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Rh and four per cent on $160,000,000 worth of bonds, or $16,525,000 interest a year, and pay it semi-annually!

Out of the merger deal Harriman is supposed to have received, in addition to merger stocks and bonds, a cash consideration and special secret concessions and subsidies for his west coast road. Harriman dictated the contract as to the payment of interest on those merger bonds and his successors will compel payment or foreclose. As long as Diaz remains in power, as long as the Mexican government is "good;" that is, as long as it continues in partnership with American capital, the matter can be arranged—if in no other way, by paying the deficiency out of the Mexican treasury. But the moment there is trouble it is expected that the government will be unable to pay and the railroad will become American in name as well as in fact.

Trouble! That word is an exceedingly significant one here. A Mexican revolution will probably mean trouble of this particular sort, for every revolution of the past in Mexico has seen the necessity of the government's repudiating all or a part of the national obligations for a time. Thus the final step in the complete Americanization of Mexico's railways will be one of the clubs held over the Mexican people to prevent them from overturning a government that is particularly favorable to American capital.

Trouble! Trouble will come, too, when Mexico attempts to kick over the traces of undue American "influence." The United States will intervene with an army, if necessary, to maintain Diaz or a successor who would continue the special partnership with American capital. In case of a serious revolution the United States will intervene on the plea of protecting American