A Trembling Dynasty

The unsuccessful endeavors of Peter Augustus Jay, U. S. Minister to Bucharest, in attempting to dissuade the Rumanian Government from enacting a bill prejudicial to the interests of U. S. capital in Rumania had but one result: able Diplomat Jay is returning to the U. S. to explain to the State Department the complicated situation.

The situation is that U. S. concerns have upward of $150,000,000 invested in Rumania of which $70,000,000 alone represents the investments of the Standard Oil Co. The Bratiano brothers (Jon Bratiano, Premier; Vintila Bratiano, Minister of Finance) piloted through the Senate and the Chamber of Deputies a bill, known as the Mineral Rights Bill, which makes it obligatory for Rumanians to hold 60% of stock in all industrial enterprises, and which provides for State confiscation in the event of foreigners failing to comply with the law.

The finances of Rumania are in a terrible tangle and the country owes more money than it can pay off in a donkey's age. Moreover, there is not enough money in Rumania to buy 60% of the stock of foreign concerns in Rumania. Consequently, under such conditions, the Government is accused of trying to enrich Rumania at the expense of foreigners without paying a cent in return.

The political ramifications in Rumania, consequent upon this proposed law, are indeed manifold. The Bratiano brothers are supported by the Liberal Party, which has an overwhelming majority in the Senate and Chamber. Most of the Government Opposition disapproves of the bill, and supporting the Opposition is the Catholic Hohenzollern, King Ferdinand and his beautiful consort, Queen Marie. The issue is, therefore, between the King and his Government. The former has so far declined to sign on the dotted line and the bill cannot become law without his signature; neither can the Government force the King to sign, because he holds a Constitutional right to veto legislation. The Government, however, is "dead set" on getting the bill enacted and has so far declined to heed the remonstrations of King, Queen, Opposition and foreign Powers.

Recently the King and Queen made visits to France and Britain. Their objects were:

1) To raise money;

2) To seek military support against Russia with whom Rumania is at leashes strained over the Bessarabian question (TIME, April 14, May 5).

In neither one nor the other of these plans did they succeed and, after being made to feel by both France and Britain that they had outstayed their welcome, they were forced to return empty-handed to Bucharest. The Bratiano brothers stuck another feather in their caps by having the Mineral Rights Bill passed by both Houses of Parliament.

The King would not sign the bill. Rumors emanated from the Court that Queen Marie would yield to pressing invitations from prominent American friends to visit the U. S. The visit would be purely social, but the inference was that the beautiful Queen would try to influence American financiers to lend money to her distressed but obstreperous country.

But internal politics are even more complicated. According to expert observers, if the King declines to sign the bill, he will certainly risk dethronement at the hands of the Bratiano brothers, even though his act were approved by foreign Governments; for in the present spirit of the world there would be abundant sympathy for the unfortunate rulers, but little practical help. On the other hand, if the King signs the bill, then he will alienate the Opposition, which now supports him. In this way he could defer his dethronement, but sooner or later the Opposition would "get" him, as it has recently made plain it would do. The wisest course, but perhaps not safer than signing the bill, would be to refer the whole question to a referendum of the people, many of whom, however, would be incapable of expressing an intelligent opinion on the problem. But each moment of Royal indecision may be fatal; meanwhile, the Dynasty trembles.