has nothing more to do. This is where one's imagination is not a safe prophet.
To-day the United States and the Allies are watching Mexico through a microscope. They delayed official recognition of Don Venustiano Carranza as president of the Republic. They were waiting to see whether the sun is rising or setting. They recognised the de facto government and in August, 1917, President Wilson recognised the official status of the Carranza Government.
The new constitution of Mexico, adopted at Querétaro in January, 1917, contains two articles that foreign governments consider confusing and equivocal. There is a possibility that Article Twenty-seven may be enforced to the extent that every foreign property in Mexico shall be confiscated by the government. Many millions of dollars invested by foreigners are in the hands of the government. Since January first, 1917, to the time of this writing, for instance, the Mexican Government had taken, through so-called forced loans, thirty-seven million pesos in gold from the banks of Mexico City, Monterey, Vera Cruz and other cities.
In some cases the government has given receipts. In others the French, English, Canadian and American bankers and depositors have no records. The government has been compelled to take this step because of the financial crisis that faces the nation. There is no paper money in circulation. Gold and silver coins are the only me-
