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That is to say, American financiers and politicians were at one and the same time the heroes and villains of the piece; having co-operated in the creation of a dangerous situation, they came forward handsomely in the hour of trial with an offer to save China from themselves as it were, if the Chinese Government would only enter into relations with the consortium, and thus prepare the way for the eventual establishment of an American financial protectorate.
The consortium of silent backers had been dissolved. Never in the history of finance had there been a satisfied creditor who was so unhappy as Herr Carovius. He was without a goal, and the sign posts had been destroyed. He had received his money; so far so good. His share of the profit was something over sixty thousand marks. But what was this in comparison with the great noise?
The world should not misinterpret or exaggerate the meaning of the convulsion which China is now passing through." These are wise words, with which every true friend of China must agree. Mr. Mr. Lamont, representing the consortium, offered a sixteen-million-dollar loan to China, which the Chinese Government refused to accept because Mr.
It should be added that the Peking Government, after repeated negotiations, had decided not to accept loans from the consortium on the terms on which they were offered. In my opinion, there were very adequate grounds for this decision. As the same article in the Freeman concludes:
The pressure of foreign powers interested in the exploitation of China and of impatient American economic interests may combine to put an end to the present rather otiose existence led by the Consortium. The two stools between which the past action of the American government has managed to swing the Consortium may be united to form a single solid bench.
It is based on a belief that the effect of the Consortium will be to give the Peking government a factitious advantage in the internal conflict which is waging in China, so that to all intents and purposes it will mark a taking of sides on our part.
I also said that the Consortium was between two stools, the financial and the political and that up to the present its chief value had been negative and preventive, and that jealousy or lack of interest by Japan and Great Britain in any constructive policy on the part of the Consortium was likely to maintain the same condition.
When America went through such a period, in 1861-5, England thought of intervening to insist on "good government," but fortunately abstained. Now-a-days, in China, all the Powers want to intervene. Americans recognize this in the case of the wicked Old World, but are smitten with blindness when it comes to their own consortium.
In the meantime, the American bankers of the new international consortium had offered to advance to the Chinese Government an amount which would cover the loan in default, together with other obligations already in arrears, and still others which will fall due on December 1st; and this proposal had also received the full and energetic support of the Department of State.
These considerations are not mentioned for the sake of throwing light on the Consortium: they are cited as an illustration of the probability that a too positive and constructive development of our tradition of goodwill to China would involve us in an interference with Chinese domestic affairs injurious to China's welfare, to that free and independent development in which we profess such interest.
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