those who are rich are unwilling to invest their money in industrial undertakings, fearing that another civil war may break out at any moment, since they take the recent abortive second revolution as their warning.  In future, we shall have disquietude every few years; that is whenever the president is changed.  Then our industrial and commercial condition will be in a still worse condition.  If our industries are not developed, how can we expect to be strong?  Take Mexico as a warning.  There is very little difference between that country and China, which certainly cannot be compared with France and America.  Therefore I say there is no hope for China ever becoming rich.

Mr. Ko:  Why is it that you say there is no hope for China having a Constitutional Government?

Mr. Hu:  A true republic must be conducted by many people possessing general education, political experience and a certain political morality.  Its president is invested with power by the people to manage the general affairs of the state.  Should the people desire to elect Mr. A their president today and Mr. B tomorrow, it does not make much difference; for the policy of the country may be changed together with the change of the president without there being any danger of disorder of chaos following such change.  We have a very different problem to solve in China.  The majority of our people do not know what the republic is, nor do they know anything about a Constitution nor have they any true sense of equality and freedom.  Having overthrown the Empire and established in its place a republic they believe that from now on they are subservient to no one, and they think they can do as they please.  Ambitious men hold that any person may be president and if they cannot get the presidency by fair means of election they are prepared to fight for it with the assistance of troops and robbers.  The second revolution is an illustration of this point.  From the moment that the Emperor was deposed, the centralization of power in the government was destroyed; and no matter who may be at the head of the country, he cannot restore peace except by the re-establishment of the monarchy.  So at the time when the republic was formed, those who had previously advocated Constitutional Government turned into monarchists.  Although we have a Provisional Constitution now and we have all kinds of legislative organs, which give to the country an appearance of a constitutional government, China has a constitutional government in name only and is a monarchy in spirit.  Had the government refrained from exercising monarchical power during the last four years, the people could not have enjoyed one day of peace.  In short, China’s republic must be governed by a monarchy through a constitutional government.  If the constitutional government cannot govern the republic, the latter cannot remain.  The question of constitutional government is therefore very important, but it will take ten or twenty years before it can be solved.