propriety of recognition by themselves." When the fallen government of China has itself recognized the new government, what reason is there for other governments to delay?

For the reasons enumerated-the status of the present government of China, the virtues of the Chinese race, the character of the Revolution in which these virtues have found their expression in bringing about the change of government, for all these reasons, the Republic of China is deserving of immediate recognition by the nations of the world. But there are special reasons why recognition should be accorded by our government first of all.

Special obligations are laid upon us of the United States by our position in the eyes of the world as the most powerful republic in existence, and one of the oldest. The President of the United States is rightly regarded as "the champion and exponent of that form of government consecrated by the blood of our Revolutionary fathers." Our own republican principles justify China in looking to us for sympathy and support in this hour of crisis and of need.

Such an expectation is warranted by our dealings with other nations. Numerous precedents might be cited to show that it has always been the policy of the United States government to recognize the existence of a government which was capable of maintaining itself. Our relations with France illustrate this. On November 7, 1792, in reply to a letter from Gouverneur Morris, then American Minister to Paris, describing the bloody revolution which had just been effected in that capital, Thomas Jefferson, Secretary of State, wrote as follows: "It accords with our principles to acknowledge any government to be rightful which is formed by the will of the nation substantially declared." Later he added: "We surely cannot deny to any nation that right whereon our own government is founded-that every one may govern itself according to whatever form it pleases, and change these forms at its own will; and that it may transact its business with foreign nations through whatever organ it thinks proper, whether king, convention, assembly, committee, president, or anything else it may choose. The will of the nation is the only thing essential to be regarded."

The establishment of the Second Republic occurred on the 24th of February, 1848, and less than a week after our Minister to France, Mr. Rush, presented the formal congratulations of our government. Mr. Buchanan, in transmitting to Mr. Rush a letter of credence to the French Republic, said: "In its intercourse with foreign nations, the government of the United States has, from its origin, always recognized the de facto governments. We recognize the right of all nations to create and reform their political institutions according to their own will and pleasure. We do not go behind the existing government to involve ourselves in the question of its legitimacy. It is sufficient for us to know that a government exists capable of maintaining itself; and then its recognition on our part inevitably follows." Even as late as September 8, 1900, Mr. Hill, acting Secretary of State, sent to Mr. Hart, United States Minister at Bogota, the following instructions: "The policy of the United States, announced and practiced upon occasion for more than a century, has been and is to refrain from acting upon conflicting claims to the de jure control of the executive power of a foreign state; but to base the recognition of a foreign government solely upon its de facto ability to hold the reins of administrative power." In withholding recognition from the Republic of China, the present administration is departing from the policy of the great founders of our nation.

There are questions in expediency and advantage as well as of principle in this matter of recognition. We may well consider what some of these results would be. First, China would be encouraged and strengthened in her efforts for reform and education. Evidences of the educational awakening are coming from every part of the land. The Canton Christian college may be taken as typical. The number of students in that institution has increased from 256 to 418 in one term, and the Chinese residents there have recently given over $80,000 (equivalent to many times that in purchasing power here) for new buildings and equipment of the college. The new Commissioner of Education in Kwang-Tung Province has secured the appropriation of

$100,000 gold for the education abroad of the students of the province.

A second result of recognition would be the stimulation of trade between China and the nations of the West. When the international relations of China are restored to normal condition, trade, which has already regained most of the ground lost during the disturbances, will assuredly rapidly increase. By recognizing the Republic the powers will, without distinction, confer a boon on the business communities of their respective nations. Missionaries and other representatives of western nations in China, also, would be benefited by the recognition of the Republic. Though the Revolution has been guarded from assuming any antiforeign or anti-missionary character, until perfect order is established there must be risk for foreigners traveling in the interior. Dr. Wu states: "It is within the power of the foreign countries to reinforce the hand of the government, to extend to it moral support, and give it added prestige to hasten the complete restoration of order, and to insure the safety of their citizens and subjects throughout the vast Republic."

