The January number of the "Journal of the American Asiatic Association," just received, devotes several pages to discussion of the restoration of monarchy in China, It thinks that "Yuan may readily be taken at his word when he scouts the idea that the re: establishment of monarchy would lead to A restoration of the Peacock Feather flommery at the Manchu Court,"* But touching the conversion of the army into "an efficient and thoroughly disciplined body" as a necessary prelude to its reform, the journal" remarks that I testimony goes to show that the Chinese army which exists today fulfills ither of these requirements, and that it on the whole the greatest of the fnisting obstacles to the peaceful development of the country, whether the Goverament be republican or monarchical."" With all deference, the problem lies deeper and is nothing more nor less than the old vexed one of finance, Our outport correspondents have recently given abundant evidence of the extraordinary vexatiousness of republican taxation in all proes. Because every penny of what may be called "treaty authorized" taxation, and everything else available, goes to Peking, new burdens have to be invented for the needs of local government. Let Peking guarantee a fair share of the taxes to the provinces, and it will matter little whether the Government be called republican or monarchical. It is an old story.
Text read from the printed page and cleaned; old type leaves the occasional error.