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 firm and timely action. Doubtless he foresaw during the negotiations that unless the powers could be held to joint action in accepting the lump sum in settlement of their indemnity claims, his policy of the "open door" would have been placed in peril.

Since the protocol was signed, the United States has had another opportunity of showing its consideration for China in her humiliation and financial distress. During the year 1902 the first installment on the indemnities was to be paid. But since the basis of settlement was agreed upon, silver, which is the currency of China, has greatly fallen in value, making it much more onerous to meet the obligation. China appealed to the powers to allow the installment to be paid at the rate of exchange when the settlement was made, and the United States is the only power which has manifested a willingness to grant the appeal.

The conditions imposed upon China in the peace protocol would seem to be adequate to prevent any widespread anti-foreign uprisings in the future. But the hatred of the stranger still prevails throughout the empire, and the extortionate spirit of the powers has placed in the protocol a provision which is likely to prove a continued source of irritation and to feed the flames of discontent. Against the remonstrance of the United States and of those best informed as to the financial ability of China, a burden of indemnity has been placed upon the government which it will be very difficult for it to carry. To meet this obligation additional taxes must be laid upon the people, and the knowledge