We have told you before of the money difficulties in Turkey, and that the Sultan has been called the "Sick Man of Europe" because of the unfortunate condition of his affairs, which were in such a deplorable state that it seemed as though the kingdom of Turkey must soon be swallowed up by the more powerful nations of Europe.
The Turkish nation has been on the verge of bankruptcy for many years. To help the struggling Government along loans of money have been made at different times, and all that was of value in the country pledged as security for the repayment of the loans. Bonds were issued on these securities, but owing to the impoverished condition of the country they were of very little value, and at one time the Turkish bonds were the joke of the stock market. Still, the bonds existed, and their holders hoped at some time to get their money back.
Few governments are wealthy enough to support themselves without borrowing money. In Europe most loans are arranged by the wealthy bankers, who demand security in return. We explained this matter to you in speaking of the quicksilver mines and the Rothschilds, on page 1023.
Transactions of a similar character to that of the quicksilver mines have been entered into by almost all of the European countries, and the consequence is that there is hardly a foreign nation that is not under obligations to its moneyed men, or financiers, as they are called.
The power of the financiers has become so great that they are now able to dictate the policy of Europe. Behind the will of kings and emperors is the will of these financiers. If the moneyed men refuse to lend their gold to a country, they may prevent its going to war, the erection of fine buildings, or the doing of many things that are necessary to keep up its proper position as a nation.
When Greece, enraged that her Christian brothers should be under the thraldom of the heathen Turk, went to the rescue of Crete, all the brave men of Europe applauded the gallant little country for her pluck. But the brave men of Europe did not represent the money of Europe. The financiers who were at the back of the various Powers distinctly disapproved of the war. If Greece succeeded in whipping the Turks all the money invested in Turkey might be lost.
In was well understood that Greece could not succeed in the struggle with Turkey unless some of the Powers came to her aid, and so the financiers warned the statesmen that Greece must not be helped; and because of the power of the financiers, and for the sake of the money involved, Greece was sacrificed, and Turkey permitted to be the victor.
The whole situation was thoroughly understood by the Sultan, who laughed in his sleeve at the dilemma the Powers were in; and knowing that he was perfectly safe, and that they dare not declare war against him, he delayed the peace negotiations for months, and settled his army in Thessaly, to destroy the prosperity of the country.
The position of Greece is now something deplorable. When she has given her consent to the terms of the treaty she will no longer be a free and independent nation, but a slave to the countries that control her treasury. While she still has her King seated on the throne, his power is no longer what it was. He can carry out no great schemes for his country's good, for he can enter into no plans, that involve the spending of money, without the consent of the Powers that are to manage his affairs.
The plan that the Powers should control the treasury of Greece was not agreed upon until Germany, prompted by the financiers, insisted that Greece must lay money by to take care of her old debts, as well as of the new war payment.