The Chargé in Honduras (Spencer) to the Secretary of State
[Received September 13.]
Sir: With reference to former despatches on the subject of the American financial adviser, Dr. Arthur N. Young, particularly my despatch No. 114 of April 27, 1921,5 in which I reported that President Lopez Gutierrez, while expressing himself as greatly satisfied with Dr. Young’s work, had nevertheless decided to terminate his [Page 248] employment on July 31, last, at which time, namely August 1, the new budget drawn up by Dr. Young and passed by the National Congress would go into effect, I have the honor now to report that by mutual agreement between the President and Dr. Young, the services of the latter will be discontinued after the end of this month, and that Dr. Young intends to proceed directly to the United States and to report to the Department of State. This was cabled in my No. 114 of August 26, last.
It is a cause for regret that the work of Dr. Young could not have continued longer, but he leaves after thirteen months of continuous service during which he has led the Government to make many necessary economies, has put the accounting system on a much sounder basis, has instituted the Commission of Public Credit, and above all has accomplished the writing on the statute books of an excellent budget, which if adhered to, will result in saving from 50,000 to 100,000 monthly, and the formation of a reserve fund for other admirable purposes.
The President is grateful to Dr. Young for his services. …
I have [etc.]