Appropriations must not overrun the revenues; after the legislature adjourns, the President, Secretary of the Treasury, and the Financial Adviser must revise the appropriations if they have overrun; their act is binding to the Secretary of the Treasury. The Financial Adviser co-operates with the government in establishing economical and efficient administration and expenditure. The debts of the Republic are to be at once paid--by bonds where the creditors chose to receive them. The bankers are to receive for their services their out-of-pocket expenses, legal charges, commission on the face value of the 5 per cent bonds, and 5 per cent on the bonds purchased by themselves. Residue bonds are to be held by the fiscal agents to meet approved, unadjusted indebtedness: final residue bonds will be sold and the money paid to Liberia for public improvements approved by the General Receiver. In order that this agreement should go into effect, it was necessary that the Liberian Legislature should pass all necessary measures of approval before January 1, 1912. This was done. There was some delay in finally placing the funds at the disposition of the Liberian Government, but at present everything has been arranged and the new loan is in effect. This arrangement caused general joy throughout the Republic; it was felt not only that it released the people from a heavy and dangerous obligation to unfriendly creditors, but that it probably began a period of closer relationship between the United States and Liberia. It is possible that too much of a feeling of security existed. It is likely that more joy was felt over the receipt of $1,700,000 than of responsibility for its ultimate repayment. On the whole, it must be admitted that the loan is favorable to the Republic. The government has realized a much larger percentage of actual funds than in any of its preceding financial undertakings. There are, however, some weak points in the plan. It is unfortunate that the loan was theoretically made through banks of different nations; as a matter of fact, it was an American enterprise, and should have been so in word as well. There is no reason why foreign nations should be interested--except indeed that Great Britain should experience a sentiment of joy in having the interests of her citizens secured. The sum of $1,700,000 is so small that it could have been easily supplied by American houses and considered a little matter with no actual political relations. That the loan should have been secured by a receivership is just, but it would have been much better to have appointed a single American receiver instead of four men of different nations. In this international receivership there lies considerable danger. Friction is likely. France, England, Germany are suspicious of each other. The simplest act is liable to misconstruction, and one or another of the three sub-receivers is likely to feel his dignity and that of his nation