“It does not, however, appear at first sight that the Yellow Peril at which European economists are terrified is to be compared to the White Peril suspended over Asia. The Chinese do not send to Paris, Berlin, and St. Petersburg missionaries to teach Christians the Fung-chui, and sow disorder in European affairs. A Chinese expeditionary force did not land in Quiberon Bay to demand of the Government of the Republic _extra-territoriality_, _i.e._, the right of trying by a tribunal of mandarins cases pending between Chinese and Europeans. Admiral Togo did not come and bombard Brest roads with a dozen battleships, for the purpose of improving Japanese trade in France. The flower of French nationalism, the _élite_ of our Trublions, did not besiege in their mansions in the Avenues Hoche and Marceau the Legations of China and of Japan, and Marshal Oyama did not, for the same reason, lead the combined armies of the Far East to the Boulevard de la Madeleine to demand the punishment of the foreigner-hating Trublions. He did not burn Versailles in the name of a higher civilisation. The armies of the Great Asiatic Powers did not carry away to Tokio and Peking the Louvre paintings and the silver service of the Elysée. “No indeed! Monsieur Edmond Théry himself admits that the yellow men are not sufficiently civilised to imitate the whites so faithfully. Nor does he foresee that they will ever rise to so high a moral culture. How could it be possible for them to possess our virtues? They are not Christians. But men entitled to speak consider that the Yellow Peril is none the less to be dreaded for all that it is economic. Japan, and China organised by Japan, threaten us, in all the markets of Europe, with a competition frightful, monstrous, enormous, and deformed, the mere idea of which causes the hair of the economists to stand on end. That is why Japanese and Chinese must be exterminated. There can be no doubt about the matter. But war must also be declared against the United States to prevent it from selling iron and steel at a lower price than our manufacturers less well equipped in machinery. “Let us for once admit the truth, and for a moment cease flattering ourselves. Old Europe and new Europe--for that is America’s true name--have inaugurated economic war. Each and every nation is waging an industrial struggle against the others. Everywhere does production arm itself furiously against production. We are displaying bad grace when we complain that we are witnessing fresh competing and disturbing products invade the market of the world thus thrown into confusion. Of what use are our lamentations? That might is right is our god. If Tokio is the weaker, it shall be in the wrong and it shall be made to feel it; if it is the stronger, right will be on its side, and we shall have no reproach to cast at it. Where is the nation in the world entitled to speak in the name of justice?