under the restraints of the national taw without It is said that these banks can continue to de business: ‘this bill, new ponding ta. the fopemed and were sso make it ao object for thas i li ! i contracting the circula- war messure; a moasure of nocossity, and not of choice, : by the Committee of and Moana te moot the pressing demands upon tho ry, © sis. tain the army and navy uotil they can make a vigorous advance upon the trai and crush out tho rebellion. ‘Thoso are cxtraordinary and extraordipary meas- myst be rerorted order tq save our government was brought rnte immediate requisition, and in the moat available form, to provido ways ee pee ae. ‘Ofteot; ry {rom the people “ “mont, ‘ee ater lous wided i oot kien tal ees mained uader of paymenta from 1707 to 1691-22, 0 a enyaveyen tach aro valuable as are uctions of farmer and me- chanic, for it is not as indispensabio aa are. (00d and rai- ment. i acy fe og I rad valuable to them than gold or silver; they must havo food, clothing and of war. nots frei fovater ntact ad ‘war can ited until Wo can caforce obedionce to the constitution and laws and en houoraple be |. This being accomplished I will be among the first to advocate aspeody roturn te specie pay- ments and all measures that are Calculated to preserve twonty years, was intended as Pipes ge it waa intended that it should tako the State ka, in furnishing @ solvent of uni- form similitude and valoe for the whole ‘The pat iw + oll last amaval of 5 mus Ub ands ollabie papper? t0 ind sor protean in the ti tho sera oe ‘onder nct while it.was based coasity ury during the war and not asa ie ing law ‘was advocated asa permanent of national cur- 3 B & z ' 3 F 3 7 F uch hasty and inconaiderate legisiation wit deter alt prudent mea from ing o much reliance upon e law of Congress, ‘at one session, organizing a great system of national policy to be emasculated or repealed before it gets fairly into operation. It looks too much like confiscating the property of a a the pretence of creating aeinking fund to pay na- tional debt. T hope the Senate and Bouse will carefully consider Pee ere ategacuces regard to tit wolving such 11 it ue broach of faith im'destroving tho acquired rights of the stockholders in these banks, and the disastrous con- sequences likely to follow the issue of government paper money as a permanont policy. E. G. SPAULDING. THE GREEK AND THE TURK. Bhodes in y—Atrocities of Greece was now Tebarporated tate the Xd Late Professor ‘TWO CENTURIES AND 4 oe Bosros, Jan. 22, 1867. Sipyin mine ouangy or Felton ‘we will copy it without The tate Professor Felton, of Harvard College, was the Mn eto the rom the Venetians, tandard American authority on Greece, both ancient fe ‘of the poe] 408 modera; end no man, not anative of the Holleni | of Crete, ba! pe ge oil, either tm our own or in other tands, took 8 deeper Fete t . ens , ‘Vienna, 80 , #0 long and at length eo auccessful. He fore- o Museum aad told the struggle which has now begua in Candia—a Ae i, otruggte, we venture to predict, which ‘will end only and a bomb, F iH ai expulsion of the Turk from Europe. From advanced f bic 4 proof sheets of these lectures, now passing through the part hi ithe tym the Pross of Messrs. Ticknor & Fields, we will present our | metopes and the friewe of the collar. ‘The firing ontiaued readers with a view of the Greek and the Turk as painted pe Ledeen days longer; but [Ss a ‘buiid- by our illustrious Grecian echolar and Philbellenist, pee att bee op Coa pe: canael 7 of Professor Felton:— Parks wh thelt wives and children, wero allowed five F i % . a ;: but it ts y Sir The Turks first appear in history in the sixth century. | }, ‘Turks, Then, anit stheas ane to sbjare They are a Tartar race, They came from the great | Mi co mee baptized into She, Casholio steppes of Northern Asia, at the foot of the Altai Moun- Hans retained possession Athena tains, During the cigbth century they blended with the gang months, the Adtiral needing his troops Saracens in Persia, In the tenth century they held do- But those jo britiant successes had.no permanent, resalt minion over Palestine, Egypt and Syria