The Secretary of State to Minister Collier .
Washington , May 4, 1906.
Sir: Article 56 of the Moroccan act signed at Algeciras on April 7, 1906, provides, with reference to the State Bank of Morocco, as follows:
The initial capital of the bank is to be divided into as many equal parts as there are participants among the powers represented at the conference.
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States wishing to avail themselves of their rights of such subscription must notify such intention to the Royal Government of Spain within a period of four weeks from the signature of the act by the representatives of the powers.
In pursuance of this latter provision you will make to the Spanish Government the following declaration in behalf of the Government of the United States:
While the United States was quite willing to procure American bankers to take one of the shares of the proposed Moroccan bank, for the purpose of aiding in bringing about a settlement of the financial question by the conference at Algeciras, and would still do so if it were necessary to carry out the arrangement reached, inasmuch as the conclusion reached by the conference was that an option should be given to the several countries either to take or to refrain from taking a share, the United States assumes that the exercise of the option thus provided for in either way leaves the arrangement of the conference unaffected, and that it is not now important to have a share taken by the United States. This being so, the United States elects not to avail itself of its right of subscription under article 56 of the act signed at Algeciras.
I am, etc.,