I would only remark that M. Calderon is right in warning the American states against a plague of which we in France know something, but which in young societies, deficient in established traditions, and without ancient and well-tried organisations, may {14} well be exceptionally dangerous--the invasion of a parasitical bureaucracy, which would increasingly develop itself at the expense of the healthy portions of the nation, and which would gradually infect the soundest and most vital tissues. Finally, without indiscretion, I may perhaps express my approval of M. Calderon's stern requisition against the policy of excessive loans. It is by running into debt over unlicensed extravagances that certain of the South American republics have gained in Europe the reputation of being financially unsound or dishonest, and have thereby, by mere force of proximity, injured the repute of wiser and more economical states. Since the republics of South America have need of European money, they would be greatly at fault did they alienate it by excessive or reckless budgets. Never, I believe, shall we see the dismal hour which M. Calderon's imagination hears already striking; when, expelled by Slavs and Teutons, the Latins of the old world will be forced to take refuge on the shores of the blue sea that bore their floating cradle; and a Frenchman may be forgiven for refusing to believe that the capital of classic culture will ever pass from Paris to Buenos-Ayres, as it has passed from Rome to Paris. But without lingering over such alarming anticipations as these we may delight our eyes with brighter and more immediate prospects. May South America, while remaining herself, while cultivating, as M. Calderon advises her to cultivate, the American ideal, grow ever more and more hospitable to the literature, the arts, the commerce, and the capital of France. Thereby the great Latin family can only gain in material prosperity and moral authority. RAYMOND POINCARÉ (_of the French Academy_). (M. Poincaré wrote this Preface in December, 1911, before he became President of Council and Minister of Foreign Affairs.) {15} FOREWORD There are two Americas. In the north, the "Outre-Mer" of Bourget, is a powerful industrial republic, a vast country of rude energies, of the "strenuous life." In the south are twenty leisurely states of unequal civilisation, troubled by anarchy and the colour problem. The prestige of the United States, their imperialism, and their wealth, have cast a shade over the less orderly Latin republics of the south. The title of America seems to be applied solely to the great imperial democracy of the north.