Russia's Peace Terms and Turkey's Crushing Indemnity
According to the latest version of the peace conditions, Turkey, besides her territorial losses, the surrender of a few iron-clads, the repairs of the mouth of the Danube, the reimbursement of Russian capital invested in Turkish securities, the indemnity to Russian subjects in Constantinople for war losses, and the maintenance of about 100,000 prisoners of war, will have to pay to Russia in round figures a sum equivalent to about $552,000,000 in our money. The unestimated items will easily increase this to six hundred millions. With her taxable territory reduced almost to poverty-stricken Asia Minor, and with her finances at present in a condition of absolute chaos, it is difficult to see where she is going to get the money, however ready her present rulers may be to sign the contract. It is true the indemnity is partly secured by the present Egyptian, and the proposed Bulgarian, tribute, and by the present revenues of certain rich mines; but these are no more than a drop in the bucket, while the poor Bulgarians, who have to pay dearly for their independence, may not be able to do their part in the contract at all, the tribute being placed at a figure equal to the whole expenses of their own administration. The proposition amounts to giving the Czar a permanent mortgage on the whole empire, and contains an implied threat that he may foreclose at any time, by the seizure of the remainder of European Turkey. In this last aspect, all Europe has a vital interest in the matter, and particularly England, even if the conditions were not in themselves calculated to drive English creditors crazy, by destroying their last hope of ever getting a cent of their large investments in Turkish bonds. It makes Russia a preferred creditor of the bankrupt Porte, with the additional advantage of being assignee in possession, leaving creditors with prior claims out in the cold.—Detroit Evening News, Feb. 20.