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all the long drawn out discussion of the role of foreign capital in Mexico there has been much invective on both sides and on both sides there is the greatest need of clear thinking. Foreign capital is pictured as was railway development a generation ago. It is looked upon as carrying a possibility of the overthrow of Mexican independence. It does so. Foreign capital at the same time is the greatest hope for the salvation of the republic.

It is doubtful whether Mexico has suffered from the so-called "curse of concessions" to a greater degree than the average undeveloped country, and she has profited tremendously by the coöperation of foreign capital secured by favors granted in order to induce the assumption of her unusual business risks.

Mexico, a generation ago, was in a condition through which many a country has passed. She had a great extent of territory and a sparse population. She had great natural resources, which her people knew not how to develop and which they could not have developed rapidly even if they had known how, without the help of capital from outside the country. Under these conditions Mexico did what other countries have done in similar circumstances. Like the United States, like Argentina, she recognized the need of outside help and she