The greatest advantage to be gained by the speedy recognition by all nations would be the prevention of intervention on the part of some which are only waiting an opportunity to appropriate Chinese territory, just as they did with the continent of Africa some thirty years ago. The partitioning of China would be a crime even greater than the partitioning of Poland, and one fraught with far more serious consequences to the human race as a whole.

The Chinese Revolution was not a coup d'état, without likelihood of permanence; the old monarchy is hopelessly dead. The revolution was complete, and peace reigns throughout the land. The new government is without opposition. It is confronted with many difficulties, but they do not spring from the attachment of people to the departed monarchy. As stated by Dr. Morrison in the London Times, when referring to the danger of China's splitting up, "Where is the line of cleavage? Both parties

in China are equally republican. Those who allege that President Yuan is assuming a dictatorship are ignoring the facts of his career." And to the critics who charge that the President's Council is composed of hostile factions, whose quarrels threaten the continuance of the Republic, he says: "Nothing could be more misleading. These parties differ in their programmes as political parties do in all countries, but all are equally republican." To those who think it is a reproach and a danger that the new men active in the government are inexperienced, he replies, that the difference can be shown by comparing them with the "corrupt princes and degraded eunuchs who were in power under the Manchu dynasty."

Given recognition by foreign governments, freedom from overt acts of predatory powers, and the right to increase her own customs, now limited to 5 per cent—a right wrung from her by foreigners to secure their unholy indemnities-China will pay all her obligations, no matter how unrighteous. The ruling characteristic of the Chinaman is honesty. He never repudiates his financial obligations.

I hold in my hand a Chinese bank note for a thousand cash issued by the great Ming Emperor Hung Wu, in the year 1367. It is the most ancient piece of financial paper in existence, excepting some duplicates, one of which I presented to the British Museum several years ago. It is three hundred years older than a somewhat similar looking note for which the British Museum paid Pope Hennessy 500 pounds, and which, until this was discovered, was supposed to be the oldest in the world. The lower panel contains the following, as translated by Professor H. B. Morse, Commissioner of Customs and Inspectorate General of Customs of China: "The Imperial Board of Revenue, having memorialized the Throne, has received the Imperial sanction for the issue of Government notes of the Ming Empire, to circulate on the same footing as standard cash. To counterfeit is death. The informant will receive 250 taels of silver, and in addition, the entire property of the criminal.-Signed, Hung Wu." A seal in vermilion bears in character the legend: "Seal for circulating Government

Notes." It is shown as an authentic proof of the antiquity of the Chinaman's knowledge of matters financial, at a time when the ancestors of the six powers syndicate were groping in the darkness of feudalism-matters in which the Chinaman has always borne the unique distinction of being the soul of honor.

The integrity of the Chinese as a people is proverbial. Their former despotic government, despite its innate corruption, never failed to observe its financial obligations to its former creditors, however unjustly incurred. The government of the Republic has solemnly undertaken to faithfully execute all the obligations to the foreign powers, under existing treaties, notwithstanding the onerous burden entailed upon the people, and which, considering their enforced origin, might with some reason have justified repudiation. Apart from the credit for past performances, faithfully observed, and the normal revenues from trade, commerce and the usual taxes, the natural resources of the land are incalculable. Of their development, a beginning, by modern methods, has only yet been made; but where it has been, every encouragement exists for extensive exploitation to the great advantage of the people, as well as of capital involved in such industrial enterprises. The extension of railways also affords scope for large investments, which are attracting attention in all quarters, to provide means of internal commerce, now carried on by most primitive methods. These and other considerations justify recourse to the bankers of the world for assistance on equitable conditions toward their development.

With such a reputation for honor, and such tempting opportunities for the successful employment of capital in her domain, why should China be forced to accept humiliating and ignominious terms to obtain credit-terms never before demanded of any other nation? Consider Japan-that other great star of the Orient-whose natural resources are incomparably less than those of China. When her very existence as a nation was at stake in a war with one of the most powerful countries of Europe, it was my privilege as well as pleasure to appear with Count Kaneko before a syndicate of