Apparently the Foreign Office rely upon trumping Mr. Crisp's card
by insisting, as described above, that the Chinese Government, when the loan is raised, shall pay the money out at once iii discharging the Boxer indemnity and other liabili- ties. But however much the Foreign Office might insist on this, one would think that the Chinese might evade the demand by rapidly paying the money away to somebody else, and then quoting whatever is the Chinese equivalent of the proverb, "You cannot take the breeks off a Highlander." We cannot see that the Peking Government would necessarily be injured. After all, China would have gained something by getting rid of any of her liabilities ; the process would certainly improve her general credit, and might encourage Mr. Crisp's supporters to come forward with another loan. Nothing gives more confidence to lenders than to see a borrower paying off old debts. The subject, however, is very complicated and obscure, and a good deal more light is necessary before any definite opinion can be given in regard to the transaction as a whole.
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