Note (return) — Chapter IX

Edward James Roye (1870-October 26, 1871), a Whig whose party was formed out of the elements of the old True Liberian party, attracts attention by reason of a notorious British loan to which further reference must be made. Of the whole amount of £100,000 sums were wasted or misappropriated until it has been estimated that the country really reaped the benefit of little more than a quarter of the whole amount. President Roye added to other difficulties by his seizure of a bank building belonging to an Industrial Society of the St. Paul's River settlements, and by attempting by proclamation to lengthen his term of office. Twice a constitutional amendment for lengthening the presidential term from two years to four had been considered and voted down. Roye contested the last vote, insisted that his term ran to January, 1874, and issued a proclamation forbidding the coming biennial election. He was deposed, his house sacked, some of his cabinet officers tried before a court of impeachment,145 and he himself was drowned as he was pursued while attempting to escape to a British ship in the harbor. A committee of three was appointed to govern the country until a new election could be held; and in this hour of storm and stress the people turned once more to the guidance of their old leader, Joseph J. Roberts (two terms, 1872-1875). His efforts were mainly devoted to restoring order and confidence, though there was a new war with the Greboes to be waged.146 He was succeeded by another trusted leader, James S. Payne (1876-1877), whose second administration was as devoid as the first of striking incident. In fact, the whole generation succeeding the loan of 1871 was a period of depression. The country not only suffered financially, but faith in it was shaken both at home and abroad. Coffee grown in Liberia fell as that produced at Brazil grew in favor, the farmer witnessing a drop in value from 24 to 4 cents a pound. Farms were abandoned, immigration from the United States ceased, and the country entered upon a period of stagnation from which it has not yet fully recovered.