Mr. Hay to Mr. von Holleben.

My Dear Mr. Ambassador: I take pleasure in communicating to you the inclosed memorandum in reply to the pro memoriâ you left with me on the 3d instant.

I am, etc.,

John Hay.
[Page 427]


With respect to the pro memoriâ of the Imperial German embassy, dated April 3, 1902, stating that the council of foreign bondholders in London, which is seeking to make a new arrangement with the Government of Guatemala respecting the foreign debt of that country, has suggested that the proposed arrangement ought to be acknowledged by the most interested powers, the United States, England, and Germany, in order to induce the Government of Guatemala to stick to the new arrangement, and inquiring whether the United States Government would be inclined to join in a proceeding of the above-mentioned kind, should it be adopted by the German and English Governments, the Department of State has the honor to reply as follows:

While the Government of the United States is indisposed to join in any collective act which might bear the aspect of coercive pressure upon Guatemala, this Government would reserve for its citizens equal benefits with those which might be obtained for creditors of any other nationality in the adjustment of the Guatemalan foreign debt, and the United States minister to Guatemala will be instructed to advise the Guatemalan Government of this attitude on the part of the United States.