affected, and squabbles are certain to arise. The American receiver, as is proper, is given the position of leadership. Suppose he were to die or be unfit for service; which of the other three receivers will take his place? There appears to be no arrangement made for such a contingency, yet it is quite certain to arise, and if it should, the man who temporarily assumes the duties, will be particularly likely to find himself in trouble. The question as to location of the four receivers may some time or other raise difficulties. Suppose, for example, the British receiver were placed at Cape Mount, adjacent to British territory, and the French receiver were to be located at Cape Palmas, close to French authority; opportunity for unfaithfulness to the Republic would be very great. There is nothing in the history of the past to warrant us in assuming that these officials would be men of such high spirit and principle as to resist temptation. The possibility of difficulties between the General Receiver and the Liberian Government is also very great. He is given large powers; unless he is a man of extraordinary ability and well-balanced character, it is certain that complications will arise; there will be constant risk of his inter-meddling in every field of governmental affairs. Some of these difficulties of course are inherent in a receivership, and as a receivership is absolutely necessary, their risk must be accepted. On the whole, the American loan should be a great help to Liberia. Friends of the Republic hope for the best results. The government is given a breathing spell, and time and opportunity for the re-adjustment of its economic interests. There is no danger, if the receivership is competent, but that the income of the nation will easily carry the loan with all its obligations, and leave ample funds in balance for the legitimate enterprises of the government. It is reasonable to hope that Liberia has entered upon a period of prosperity. Yes, I say these were but slaves who gave us the Declaration of Independence. They were but slaves who framed our Constitution, they were but slaves who combatted with the odds of life, amidst wars, devastation, and foreign aggressions to hold intact for us and for our children this home of ours.--S. D. FERGUSON, JR. POLITICS.