In the eleventh | Venotians Turks were alike wearied with the war, contury another tribe arose, subjugated tho larger por- poring i tox posi (ood Cea at er tion of Western Asia and founded that great empire | of the rye inst triumph of the Ven and against which the Crusaders waged war. This tribe iq <ni8 Was due to gen.as Forgaln whs FS. ceived the designation of the Peloponacsian, known as Seljuk Turks, While the Venetians hardly endeavored to secure The Ottoman ewpire waa founded in the thirteenth | what they had gained the Turks made vast pro) ioua century by Ottoman. He built it upon the ruins of the to recover the uered oountry. - 1715 the Grand domtnions of bis predecessors Tt now embraced the | Wise Oe Acbmid I'L bare tale, the Peloponsety. Saracons, the Arabs and the Turks, He oxtonded his en army of one hundred thousand men, supt ya fest of one hundred sail, and nothwithstanding the empire to the shores of tho Black Sea one hundred and fifty yoars before the capture of Constantinople. In efforts of the Kuights of Malta and the Grand Duko of Tuscany to assiat the Venetians in the defence of Greoce, Delfino, who had been left in commund, was compelled 1360 tho Turkish prince, Amurath L, captured Adria- nople and created it the capital of Turkey in Europe, ‘Tho successors of Amurath waged wars with the Poles, to the Morea. The Turks, advancing upon Corinth, b tho Hungarians and the Venetians, and no less than ered on the spot one-half of the capitu- lating | . reserving the remainder to be oxecuted w cight times did the destinies of modern Europe hang trombling in the balanco. ‘walls of Nauplia, within sight of the Veno- OAPTURE OF CONSTANTINOPLA. \ Argos wag recovered without striking a blow Nau was botrayed, the city and fortress entored at midnight and tho inhabitants put to the sword. In.2718 the peace of Passarowitz surrendered the whole of Siistoataly's. movewcont towards smancipaion, wa Mahomet IT. succeeded to the imperial power in 1451, foarcely # movemont towards ncipation, wat Ho was an aocomplished, learned, highly gifted monarch; | Wggevolstion which commenced in JE but pitiless, cruel, licentious and immovable as fate, He permitted nothing to thwart his will. Hoe determined to capture Constantinople, When the ambassadors of the Emperor Constantino offered to pay him tribute {f he did not refrain from building fort on the Euro- Biving thus followed tho Greek and the Turk through thar parallel Listories down to the petiod of that uprising of the Christians which reguited in the inde- | ares of Greece, let us now 808 (through Professor alton's eyes) the modo and manuot Of Moslem rule, or misrule, and thon ascertain the true character-of the moderna Turk and the modern Greek, i L made w radical Ghango ta” the tonvce of lod Tt. was vi in the Sultan, as the lawfal head of the State, made the old pro- Bi tumies Ghe Moves emp inate et toy pe chased exemptions at of exorbitant titwte, ‘systom of adi (says Professor if that could be @ eyatem whose only were yore ery and venality, was one tended it the extinction of every tei me chance ofthe psp, 1 bes lepers charscteristio of the.” to ‘make the the first catastiuoat the ompire down to the ta the “—s fomeeted:- fe wastiog extenaeve regiouy Ae far Fann o Oren ae large sums into tho imperial tions to mest death }, amd then, after returning to eb their ui! subjects. fhe kde, wi Ge a annually to the of the ‘empire, Sage Dar the mon were a Freach ep pia Nt os aed in the aad other ofcers of the Otioman empire are: oe ze i | He a2. Blt] 3 it iy Tepe tiie LF il; iL & €82 tho reign. Turks in Greece, Mahomet depend on their punctuality shrewdly naw that perc rare tagger ta paving they covery moans of accomplishing 7 oran does peat command .” . tho destruction Of osatg,” teas t i In these proviaces the powor of the Pachas was abeo- onough to satisty the apirit of the religion if they are | tuto and their state was maintained with Oriental pomp. made tributaries and siaves.” Mahomet ordered the | They usually snormous wealth means ae arene nce ee cents a and oxtortions they could with bad fled, an: luis was chosen—the