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812.512/2956 The Chief of the Division of Mexican Affairs, Department of State (Hanna) to the Secretary of State

[WASHINGTON,) April 3, 1922. DEAR MR. SECRETARY: The Counselor of the Japanese Embassy called this morning and inquired as to the correctness of recent newspaper statements to the effect that early recognition of the Mexican Government by this Government is indicated by the recently published Mexican Executive Decree extending the time within which to make payment of overdue taxes on mining property. I explained to him that this Decree is one that the Mexican authorities have had under consideration for the past year and a half and that I did not understand that any special significance was to be attached to its publication at this time. To his categorical inquiry as to whether the situation had changed, I gave him a copy of your statement of last June 31a with the advice that I understood it to be the last public statement of the Department in the matter.

M[ATTHEW] E. H[ANNA]

812.00/25662: Telegram
The Minister in Poland (Gibson) to the Secretary of State

WARSAW, June 7, 1922–5 p.m.

[Received June 8–10:44 p.m.) 58. Mexican Chargé d'Affaires at Paris arrived today on ceremonial visit to thank Polish Government for participation in recent ceremonies at Mexico City. Foreign Office confident that it is expected he will make strong appeal for recognition present Government of Mexico. I indicated desirability that Government maintain position outlined in my 146, May 25 [June 23?], 1921.31 Request any additional instructions Department may desire to give me.

GIBSON

812.00/25662: Telegram

The Secretary of State to the Minister in Poland (Gibson)

(Paraphrase)

WASHINGTON, June 9, 1922—6 p.m. 57. Legation's number 58, June 7. Inform Minister of Foreign Affairs that the position of the United States in regard to Mexico

81a See telegram no. 85, June 8, 1921, to the Chargé in Mexico, Foreign Relations, 1921, vol. 11, p. 406.

Ibid., p. 434.

810

is substantially the same as set forth in Department's telegram No. 150, June 27, 1921,32 Express to him our appreciation of his Government's policy heretofore, and informally say that if Poland should abandon the position which was reported by you in telegram 146, June 23, 1921,38 it would be a matter of regret. Add that this Government will promptly inform him in regard to any change in our policy regarding Mexico.

HUGHES

711.12/455

The Chief of the Division of Mexican Affairs, Department of State

(Hanna) to the Acting Chief of the Division of Latin American Affairs (White)

[WASHINGTON,] August 7, 1922. DEAR MR. WHITE: Mr. Padro, Cuban Chargé d'Affaires, called this afternoon and inquired concerning the article regarding American Mexican relations which appeared in the Washington Post yesterday. He stated that he made his inquiry in response to instructions from his Government and added that the policy of his Government with respect to the recognition of Mexico is the same as that of the United States.

I told him I presumed that he is familiar with the policy of the United States with respect to the recognition of Mexico and that there has been no material change therein. He then inquired if we would inform him or his Government in the event that there should be any change in our policy, and I assured him that he or his Govern. ment would be so informed.

I told him that it is reported in Mexico that Cuba has selected a Minister for that country and will recognize Mexico in the very near future. He said that so far as he knows the report is not correct.

M[ATTHEW] E. H[ANNA]

812.00/25881 : Telegram

The Ambassador in Belgium (Fletcher) to the Acting Secretary

of State

BRUSSELS, August 29, 1922noon.

[Received 2:17 p.m.] 63. Minister of Foreign Affairs, noting press reports of the recent negotiations with De la Huerta, reminds me of Department's

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promise not to recognize Mexico without informing Belgian Government beforehand. Please cable me a line to reassure him, first, that recognition by us is not imminent, and, second, that his Government will be advised beforehand, if, and when, recognition contemplated.

FLETCHER

812.00/25881 : Telegram

The Acting Secretary of State (Phillips) to the Ambassador in

Belgium (Fletcher)

(Paraphrase)

WASHINGTON, August 31, 1922—5 p.m. 48. Embassy's number 63, August 29. Reassure Minister of Foreign Relations that there is no immediate prospect of recognition of Mexican Government and that when recognition is contemplated Belgian Government will be notified.

PHILLIPS

AGREEMENT BETWEEN THE MEXICAN SECRETARY OF HACIENDA AND THE INTERNATIONAL COMMITTEE OF BANKERS ON MEXICO, RESPECTING MEXICAN FOREIGN OBLIGATIONS *

812.51/741

The Alternate Chairman of the International Committee of Bankers

on Mexico (T. Cochran) to the Secretary of State

New YORK, May 16, 1922.

