5. There is a widespread feeling that Liberia has great mineral wealth. No doubt a part of this is justified; much of it, however, is merely due to the fact of ignorance regarding the interior of the country. There are surely gold and copper; there is iron, no doubt, in abundance; we have already mentioned the possibility of diamonds. Under such conditions it is natural that men throughout the whole Republic are ever dreaming of making lucky finds. Anything found anywhere, which chances to have lustre, is considered precious and leads to hopes of sudden and enormous wealth. This widespread expectation of always finding a bonanza is certainly unfortunate for any population; it is unfortunate for Liberia, but just enough of actual mineral wealth will always be discovered to keep it vigorous. It would be well indeed for the black Republic if it were lacking completely in mineral wealth. It is likely that the discovery of valuable deposits will harm the country far more than help it. Such discoveries are certain to enlist rapacious foreign capital and to lead to constant interference and ultimate intervention. If white men in Dutch South Africa were unable to resist the aggressions of avaricious English miners, what chance can the small black Republic stand? The very day I wrote this passage, I received a letter from a well-informed Americo-Liberian. He closes with these words: “I am told that the English have opened up a gold mine in the rear of Careysburg on the St. Paul’s River. This is the last settlement on the river, thirty miles inland. Of course, it is by grant of the legislature, but all based on fraud, as I am told. The yield, I learn, is very great, of which Liberia sees and knows nothing. The whole thing is guarded by an English force.” I have no means of knowing how much truth there may be in this statement of my correspondent. Just such things, however, do occur, will occur, and such things are fraught with danger. 6. It is common to speak in terms of pessimism regarding the economic conditions of Liberia. This has been true for years. In 1881, Stetson spoke as follows in his _Liberian Republic as It Is_: “This condition of hopeless bankruptcy is fraught with danger to the existence of the Republic. The cords which bind her to England are being drawn closer and closer, her exports go largely to England, her imports are from England, her loans are from England, and what few favors she has to grant, or are received of her, are to English capitalists; notably a charter recently given to an English company for a railroad extending two hundred miles back from Monrovia, the capital, and designed ultimately to connect that port with the head-waters of the Niger. English influence and gunboats may at any moment settle the question of the future of Liberia.” It will be seen that this was written after the time when Liberia solicited her first loan from England--the notorious loan of 1870.