The Secretary of State to President Harding
My Dear Mr. President: The Legislature of Liberia convened on December 5. President King, who with his fellow commissioners arrived at Monrovia on the U. S. S. Denver on December 3, has doubtless already made public the details of the financial plan for aiding Liberia which was signed at Washington on October 28,2 and it seems likely that foreign interests not in favor of the plan will endeavor to obstruct it unless by timely action on the part of this Government, the loan provided for in the plan is made available at an early date. I do not wish to take any further steps in the matter until I have first laid it before you, thinking that you may prefer yourself to address the Senate Finance Committee and point out the necessity for prompt action.
It is incumbent upon us not to lose time because when this Government consented to receive the Liberian Commission, which was in the Autumn of 1920, the Liberian Government was informed that it was expected that a definite agreement could be reached which would be put into force without delay.3 Because of the time consumed in perfecting the plan, Liberia, in order to meet current expenses, has been forced to have recourse to the Bank of British West Africa. This Bank which has made certain advances states its determination to make no further advances after the present credits are exhausted, which will be about the first of March, 1922. After that date all Liberian revenues must go to the international receivership and to the Bank of British West Africa, and the Government will have nothing whatever with which to provide for its administrative expenses.[Page 607]
I enclose herewith a memorandum intended to show that Congress should without delay make available to Liberia the credit of $5,000,000 contemplated in the loan plan.