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 arrangement with Wall Street for a loan of three hundred million pesos. Shortly afterwards, a shipment of between three and four million dollars in gold reached Villa from New York. At the same time it was announced that the Harriman and Pierce interests would be permitted to foreclose on the Mexican National Railways. January 22, 1915, Enrique C. Llorente, Villa's confidential agent at Washington, called on Secretary Bryan, denounced the land and oil decrees of Carranza, and pledged his chief to respect all foreign holdings.

Villa halted the division of lands in his territory, reversed himself on the clerical question, took 1500 ex-Huerta officers into his military organization, made his peace with the Terrazas-Creels, and established relations with an invisible Junta in New York, dominated by the Cientifico section of the Madero family.

Circumstances of this character, becoming known all over Mexico, hurried the dissolution of the Villa coalition, and paved the way for the decisive defeat administered at Celaya by Obregon. Gutierrez, then Zapata, broke with Villa. The Wilson help availed nothing, once the peons became aware that Villa had been corrupted. When it became evident that the bandit was doomed, he was abruptly abandoned by his American Godfather.

But, far from cheerfully recognizing Carranza, the President produced another trick from his sleeve.

It was when Villa was at the height of his power, and his early triumph expected, that the President delivered his famous let - them - take - as - long - as - they - like - and - spill - as - much blood - as - they - please - it's - none - of - our - business speech. (Indianapolis, January 8, 1915.) Can it be a mere coincidence that he confessed to favoring the opposite policy at precisely the juncture when Villa's fortunes were definitely on the wane?

Of course, the sentiment of the Indianapolis speech was never lived up to for a day, as has been seen. But the communication of June 2 was the most open attempt, to date, to justify a general policy of intervention. On June 2, 1915, the President sent a letter to all of his consuls, to be circulated among Mexicans, declaring Mexico to be "starving and without a Government"; announcing that "the Government of the United States. . . must presently do what it has not hitherto done or felt at liberty to do, lend its active moral support to some man or group of men. . . who can. . . set up a government at