837.51/715
The Representative on Special Mission in Cuba (Crowder) to the Secretary of State
[Received February 28.]
Dear Mr. Secretary: When Mr. Speyer11 was here he suggested to President Zayas that, in his judgment, an indispensable prerequisite to a new loan would be an examination and statement of the national finances and the inauguration of a proper system of public accounting which would keep the world advised as to the financial conditions of Cuba. He suggested that this could best be accomplished [Page 1015] by a specially constituted Commission and that the two creditor banks of New York, namely, Speyer & Company and Morgan,12 should be represented thereon. He further suggested that a representative from a bank from the west, preferably Chicago, should be a member of said Commission. Mr. Speyer expressed to President Zayas his willingness to serve upon such a Commission without compensation, and that he had no doubt that Morgan’s representative would adopt precisely the same attitude as would also the representative of the Chicago bank. He further stated to President Zayas that the only expense incident to the work would be incurred in the employment of a force of accountants and remarked that if this expense obstructed the convening of such a Commission, his House would contribute one-half the funds and that he had no doubt that the other banks represented upon the Commission would make proper contributions.
Zayas promised to take the whole matter under consideration, but thus far has done nothing. Personally I do not believe it will ever be possible for me to get, through the aid of such accountants as I can command, a Treasury Statement which will satisfy the financial world that it represents the actual situation of the Treasury, nor do I believe that I shall be able with the forces I can command to establish a proper system of financial accounting. It goes without saying that a statement of the National Treasury signed by representatives of the two creditor banks of New York would command instant and complete confidence and their recommendations as to a proper system of financial accounting ought to be very valuable.
I should like to be informed as promptly as possible whether the Department thinks well of the scheme proposed by Mr. Speyer and whether I shall support that scheme and urge its adoption with the President.
Very respectfully,