guage, and with the laws and customs of the Mussulman courts. For this purpose all the governments of Europe educate young gentlemen for the office of dragoman, and attach them to each of their consulates in Turkey.

Notwithstanding that the government of the United States, by this treaty with the Sublime Porte, claimed for its citizens exemption from Turkish jurisdiction, it nevertheless, up to August 11, 1848, never gave its minister or consuls in Turkey judicial or majesterial authority over them. It left them (the citizens) from 1832 to 1848 free from all restraint by law, and at liberty to commit against each other, and against the citizens or subjects of other governments, in the Ottoman Empire, any crimes or wrongs which they might deem it proper. Their minister and consuls could exercise no jurisdiction whatever over them, nor take any steps in civil or criminal cases to render justice for or against either party.

In 1848, Congress enacted a law 'to "carry into effect certain provisions in the treaties between the United States and China and the Ottoman Porte, giving certain judicial powers to ministers and consuls of the United States in those countries."

This "act" gives "certain judicial powers" to the American minister (or commissioner) in China in both civil and criminal cases; but in a most unaccountable manner restricted the powers of the minister and consuls in Turkey wholly to the latter. Its twenty-second paragraph says

That the provisions of this act, so far as the same relates to crimes committed by citizens of the United States, shall extend to Turkey under the treaty with the Sublime Porte of May 7th, 1830, and shall be executed in the dominions of the Sultan, in conformity with the provisions of said treaty, by the minister of the United States and the consuls appointed by the United States to reside therein, who are hereby ex officio vested with the powers herein contained, for the purposes above expressed, so far as regards the punishment of crime.

In consequence of the restriction contained in the preceding, the " act" aforementioned is null and void in the Ottoman dominions for all cases of a civil nature. What the framers of the "act" could have had in view in making it cannot be imagined. The number of American citizens in Constantinople and other parts of the Ottoman Empire now amount, perhaps, to more than a thousand-it may be even said to some thousands. Their operations of a commercial nature naturally give rise to civil suits among themselves, and between them and foreigners of various nationalities, which require some judicial authority to settle. Of this, the Ottoman government is deprived by its treaty with the United States, and Congress has not seen it proper, as yet, to confer any upon either the minister or consuls in Turkey. This oversight, or, more correctly, negligence, on the part of the only branch of the government of the United States which can grant the power of jurisdiction over American citizens in the Ottoman Empire, when it affects only said citizens, is an inconvenience of which they alone are the sufferers. When, however, as has frequently occurred, foreigners are affected by it, and with much reason complain that Americans in Turkey are lawless, subject to no rule, and recognize no minister or consul, and may wrong others with impunity, the subject becomes a more serious one, and amounts to a national stain and disgrace. In consequence of the well-known and acknowledged incompetency of all of the American consuls in Turkey to exercise any jurisdiction in civil cases over American citizens, some of the foreign legations at Constantinople refuse

to accept complaints against their subjects from American citizens, knowing by experience that they can obtain no justice against the latter in favor of their own subjects.

Some time since, the "Impritel," of Smyrna, published the following observations on this subject, and with it the present article will be terminated :

One of the questions which the government of the Porte will have to treat, now that the war no longer absorbs its attention, and order must replace the remains of any disorder which may yet exist in Turkey, is that of the situation which the exceptional legislation of the United States, or rather the total want of legislation, applicable to the American citizens in the Ottoman Empire, does to them in this empire.

The American Republic being formed of several States, each having its dis tinct laws, and administers their internal affairs independent of each other, and without the intermeddling or control on the part of the Federal government, it results that the consuls of the Union in Turkey, being unable to make use of any law recognized by the generality of the nation, the citizens live here in a position of complete insubmission, and freedom from all consular jurisdiction.

Now, as the Ottoman authority can do nothing in the premises on account of the capitulations which protect foreigners, and which provide that these shail depend only on their own authorities, it results that American citizens in this country possess a privilege without example in the whole world.

Thus, an American, who has a claim against a subject of the Sultan, prosecutes him before a Turkish tribunal, and obtains justice if his suit be a just one, and the sentence against the former is immediately executed. Public force is placed at his disposal in case of need. If the debtor be an obstinate one, he is put in prison until the debt be paid.

On the other hand, let it be a subject of the Sultan who has a claim against an American citizen, and the latter is called before the same tribunal, he may there obtain a sentence against him, but as to its execution that is quite another thing, for it depends entirely upon the will of the adverse party. No one in Turkey can compel an American to obey the judgment given against him.

The question, however, is not limited to suits between Ottomans and Americans. It interests all the various foreign nationalities, who are placed in Turkey in this matter, as respects Americans, upon the same footing as the subjects of the Sultan. We have had at Smyrna some most deplorable examples of this kind.

