The Egyptian Bondholders, having induced Lord Salisbury to engage British
power to help in pillaging the Egyptian peasantry in their interest, the Turkish bondholders thought they also might press the Foreign Secretary. On Tuesday,. therefore, the holders of the loans of 1855 and 1862 sent up a deputation. Turkey and Egypt are, however, different places. It is very wrong for Egypt to repudiate, or even to confine payment to sums actually received; but as to Turkey, Lord Salisbury holds that its default is "due to great misfortunes ; " that it cannot pay, if it would ; and that "if the Porte would take his advice, he would say to Turkey,—Pay no interest to anybody, for the present ; do not pay either boldholders or Galata bankers, now. The first claim upon the re- venue of any country—Egypt excepted—is the conduct of the administration and government of that country. Be-- store your country to order. Put your finances upon a good footing. Secure the peace and order from which alone pro- sperity can come, and then, after a time," pay your creditors. As Turkey neither will nor can reform, and as Lord Salisbury knows this, this is mere sarcasm. The Turkish Bond- holders do not know their business. They should induce Messrs. Rothschild to lend sixpence to the Porte. Then France would insist on payment. Then Lord Salisbury would assist France. And then fleets would be put in motion to- compel the Sultan to hand over his Treasury to Commissioners, for the benefit of Rings in Paris and London. They have not watched the modern course of British statesmanship.
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