In 1910 a consortium of American and European banks was formed to loan the Chinese government money for development. A preliminary agreement was made, but the Chinese backed away, responding to the growing domestic unrest at foreigners controlling too much of China's economy. The consortium appealed to the Western governments' foreign offices to pressure the Chinese; the American ambassador was instructed to demand that the Chinese conclude the loan negotiation. He described what he was instructed to do as:. The loan was concluded and led to protests and violence in China.