New-York tribune., 1911-04-19
THEDAyINWASHIyNCTON
From The Tribune Bureau.)

From The Tribune Bureau.)
washington. April u.
THE CHINESE LOAN.--As diplomatic
achievement tho completion or the chinese
loan deserves far more attention thah IL
has received. according 70 prominent dip!o-
mats In Washington, among whom 1t has
commanded attention second only 10 tho
Mexican situation. BY its part In tho neso-
,iation, which have eliminated In this loan
the United States has commanded the re-
spect OF foreign nations which recognize In
the course Of Secretary Knox breadth OF
q, s,atesinsnsh'p and farsiGhtedness which
have compelled admiration. This loan OF
SO 900 900 Ia made for the purpose or re-
organizing tho financial system or China'
enabling the empire 10 put into enect GER
tain customs and fiscal reforms. etc, TO
modernize the fiscal basis OF the Chinese
Empire. II has been largely promoted by
the United States, and this country could
have made the entire loan and appointed
one Of fts own citizens to supervise that
modernization. Instead Of SO doing. how
ever. Secretary Knox voluntarily interested
three other great powers. Great Britain
Germany and France. and shared with
them the taking up of the loan. while, IN
! order that no jealousy might attend its ao-
ministratlon. he also agreed that hscai
agent should be selected from nation
not pecuniarily interested. AS result OF
this farseeing and generous diplomacy, II
is made evident to the nations OF the world,
as well as to China. that the sole purpose
OF the United States is the promotion or
the welfare OF the empire That welfare
is materially promoted and China's future
administrative entity Is assured by the CO.
operation Of four OF the greatest nations
OF the world. each OF whom now has q
large pecunary interest in the preserva-
ton unimpaired Of Cliina's resources, be-
cause they, in effect. constitute the secui1t!
on which the loan Just effected is Daseo'
And beyond demonstrating the unselhsh
interest OF the United States In the ~elfare
OF China, the course OF Secretary Knox
must 20 far 10 refute that ill-inforIned I'M
preston that the so-called dollar diplo-
macy" OF the Secretary is essentially ma
terialistic. and 10 prove 10 all who are open
TO conviction tia. such diplomacy IL essen
TALLY American. utilizing the power Of the
worlds financial interests to promote the
ton of financial shrewdness to the policy
OF protecting the rights Of the less power
full and promoting universal peace. The
praise bestowed by diplomats in Washing
ton on IN. course Of the administration In
this affair is both generous and sincere.
THE HU-KWANG LOAN.-That the
United states is far from disposed to carry
it's altruism 10 the point Of supnely SUD-
,nitting 10 injustice or any ignoring or the
part it has q right 70 play IN the affairs OF
nations was abundantly demonstrated 10
the European powers two years ago. when
Great Britain, France and Germany under
took 10 finance the Hu-Kwang railway
loan sometimes called the 1Iankow-Sze-
chuan loan. without permitting this country
70 share therein or even consulting II with
regard thereto. 4 diplomatic but not the
less emphatic protest was promptly LODGED
with the result that China quickly per-
ceced the impropriety OF the proposed
course, and that the other powers, with
possibly more or less reluctance, consented
to accord 20 American bankers share in
the loan. To the unthnking dupes OF
certain type OF masazine. who have been
taught TO regard the term bankers as
synonymous with Beelxebub, and Wall
Street" a. synonymous with Sheo'. the
mere suggestion that the Secretary OF
state was acting in the interest Of Amer
can bankers will constitute abundant proof
that the purpose OF Mr. Knox was merce-
nary and unworthy. But even such a.
these, provided their mentality has not be-
come so attenuated by the pabulum on
which they have been feeding as to render
81 incapable OF al independent thought.
must perceive IN the light OF the course OF
Mr. Knox IN connection with the larger
Chinese loan that the enlistment of large
and widely distributed financial interests IS
a safeguard against the selflshness and am
bitions OF a single nation and an incentive
20 broad statesulanship and generous deal
ing. For o time the Hu-Kwsng loan has
been held in abeyance pending the COM
pletion OF the larger bond issue with which
the fiscal affairs OF China are 70 be reoT-
ganixsd. Now, however. the negotiations
looking 10 the railroad loan will be pressed.
and 81 ia expected that in the near future
/, arrangements will be completed whereby
this loan viii be foated among British,
French, German and American bankers,
and China will receive an additional 5000
Oco with which 10 construct the approx
mately 1870 miles OF railroad which Is TO