Guano, Nitrate, and Railways being recognised as the prime sources of Peruvian greatness, and these having been noticed with no scant justice, another matter remains for examination, which may be said to surpass all the others in importance, albeit it is not so easy to estimate or understand. Granted that Peru has all the physical elements of a great nation,--such as gold and silver, copper and iron, and coal, oil and wine, a vast line of sea-coast with numerous safe bays and ports, rivers for internal navigation, as well as railroads,--has she the moral qualities to develop these riches and make the best use of them? In plain words, has Peru ceased to be a hotbed of revolution? is there any hope that the ruling classes of the Peruvian people will become sober, industrious, thrifty, honest, just and right in all their dealings, and cease to be a source of anxiety and disgust to their present and future creditors? These may be said to be momentous questions, and not to be lightly answered. Any answer not founded on well-ascertained facts and indisputable knowledge should be set aside as vexatious and frivolous. A hasty answer, or one founded on aught else, could only be conceived in malice or prompted by motives of self-interest. It has, for example, during the past few months been comparatively easy to a portion of the London press to defame the character of Peru; to find reasons why its bonds should be held only as waste paper, and even to prove to the satisfaction of its fond and eager readers that she is in an utterly bankrupt state. The same accomplished writers, if it suited their purpose, could as easily prove, with their eloquent persuasiveness, that Peru after all is, in commercial phraseology, sound; she had never yet failed in keeping faith with her English friends, and is too enlightened to think of doing so now. True, she is in debt; but she can pay handsomely, and, in the powerful rhetoric of Bassanio, would encourage money-lenders and her private friends thus:-- 'In my school days, when I had lost one shaft, I shot his fellow of the self-same flight The self-same way with more advised watch, To find the other forth, and by adventuring both I oft found both. I urge this childhood proof, Because what follows is pure innocence. I owe you much, and, like a wilful youth, That which I owe is lost; but if you please To shoot another arrow that self way Which you did shoot the first, I do not doubt As I will watch the aim, or to find both Or bring your latter hazard back again And thankfully rest debtor for the first.' But not thus will our serious questions meet with satisfactory answers.