same eocloai- —_ force. Pacha’s dominion extended: over astic who preferred the Turk to a Latin priest. The {aint an si anonetinceme wanaheet Sultan even professed an interest in Chi ry, forbade { ome milifon of ‘The end amas 2 his subjecta ¢0 molest or slander its ‘and ex. } etmiar authority. Tho only ‘hose he pressed “sucht joy" im being the lord and master of | ful ohioftains tho provabit ‘the hod iv tem He alo ordered Sve Ouristien farilice- Searry. bi Souteoatag tho ign weal Of tt it if ‘i wr ar peop, ana a ua: ; more than ‘of the most spléndid j—it wbing the were con’ into mosques, and . put his capti } cagacad the Orioutal oity as we paid for chi! Present day."' io others from a Ored seth too besren en griuces sambetr oy ’ \ Piste tbotme ou dake Bul an. “Gf was teoetved st tbe price of an anneal to shout twe of 12,000 gold ducats. From north to south, subject to this’im- without resistance, aimost without exception, oxaimination in now recognized the sceptre of the Mosioma, luce, bis I receipt In 1458 and 1460 insurrections broke out in nearest official authes- and at the Isthmus of Corinth, They were with hideous slaughter. Unarmed as weil arm women and helpless children were remorseless! mes and places te the sword, Six thousand were slain and ten ‘one-neventha enslaved. The Greok spirit was completely crush At the entrances of every PALL OF THR KMPMRE OF TREMZOND. istons, wine and Mahomet's last ae im 1461 against om commerce; was marked with atrocities. The labor om the publia ate ware sevoee Se eemesee tw Conmensinene, nad thar the service of the Sal. property was and conferred on the thy Pe mae | officers, The rest of the people were enslaved. from,the of aona of the noblest families, remarkable for committed, on the beauty, placed as pages im the Sultan's serag! Prevented it; requisl- and wore enrolled in tho corps of ‘@ nomiaal distributed the soldiers as slaves,’ Constantinople or was oa Spas mee ened are but a few of the cry caine directing him preieet by the Brace the faith. He refused. Ho was put to Tennant, “Se death, with bis seven and his nephew, Their | undeiacd and #0 uncontre!- corpses were thrown the walls to be eaten by | led the execation was tn dogs, big y ly an eminent author, “during | trusted, whole system of the reign of Mahomet to feed on Christian flesh.” The eeieiereien ons iene ae ee en Foam | wore wore net burdened with the and Imtorforeace of te his masters, and none that did not 9 Sgue o his Broken hearted, chil: ‘8 widow, in less degree from their 's a orty im sorrow, the fallen Empress passed Wer days or common labering class were to the tom 5 until death relieved ber of the heavy burden py uprovng, wat sonaion, bet ‘Now, (t {s necessary to understand how the Turk Srademacd slavery and degradation. the prehend the nding buted whioh ws Noy vexatious extortions some were al and kept ive in. the heart of the Oh - too ridiculous to be mentioned. seemeln, ene the Turk was in the fifteenth century he is to-day. | 80urce of revenue was called tooth money, re The Influences of Christian civilization have | muserate the Pacha and bis suite for the nover him. fatigue of enting the food prepared and furnished for OLD GRERK AND TORKING CrvTLTZaTion, them by the Greeks during the for the collec There have been writers who have maintained that | tion of taxes, The whole ameunt from these vart- thia change of mastere was s benefit to Grecce, They | ous sources has been emimated af nearly two millions hold that the Greeks of the lower empire had become Ce ae ee one-half degenerate and corrupt—ihat their govermment was a the treasury. if ill oe 7, {ate 0 puiltical Enso, edu various menial of otherwise, according (0 their ea a Pa Goede peaceennea meet ores feet = tetra | wera eee eater ., galeer tania crete kane | Tartine eee pave Se Bintwteetans ater ae Moslem faith om Grecoe five hundred thousand obildrea haa Corrupt soever the Greek religion may c} pn Barony en A sate till carries in ite loina the seed of a nobie this once organization, They were @il trainee ste greed of tno Turk, by Ta vary natu, i laenssy Sd ely 7 We have said = A ed Ort tt ee