215 



Legation at Constantinople, — and made a commimication on 

 the subject. 



Mr. Brown, of the American Legation at Constantinople, has sent 

 to the mint a specimen of the new Turkish Treasury Notes; which, 

 from the novelty of its appearance, and of the terms of its issue 

 (which constitute a new feature in state-financiering), may be worth 

 exhibiting to the Philosophical Society. 



The translation of the reading, which Mr. Brown has furnished, 

 will explain the character of this security. 



(At the top, and on the margin.) " A legal paper note, issued 

 from the Imperial Privy Treasury, to circulate in the Capital, and in 

 every other part of the Ottoman Empire, amongst all persons. Its 

 circulation is legal; its interest shall be paid to the possessor of it 

 without any Tax ; a declaration being required of him or her at the 

 Treasury. Conditioned, that when the holder shall die without heirs, 

 it will fall void of value. It is a valid Sehim of ten purses (each 

 500 piastres); and one purse of interest." (That is, about 215 dol- 

 lars of our money; and ten per cent, interest). 



(In the centre^. " An Ordinary Sehim of the Sublime Porte, 

 payable from the proceeds of the Royal Privileges and Mines; to be 

 paid to the claimant without any Berat (voucher for tax paid) ; its 

 annual interest payable at the beginning of March, at the Imperial 

 Treasury." 



At the bottom are interest coupons; and Mr. Brown states that this 

 bond is to be redeemed in six years from the date of issue. (It is in 

 blank, without seal or signature). He adds, " they are much in de- 

 mand, because of their rate of interest, and limited number. Many 

 families collect and hold them for the revenue they afford." 



It appears that, six years ago, there was a somewhat similar issue, 

 to the extent of 12 millions of piastres, at an interest of 81 per cent.; 

 with the stipulation, that upon the payment of a berat, or tax, the 

 holder of a bond might transfer the same; or, in the event of his 

 death, it should enure to his own children, male and female; but this 

 privilege was not to extend to a second generation, nor to any but a 

 lineal heir. 



The Society then proceeded to the stated business of the 

 meeting, the balloting for candidates for membership. 



The committee appointed on the testamentary document 

 contained in a sealed paquet deposited v^ith the Society by F. 



