American National Red Cross; Red Cross and Red Crescent
To give a single illustration of the acrobatic acquirements of the
sprightly piaster, the ignus fatuus characteristics of the mejidieh
(nom. 20 piasters), and the illusive proclivities of the lira, we will
outline a transaction connected with our first medical expedition, under
Dr. Ira Harris, of Tripoli, Syria. We had sent four hundred liras to Dr.
George E. Post, of Beyrout, who was fitting out the expedition for us,
and presumed we would receive a receipt for that amount, or for 40,000
piasters, its equivalent. The acknowledgment came, and we were somewhat
nonplussed to note that we had been credited with a sum far exceeding
that amount. A letter of inquiry was sent, as we supposed our good
doctor had made an error. We quote a paragraph or two in his letter of
reply: "I am not surprised that you do not quite understand the
intricacies of Turkish finance. After thirty-three years of residence,
I am still trying to get some idea of what a piaster is. * * * In
Beyrout it is worth one piaster and five paras, with variations; a
mejidieh is worth from nineteen piasters to almost anything. Every town
has its rate. * * * The nominal value changes daily. Thus if I credit
you to-day with 123.20 piasters on the lira, next week I may be out of
pocket, or vice versa. * * * Internally, it is well nigh impossible to
keep accounts. * * * The only way our college books are kept is by
giving the rate as it is when the account is entered, and as it appears
in all receipts and other vouchers."
We were much gratified with this assurance, for if a college president,
after thirty-three years' study, had not solved the piaster puzzle,
there was some excuse for us. Hundreds of accounts and bills have been
received, audited and paid, and scarcely any two correspond in piaster
equivalents. Therefore, although the money unit is the gold piaster, and
the monetary standard the gold lira, the frequent changes in valuation
is very bewildering to foreigners, and necessitates frequent conference
with persons who, after long years of residence, have reached an
equitable basis by which monetary equivalents can be ascertained.
A glance at our column of receipts shows a considerable variation in
rates of exchange, and also the selling price of British gold (most of
our drafts and cabled credits were in English sovereigns). We sold the
greater part of our gold at a rate exceeding 110, which is the
commercial rate in business transactions. In all credits received, the
values are of course given according to the rate on the day of sale.
Many of our accounts, receipts and vouchers are curiosities, as they are
in various languages, Arabic, Kourdish, Turkish, Armenian, Greek,
Italian, etc. They were interesting but at the same time exceedingly
perplexing to us, though our expert accountant found no difficulty with
any of them, and right here we desire to make special acknowledgment to
Mr. Künzel for his excellent but unpaid services.
Public-domain text, read in full here on John Shaqi.
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