Mr. Hu:  Because if the present system continues there will be intermittent trouble.  At every change of the president there will be riot and civil war.  In order to avert the possibility of such aweful times place the president in a position which is permanent.  It follows that the best thing is to make him Emperor.  When that bone of contention is removed, the people will settle down to business and feel peace in their hearts, and devote their whole energy and time to the pursuit of their vocations.  It is logical to assume that after the adoption of the monarchy they will concentrate their attention on securing a constitutional government which they know is the only salvation for their country.  As for the Emperor, knowing that he derives his position from the change from a republic, and filled with the desire of pacifying the people, he cannot help sanctioning the formation of the constitutional form of government, which in addition, will insure to his offspring the continuation of the Throne.  Should he adopt any other course, he will be exposed to great personal danger.  If he is broadminded, he will further recognize the fact that if no constitutional form of government is introduced, his policy will perish after his death.  Therefore I say that before the adoption of the constitutional form of government, a monarchy should be established.  William I of Germany and the Emperor Meiji of Japan both tried the constitutional form of government and found it a success.

Mr. Ko:  Please summarize your discussion.

Mr. Hu:  In short, the country cannot be saved except through the establishment of a constitutional form of government.  No constitutional government can be formed except through the establishment of a monarchy.  The constitutional form of government has a set of fixed laws, and the monarchy has a definite head who cannot be changed, in which matters lies the source of national strength and wealth.

Mr. Ko:  What you have said in regard to the adoption of the constitutional monarchy as a means of saving the country from dismemberment is quite true, but I would like to have your opinion on the relative advantages and disadvantages of a republic and a monarchy, assuming that China adopts the scheme of a monarchy.

Mr. Hu:  I am only too glad to give you my humble opinion on this momentous question.

Mr. Ko:  You have said that China would be devastated by contending armies of rival leaders trying to capture the presidency.  At what precise moment will that occur?

Mr. Hu:  The four hundred million people of China now rely upon the President alone for the protection of their lives and property.  Upon him likewise falls the burden of preserving both peace and the balance of power in the Far East.  There is no time in the history of China that the Head of the State has had to assume such a heavy responsibility for the protection of life and property and for the preservation of peace in Asia; and at no time in our