Some of these taxes and revenues are collected by the agents of the government on its own account; and others are farmed out at public auction, with the view of avoiding the abuses and corruptions of the officials; the benefit of which arrangement was illustrated, when the custom-house was farmed out to the Armenian banker, Djezâyirly, who bid double the amount which the treasury used to realize.
The expenditure of the government has usually been nearly within its income; but of late years has exceeded it.
It includes the sultan's personal expenses, and the civil and military list.
The sultan receiving a salary of $300,000 per month; the Grand Vezir $4,000, and the others $3,000 each.
Civil list of the Sultan and his harem $4,100,000 Civil list of the Army 15,000,000 of the Navy 2,000,000 Ordnance and Fortifications 1,500,000 Pay of Functionaries 10,000,000 Foreign Diplomatic Salaries 500,000 Public Works 500,000 Séhims or life annuities &c. 2,200,000 Interest on Cayimés at 6 per cent. 450,000 Bank subvention 1,000,000 ----------- $37,250,000
The deficiency in the treasury is occasioned partly by arrears of taxes, and partly by incidental expenses, such as bank subvention, appropriations for internal improvements, etc.
With the view of enabling the treasury to carry on its operations, the government has, for the past few years, been obliged to effect a local loan of $8,000,000, in the shape of Kayemés, or Treasury notes, bearing interest of 6 per cent per annum. Apart from this, it has also contracted a foreign debt of £5,000,000--these two are the only national debts.
The monetary market in every country is governed by its exports and imports. The demand in Turkey for articles of foreign produce, having gradually exceeded its former imports, the balance of trade has been against the country, and a drain of specie has been the natural consequence. Apart from this, the payment of the Russian indemnities, having forced the government to demonetize its currency, the rate of exchange became very fluctuating, and a fit subject to financial operators; so that affairs assumed a frightful aspect.
To remedy this evil, the government was advised to establish a Bank, in order to keep the foreign exchange at a more uniform par value; this subvention has cost the government on an average $1,000,000 per annum; jet without any good success, for it only served to enrich a few individuals, who were intrusted with its management, without benefiting the country in general, and involved the national treasury in greater difficulty.