File No. 882.51/289.
The American Minister to the Secretary of State.
Monrovia, January 23, 1912.
Your telegram January 17. The increase of the floating debt is explained to me as follows by the Government: (1) The Debt Commission’s findings did not include all claims against the Government [Page 669] to December 30, 1911, by $54,000 (estimated), withheld by merchants and others, and included in the floating debt. (2) Drafts amounting to $35,000, and returned as paid, were not received in time to be credited in the fiscal report. (3) Large expenditures were required to equip expeditions to quell boundary disorders. The real debt for the year was $111,000. The Legislature contemplates issuing certificates of indebtedness to liquidate floating debt, with the interest and redemption fund chargeable to internal revenue. Retrenchment and reform measures have been introduced.