[Received May 17.] DEAR SIR: In Mr. Lamont's absence I beg to advise you that Mr. de la Huerta, the Mexican Minister of Finance, has notified us that he, together with his associates, will come to New York for conferences with this Committee, beginning June 2nd. We have further been advised that Mr. de la Huerta will leave Mexico for the United States on May 21st.

Mr. Lamont expects to sail from England on May 24th. He will be accompanied by representatives of the British and French Sections of the International Committee, who are coming for the purpose of attending the conferences with Mr. de la Huerta. With great respect [etc.]

THOMAS COCHRAN

For previous correspondence relating to the activities of the committee of bankers, see ibid., pp. 493 tf.

812.51/775

The Alternate Chairman of the International Committee of Bankers

on Mexico (T. Cochran) to the Secretary of State

NEW YORK, July 7, 1922.

[Received July 8.] DEAR MR. SECRETARY: Referring to Mr. Lamont's letter to you of June 19th,35 I am enclosing herewith, for the Department's confidential files, a final draft of the Agreement between the Mexican Minister of Finance and the International Committee. Attached to the Agreement are several letters,35 which are all a part of the Agreement.

The Agreement has not yet been ratified by President Obregon and our information is to the effect that the President will take no further steps in this direction until the Minister has returned to Mexico City. We have today been advised that he will probably not leave New York before next Thursday. With great respect [etc.]

THOMAS COCHRAN

[Enclosure 1)

Agreement between the Mexican Secretary of Hacienda (De la

Huerta) and the International Committee of Bankers on Mexico, Signed at New York, June 16, 1922

It having been made clear in the discussions between the Finance Minister and the International Committee of Bankers on Mexico

(a) That the external obligations of the Mexican Government held by foreign investors, approximate, together with the National Railways debt, and certain internal loans shown on the list attached, the sum of 1,000,000,000 pesos;

(6) That upon such sum, interest accumulated and unpaid since 1913 approximate[s] the sum of 400,000,000 pesos;

(c) That although, owing to successive revolutions since 1913, Mexico has as yet not regained her full economic stability, yet the present Government of Mexico declares its determination to meet faithfully and promptly its financial obligations to the utmost extent of its capacity;

(d) That the International Committee, recognizing the difficulties with which Mexico has had to contend and the limitations upon her capacity for the immediate payment of all her obligations, due or overdue, and earnestly desiring to find means of safeguarding the interests of the bondholders, and at the same time of co-operating with the Mexican Government in the solution of its problems and in the upbuilding of its credit, is prepared to this end to recommend to the holders of Mexican Government obligations certain substantial diminutions and adjustments of their rights;

* Not printed.

(e) That they also recognize that the Mexican Government has other obligations which it is important for it to meet, such as the restitution to the banks of the specie fund, the agrarian debt and arrears of

pay

which may have to be cared for by the issue of internal bonds or in some other manner later to be considered;

(f) That, as to the minimum sums to be set aside by the Mexican Government for the service of its debt for the year 1923, and for the succeeding four years the International Committee, after examination of the situation, believes that, under prudent and economical management of its affairs by the Mexican Government, the providing of such sums and the carrying out of this plan is within the capacity of Mexico, taking into account the improvement which should result from the settlement of the debt question and the declared intention of the Government to maintain a sound administration; and the fact that the plan itself, if adopted, may readily result in greatly improving the economic situation of Mexico;

(9) That the interests of the people and Government of Mexico, on the one hand, and of their external creditors, upon the other, being identical in that, for the benefit of both, the increasing prosperity of Mexico must be assured, therefore, the individuals now composing the International Committee give assurance of their continued interest and desire for helpful cooperation.

Therefore in accordance with the foregoing, the following plan for the adjustment of the external obligations of the Mexican Government and of the National Railway System and of certain internal obligations appearing on the schedule annexed has been agreed to by the Mexican Minister of Finance and by the International Committee, which will do its utmost to arrange for its acceptance by the holders of the obligations listed in the schedule annexed.

1. ARREARS OF INTEREST

The payment in cash of all interest due and payable on or before January 2, 1923 on both the government and the railway obligations, is to be waived by the bondholders.

The payment of interest upon all arrears of interest due and payable on or before January 2, 1923 on both the Government and railway obligations is to be waived by the bondholders.

The coupons for interest attached to the bonds are to be detached (if permitted by the various mortgages and indentures) and deposited with some trustee satisfactory to the International Committee who will issue receipts or certificates to the bondholders for the face amount of coupons so detached. The government will set aside annually,' beginning on January 1, 1928, substantially equal annual sums sufficient to retire at par in proportionate annuities all said receipts or certificates within a period of forty years ending

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