825.516/190: Telegram
The Ambassador in Chile (Culbertson) to the Secretary of State
[Received 5:50 p.m.]
134. Referring to the third from the last paragraph of my telegram 132, July 14, 2 p.m., I received today from the Minister for Foreign Affairs a communication on bank deposits in foreign currency. He refers to my note number 852 of June 3 [9?],30 a copy of which was transmitted to the Department. He then quotes the following communication to him from the Minister of Finance:
“I am pleased to inform you that the intention of this Ministry is to put an end to the provisions of that decree which was promulgated [Page 465] exclusively for the benefit of the national and foreign banks and of commerce, both foreign and national, which would have been placed in serious difficulties in canceling immediately the said obligations as a result of the new value acquired in the country by foreign currency. I am pleased to emphasize to you that at no time has the Chilean Government sought to obtain benefits for itself by the measures referred to. A brief study of the balances which would be left from the compensated accounts is sufficient to prove the foregoing assertion. Therefore, it has been exclusively a measure of general interest for commerce and industry whose welfare it is the duty of the Chilean Government to protect at all times.”
The Minister for Foreign Affairs concludes his letter with these words:
“In view of the foregoing this Ministry is certain that in no case will the application of the system resulting from the provisions to which I have referred cause the effects which could have been attributed to it and which was the motive of the note of Your Excellency to which I am replying.”
Since we are thus assured that the deposits of our citizens will be respected we can pass over the references to benefits to banks and commerce …