Mr. Hay to Mr. Rockhill.
(Mr. Hay, in reply to Mr. Rockhill’s telegram of the 20th, emphasizes the objection of the United States to joint guarantee, and while directing that the reduction to forty millions proposed by the United States be insisted on as long as practicable, authorizes the acceptance of the proposition of 400,000,000 taels if nothing better can be obtained. He also authorizes Mr. Rockhill to agree to any reasonable modification of the proposition of the United States that each power will accept the bonds of China at par and at an interest of 3 per cent, but only after urging it and provided the modification shall close the matter.)