Li Hongzhang and his colleagues memorialized the Emperor, requesting a temporary suspension of foreign debt repayments to allow for a thorough accounting. Their memorial argued that halting debt repayments would cripple inland tax revenue, impacting the populace, and leaving the military unpaid, thus leaving Beijing and the northern armies without pay. The initial suspension was to free up funds for military exigencies. Continued customs revenue would offset any shortfall in inland taxes. Therefore, to maintain our credit, we should resume timely repayments as originally planned. Inform the Ministry of Revenue, and dispatch an urgent message to Yuan Shikai, instructing him to telegraph Li Hongzhang and Liu Kunyi. Forward a copy of the memorial. Thus concluded.
Real Histories
