Cherif and the National Bank

One of the pillars for Cherifs plan for economic reform was the establishment of a National Bank for the Ottoman Empire which he spearheaded after a conversation with like minded friends. He saw the Empire rich in natural resources but poor in wealth and capital, the economy was running on a primitive system, he uses the example of former conquered territories that the Empire had lost because cruelty was the chosen method of governance saying economically nothing was done in these lands no development, they only saw destruction and depletion for centuries, and were deprived of profit, production and trade.

He worked to establish this economic institution which was to be called a national bank. In January of 1908 he visited London to meet with Charles Hardinge at the British foreign office, Cherif wanted to also establish direct and solid financial economic links between the two Empires believing economic ties would bring friendship between the two governments. The British government in reply gave Cherif a special promise of assistance and  he discussed the establishment of the bank with Ernest Cassel. Cherif went back to Constantinople and paid a visit to the Grand Vizier Kamil Pasha and foreign minister Tevfik Pasha he encouraged them to telegram the British government stating the establishment of a national bank under Cassel would be warmly welcomed.

Shortly after the telegram Cassel was welcomed in Constantinople by Cherif who introduced him to Ottoman ministers, government officials, CUP leaders and members of the diplomatic community hosting banquets at his club . Cherif and Cassel departed for Egypt, news came that the CUP had overthrown Kamal Pashas government, Cherif explained to Cassel in light of the developing situation he could no longer participate in the establishment of the bank as the future now looked uncertain because it was now under the control of the CUP, but Cherif assured Cassel that he would continue to help him ensure the realisation of this national institution.

Cherif who had by now entered exile and resided in Paris saw Cassel in that city a few days after the March 31st incident, Cassel was now very worried about the future of the Ottoman Empire, Cassel invited Cherif to London so that they could discuss the issue further. In London Cherif made it clear to Cassel that wouldn’t be returning to Constantinople and that he should be excused from the board of directors, after Cassels attempts to convince Cherif to remain on the board failed he reluctantly accepted his resignation but said that whenever he wanted to return to the board a place would always be there for him.

It is important to note that the CUP had tried to erase Cherifs leading role in the establishment of this institution during their conflict with him.