Such a monstrous state of things has already too long existed, and the dignity of the government of the United States, and the interests of its commerce, demand that it put an end to it as soon as possible.

Art. III.-EUROPEAN COMMERCIAL CORRESPONDENCE.

NUMBER II

PARIS, FRANCH, January 17, 1857.

FREEMAN HUNT, Editor of the Merchants' Magazine :—

MY DEAR SIR:-While Milano was being racked to death under tortures that would have damned even a Spanish Inquisition, for touching his bayonet against the inspired ribs of the Neapolitan king, Verger's deep-laid murder was matured. Bomba escaped, but the good Archbisnop gave, as the new year opened, his last benediction. The one is left to shoot and grind down his subjects; while the other, like his predecessor on the barricade in the last revolution, met his death by violence

Thomas á Becket, in the Second Henry's time, met a similar fate (1170;) but Boremeo, Archbishop of Milan, four centuries later (1569,) was bulletproof; and now all France is shocked in this third attempt upon a prelate's life, at the success and coolness of the assassin! The trial takes place to-day; the execution will be known when all is over. Had he murdered a cardinal, or even the Pope, it would not have moved the Bourse! The head of the Church may fall, but while the chief of the State is at his post, the stock exchange heeds not the crime. Since the horrible deed, every despotic monarch in Europe feels less secure; for it may be his turn next. The day of the murder and the next, Napoleon did not go to the theater!

The high and mighty potentates have met, and parted-but only to meet again. The Conference is over; and just nine months from the signing of the first treaty, another child is born. All parties are doing well. They entered l'aris with a flourish of trumpets; they separated in good nature. There was trouble at first: Russia asked England, "When her fleet was to be withdrawn?" "When Austria moves her army," was the cool reply. And, turning to Austria, "When are you to evacuate the disputed ground?" "When England turns her back upon the Bosphorus." Here, then, was a decided hitch; but at last it was all arranged. Russia takes some hundreds of square miles of Moldavian territory for Bolgrad; so all are satisfied-each with humbugging the other! The surveys are to be made; the line drawn, so that the sick man" may get rid of his troublesome doctors by the 30th of March. Thus another congress, and perhaps a fourth. Better talk than fight. The treaty is patched up, but I have yet to see its effect upon the money market.

Another topic-our brave little sister republic that so firmly has held her Alpine home for centuries-Switzerland, has been arming to meet the invader, and already her firmness has won the admiration of the nations. As England's titles once included France within her realm, so did Prussia claim her right of etiquette over Neufchatel; but the weak and vascillating monarch made a false step when he tried to bully Switzerland. Frederick William, (clignot,) instead of the First Napoleon, is now the Gesler; but the people of the mountains are still the children of Tell. They bow to no empty title, and the nation moves as one man to cut down those who would harm their constitution. Therefore the King of Prussia must retire. He must accept the terms or fight. If he chooses war, France and England are against him; if he falls back, he makes himself the laughingstock of Europe. Financiers think, with the diplomatists, that he will choose the latter-hence, the Bourse keeps on the even tenor of its

way.

These two important questions decided, Europe is quiet-an almost universal peace. Yes, peace; but a breath of wind, a scratch, the firing of a musket, the death of an emperor, would set the whole fabric in a blaze. Peace, to be sure, but what a peace! The world looks on and wonders what next. Is Europe really volcanic? Or do newspaper writers croak? Nous verrons.

But what of the money market? You will expect by the Baltic your usual monthly digest of a looker-on from Paris, and the Magazine shall not be disappointed; but to get at the working of the Bourse, I have to touch on outside topics, and run a race about the world, giving you a salmogundi on all leading countries that bear upon European finance.

Take Spain, once so rich in gold, in agriculture, and in commerce-Old Spain, who, notwithstanding her poverty and her dotage, owns one of the only two profitable colonies in the world. Cuba is a nest-egg, and Holland is proud of Java. But what other colonies pay their mother country? This gallant old land is split up in cabals and strife. Her public debt capital of $635,000,000 only yield an annual interest of $10,000,000, and that she cannot pay without calling for a foreign loan. Last month the French banker, M. Mirés, outbid the Spanish capitalists, outbid the Rothschilds, and got the $15,000,000 loan at forty-two-the par one hundred! So much for Spanish credit.

Now there's a famine among the poor; her railways don't pay, although Geo. Hudson is managing them; and her politics are one thing to-day, another the next. Espartero fell before O'Donnell; O'Donnell gave way to Narvaez; and ambitious statesmen stand outside the door to take his place. The Queen may be the next to lose her power. Spain, geographically, is located between Europe and Africa; and her present condition proves that she is about half-way between civilization and barbarism. So let her go, as, save the last loan, she gives little life to finance.

