of establishing a coaling-station in Liberia.  Under the fourth of these recommendations Major (now Colonel) Charles Young went to Liberia, where from time to time since he has rendered most efficient service.  Arrangements were also made for a new loan, one of $1,700,000, which was to be floated by banking institutions in the United States, Germany, France, and England; and in 1912 an American General Receiver of Customs and Financial Adviser to the Republic of Liberia (with an assistant from each of the other three countries mentioned) opened his office in Monrovia.  It will be observed that a complicated and expensive receivership was imposed on the Liberian people when an arrangement much more simple would have served.  The loan of $1,700,000 soon proving inadequate for any large development of the country, negotiations were begun in 1918 for a new loan, one of $5,000,000.  Among the things proposed were improvements on the harbor of Monrovia, some good roads through the country, a hospital, and the broadening of the work of education.  About the loan two facts were outstanding:  first, any money to be spent would be spent wholly under American and not under Liberian auspices; and, second, to the Liberians acceptance of the terms suggested meant practically a surrender of their sovereignty, as American appointees were to be in most of the important positions in the country, at the same time that upon themselves would fall the ultimate burden of the interest of the loan.  By the spring of 1920 (in Liberia, the commencement of the rainy season) it was interesting to note that although the necessary measures of approval had not yet been passed by the Liberian Congress, perhaps as many as fifteen American officials had come out to the country to begin work in education, engineering, and sanitation.  Just a little later in the year President King called an extra session of the legislature to consider amendments.  While it was in session a cablegram from the United States was received saying that no amendments to the plan would be accepted and that it must be accepted as submitted, “or the friendly interest which has heretofore existed would become lessened.”  The Liberians were not frightened, however, and stood firm.  Meanwhile a new presidential election took place in the United States; there was to be a radical change in the government; and the Liberians were disposed to try further to see if some changes could not be made in the proposed arrangements.  Most watchfully from month to month, let it be remembered, England and France were waiting; and in any case it could easily be seen that as the Republic approached its centennial it was face to face with political problems of the very first magnitude.[1]

[Footnote 1:  Early in 1921 President King headed a new commission to the United States to take up the whole matter of Liberia with the incoming Republican administration.]

4. Economic and Social Conditions