“The paper of the State, fifteen years ago, amounted to twenty millions (£T), and yet its depreciation never reached more than 50 to 60 per cent, compared to gold, although its circulation was then limited to the radius of the town of Constantinople, and it was not received in payment of taxes. At the present time, although the amount issued does not amount to four millions, and there is no limit imposed to its circulation in the Empire, and it is accepted in payment of taxes, the depreciation amounts to 70 per cent. This state of things is the result of the carelessness and neglect on the part of the ministers of Finance. The depreciation, moreover, has given rise to venality and corruption on the part of functionaries in the Provinces, and to excitement and unrest, in consequence, in public opinion. “We have no accusation to make against the probity and honesty of Galib Pasha, nor any complaint on the score of the obligation under which we lie, of issuing bonds to realise the sum necessary, in gold, for exportation to Europe for war purposes. But seeing that an issue of paper money, to an amount necessary for the realisation of £T100,000 only, is sufficient to cause a still further depreciation of the paper and rise in gold, the Minister of Finance is in duty bound to take such steps and employ such means as shall, as much as possible, prevent or mitigate this consequence. For instance, he should take a portion of the sum required from the receipts of the Treasury, in gold, and issue the remainder of the sum in paper, with such prudence and precaution as to avoid financial panic by all means in his power. But Galib Pasha seems incapable of appreciating such measures, and the finances of the State have suffered in consequence. “Such a state of things implies a grave responsibility, and as it is somebody’s duty to fix this responsibility, the functionary on whom devolves these particular duties would necessarily be the person to assume it. But it is also the duty of the person who happens to be Grand Vizier to superintend the general march of affairs, and to take steps to prevent all maladministration. “In the report made by Galib Pasha, which was read before the Council of Ministers, he declares himself incapable of finding a remedy for this state of things. And when an official makes such a declaration, it is impossible to keep him in the exercise of those functions without sharing the responsibility with him. It is on these grounds that we have based our opinion as to the necessity of replacing him.