File 756/1917 Pt 1 ‘ARAB BULLETIN Nos 1 to 65’ [‎486v] (977/1240)

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Turks which have, however, hastened and emphasized the
economic ruin.
Issue of Paper-Money, . .
The issue of Turkish paper-notes crowned the difficulties
due to the tightening of the money market. As soon as the
nossibility of the general introduction of Turk.sh paper-notes
was hinted, the public, in Palestine, began to hoard up all he
coins they could lay hands on. To make matters worse the
first bundles of Turkish paper-money, which reached Palestine,
consisted exclusively of L.T.5 notes. The exchange of a L. Pa
note into five single notes cost at the start, 3/. ±he rail ot the
paper-note was steady, reaching 27% of its face-value in March
The following may serve as a striking proof how powerless
the Turkish Government is, severe punishments notwithstanding,
to enforce the circulation of the papei-notes .
(Jerusalem Hebrew Daily, 44 Hatneruth Freedom, ^No. J2,
28 January, 1917.
Official Notices :
From official quarters we have received for publication, in
our daily issue, the following official notice, issued by the Bureau
of the Mutessarifiah :
“It is known that the circulation of gold coins is strictly
forbidden, and those who detain such coins have to present them
for exchange into paper-notes, at the Treasury. But in order to
provide for the needs of the public, and in order to get wheat at
convenient prices, and in good condition, the following decisions
have been adopted by the “ Committee for supplying wheat ”
(a) Inasmuch as it is impossible to get wheat from the
Arabs otherwise than by paying in gold, and owing to the
pressing needs of the hour, it has been decided to change the
whole capital of the “ Syndicate” into gold.
(b) Inasmuch as the human sentiment of mercy forbids
any man to starve his fellow man, when there is plenty of
cereals in store, it is, therefore, the duty of everyone who
possesses gold coins to apply to the Hon. Von. Grower (German
Consul-General, apparently), President of the Executive of the
“ Syndicate,” to have them exchanged for banknotes.
(c) In conformity with the former Notice, which remains
in force, the circulation of gold coins, as also the trade in coin
exchange is forbidden to everyone except the “ Syndicate.”
And whoever transgresses these orders, will be punished
according to the regulations of the former Notice.”
2. Kanun-thani 1335 (= 26 January, 1917).
The Turks try. to explain away the public’s lack of
confidence in paper-notes, by the ignorance of a peasantry, used
only to gold and silver coins. This is an arbitrary official lie.