The Minister in Ecuador ( Hartman ) to the Secretary of State
[Received December 29.]
Sir: Referring to my despatch No. 752, of November 17, 1921, respecting the claim of Ecuadorian debtors that they have the right to compel acceptance by their creditors in the United States of sucres at the official rate of 2.60 in payment of dollar drafts, even though the market rate of exchange is much greater, and even though the contract creating the indebtedness was made before the passage of the law authorizing the fixing of an official rate of exchange, I have the honor to make the following additional report:
On yesterday afternoon I received note No. 50, of November 30th. from the Minister for Foreign Affairs (copies and translation enclosed) in answer to my note No. 445, of November 16, 1921.
In this connection, I have to advise the Department that, under date November 24, 1921, a new decree fixing the official rate of exchange at 3.60 was signed by the President. Triplicate copies of this decree, with translation, are herewith enclosed.3
I have [etc.]