to be merely the entrance to a high and
healthful interior of great fertility and unlimited resources, over
which the Republic has power to expand indefinitely.

President Payne's successor was Edward James Roye, who was duly
inaugurated January 3, 1870. Born in Newark, Ohio, in 1815, he had
passed through the public schools of his native town, afterwards
attending the college at Athens, Ohio, and Oberlin. He went to Liberia
in 1846, becoming a prosperous merchant and politician. From 1865 to
1868 he held the post of Chief Justice. Roye came into office at a time
when a rage for internal improvements possessed the country; and with
this spirit he was in full sympathy. His inaugural outlines a bold and
ambitious policy. The resources of the Treasury were entirely inadequate
to his extensive projects, and in an evil moment the Legislature passed
an Act authorizing the negotiation of a loan of $500,000. The loan was
placed in London on terms which netted only L85 per bond of L100,
redeemable at par in 15 years and bearing interest at 7 per cent. The
amount thus offered was further reduced by the requirement that the
first two years' interest should be paid in advance. From the remainder
were deducted various agents' commissions and fees, until at length the
principal reached Monrovia sadly reduced in amount,--not over $200,000.
And this soon disappeared without any visible result. It is an old
story; but in Liberia's case it was particularly disastrous. For with
her little revenue, rarely exceeding $100,000, it soon became impossible
to pay the $35,000 yearly interest on a debt for which she had
practically received not a single advantage. And this accumulating at
compound interest has reached a magnitude absolutely crushing. So
desperate is her financial condition that many believe inevitable the
fate which croaking prophets have long foretold, and against which she
has struggled bravely--absorption by England.

Serious as were the more remote effects of the financial blunder just
considered, its immediate consequences brought upon the country a crisis
which might have resulted in civil war. Great dissatisfaction with the
negotiation of the loan prevailed. The Administration was severely
criticised; serious accusations were brought against it. While the
excitement was at fever heat matters were complicated by an attempt of
the Administration to prolong its hold of office, which precipitated the
threatened outbreak. For