1. Treaties of Manchus up to October 13, 1911, will be observed. 2. Concessions granted by Manchus up to October 13, 1911, will be respected. 3. Foreign loans and indemnities incurred by Manchus up to October 13, 1911, will be recognized. 4. Foreigners and their property will be protected by the republic. 5. Manchus and their property will be protected by the republic. 6. We will remodel laws; revise civic, criminal, commercial and mining codes; reform finances; abolish restrictions on trade and commerce; insure religious toleration; and cultivate better relations with foreign peoples and governments. It will be noted that President Sun does not here take up that difficult question, the nationalization of railways, the premature forcing of which by the five banking nations on the Manchus largely precipitated the preliminary revolution in Szechuen province in September, 1911. When the republican finances will permit just compensation of provincial owners of railways, the nationalization of trunk railways will be a proper and opportune project, but confiscation of railways by a promissory note at sixty per cent. of investment, as was offered by the Manchus to the Kwangtung province owners, can only bring revolt. By the end of the first week in January, 1912, certain of the banking groups and powers, fearing that there would be a long civil strife, attacked the American doctrine of the “non-partition of China” and canvassed for two Chinas, the northern section to be retained by the Manchu monarchy, or a republic with Yuan at the head. Even this would bring its difficulties. To mention one of a thousand, where would the dividing line be, the Yellow River or the Yangtze River? The feeling of the republicans on this division can be gaged by asking what was the feeling of the Americans on the subject of secession. On January 8th the republicans approved a heavy bond issue, based on internal revenue (the customs being already pledged by the Manchus for foreign loans made before October 13, 1911, which loans the republicans recognized), and bearing eight per cent. It was also decided to put the currency on a gold basis, and though one-dollar, fifty-cent and subsidiary silver coins would be issued, they were to be only tokens, and their face value was to be secured by a gold reserve, as in the case of America’s and Japan’s silver coinage, which is only a token system.