What of Russia? Is she, too, bankrupt? No, by no means. England may continue to abuse her, and she will continue to advance. Formerly she was all war and rapine, and now she wishes to extend her commerce, build railways in her lands, and cover her seas with steamers. England calls her a thief and a robber, trying to pick the pockets of English capitalists to furnish funds to carry out her enterprises. How absurd! Look at the truth. Her credit, like Cæsar's wife, is above suspicion. Rothschild, the Frenchman, places it ahead of the United States-(it only shows that he is not posted!) During the late war, while France added 200,000,000 to her funded debt, and England about the same; while little Sardinia tacked on 20,000,000, half of which England guaranties and may have to pay, as has often been the case in her war loans; while Turkey is only plunged the deeper in the mud. Russia has only increased her debt 60,000,000, and since the war, has reduced taxation, provided for an expensive coronation, raised new armies, built new fortifications, and is ready to march 100,000 men-another Alexander's army-to the assistance of Persia! No; Russia's credit is good, and she will build her railways. Do you doubt it? The entire track is but 2,600 miles :—

Count de Morny, says the junior Sir Robert Peel, (in his late extraordinary speech that has so offended England and Europe,) is a great speculator, and when the count beat Rothschild and got the concession for Peirere, he knew that the contract was a good one; that Russia's credit was A 1, and that when the time came, the project would be launched, and as much progress made as there was in the Australian. Notwithstanding cheap land, no government expenses, and serf labor, the roads will cost some $80,000 per mile; in France it costs $105,000; in England $180,000 per mile! The government guaranty of 5 per cent, and

admission of iron and plank free of duty, assists the enterprise. Although the board of management is located in Paris, the president must be a Russian. By-and-by, the Barings will introduce the stock into London, and English foundries, most likely, will make the iron. If the Russian funds held their own all through the war, capitalists will not soon forget such security.

The Austrian concession went off quick, with immense profit to the "Credit Mobilier." While her public revenue in 1855-6 was but $132,000,000, her expenditure was $200,000,000. Francis Joseph is no better financier than his imperial father. Deficit after deficit, calls for loan after loan, and the national debt accumulates, and the National Bank refuses to resume specie payment. The only science Austria knows is war; and to fill her powder magazines, has contracted with the Egyptian government for all their spare saltpeter for five years' time, 1,000 tons per annum. The reception the Emperor met in Italy was cold as his winter ice. Webster told Hulseman some plain truths about the beggarly House of Hapsburg.

Save the railway concessions, Russia and Austria at peace will not materially affect the money market.

Now, then, to France. There is little doubt about the astonishing progress that France has made in commerce, manufactures, and agriculture, under the gigantic credit institutions which have sprung up during the Empire. Like the building up of new Paris-(2,524 houses torn down, and 5,238 erected since 1852; the population in 1851 was 1,422, 65; last year, it was 1,727,419, an increase of 305,354 in five years)-everything has been forced. Before, Frenchmen were all war-now, they talk commerce. Why, from 1823 to 1847, the whole length of French railway concessions was but 2,940 miles, costing some $200,000,000, one-third of which was paid by the State; of which, only 1,142 miles were open. During the next four years they increased to 3,095 miles, costing, up to 1851, $100,000,000 more. In June, 1855, they reached 7,185 miles, and end of last year, the tables show 10,000 miles, (not all finished,) some 80 per cent longer than her canals, and 30 per cent longer than her public roads. And thus far the cost of all has run up to about $600,000,000. The income on French railways in 1850 was about $17,500,000, against receipts in 1856 of $54,000,000. On a capital of $301,000,000, the State gives a guaranty of $12,000,000-an important aid, and may account in part for the late heavy dividends. For the 1,920 miles made by the State, they are allowed a share in profits of 3,529 miles. The fusion of companies has been a good move. The original 78 concessions were reduced to 59, and now they are cut down to 24; of which, 9 hold nine-tenths of all. Last year, 1,600,000 shares paid 16 per cent, and 4 per cent on 900,000 unfinished. France has not had her railway panic. Her grand trunk lines pay; but wait till the branches are under way; they will be sure to sap the life-blood of the parent tree. As I observed in my remarks for your January number, the money market must open its coffers, for these lines must all be finished. Other enterprises have also been stimulated to expansion by easy credits. A company has just been commenced, with a capital of 4,000,000, to run steamers, a la Cunard and Peninsular and Oriental Companies, wherever they have a chance for profit. Shipping companies are springing into existence as rapidly here as new corporations, under the Limited Liability Act, are in England. In 1850 the coasting tonnage of France was but 2,069,851 tons; end of 1855, 2,417,430.