838.516/197: Telegram

The Secretary of State to the Chargé in Haiti ( Dunn )

52. For General Russell. Your June 10, 2 p.m.

Department has no objection to changes in bank transfer contract outlined by you. It is believed, however, that the bank will object to maintaining a 100 per cent reserve against Government deposits, and the Department feels that this contention of the Haitian Government is unreasonable. You may, therefore, if Mr. Voorhies desires you to do so, use your good offices to have this proposed amendment of the contract modified.82

  1. The contract of July 18, 1922, for the transfer of the Banque Nationale de la République d’Haiti to the National City Co. and the law of sanction (passed by the Council of State July 31, and approved by the President of Haiti Aug. 7, 1922) appear in Le Moniteur, Aug. 19, 1922. The constitutive act and the regulations of the new Banque Nationale are printed in Le Moniteur, Aug. 26, 1922.