710.G 1A/177
The Ambassador in Mexico (Daniels) to the Secretary of
State
No. 603
Mexico, September 14, 1933.
[Received
September 18.]
Sir: I have the honor to enclose herewith
in translation the form which Mexico suggests for the Fourth Chapter
of the Agenda of the
[Page 12]
VII Pan
American Conference. This form was given to me by Doctor Puig17a this morning. Doctor Puig
said he had forwarded a copy to Ambassador González Roa in
Washington, and has promised me that he will give me tomorrow a
memorandum elaborating upon the reasons why Mexico suggests that
Chapter IV should take this form.
Respectfully yours,
[Enclosure—Translation]
Form Which Mexico Suggests for Chapter IV of
the Agenda of the VII Pan American Conference Which Is To
Meet in Montevideo, Republic of Uruguay, in December
Next
Chapter IV
economic and financial
problems
9.—Debts.
- a)
- Acceptance of the “Drago” Doctrine18 in its
original scope in order to protect the decorum of
international public unity and the conclusion of the
corresponding treaty.
- b)
- Examination of matters relating to external obligations
with private creditors, including State loans contracted in
foreign markets to define:
- I.
- —Convenience of joint resolution by the Pan
American Union regarding a uniform moratorium,
without interests, of ample duration, not less than
six years and not longer than ten.
- II.
- —Possibility of establishing international
juridical bodies (órganos) to
negotiate settlements regarding debts without the
mediation of committees of bankers, for the more
effective projection of debtors and
bondholders.
10.—Money and Credit.
- a)
- Stabilization of currency (moneda)
by the adoption of a common bimetallistic monetary
system.
- b)
- Convenience of taking the internal price level as the
basis of the monetary policy.
- c)
- Uniformity of principles regarding structure and operation
of the central banks; creation of these institutions in the
countries of America where they are not functioning.
- d)
- Possibility of creating an institution that will function
like a continental central bank to prevent useless movements
of metal and to assist national central banks, serving them
as a clearing house (cámara
[Page 13]
de compensatión), as a body of
relation with the other banks, and as a means of contact
with the general money and capital market.
- e)
- Even without the modification or unification of monetary
systems, inclusion of silver in the reserves and utilization
of this metal in the coining of money.
- f)
- Resolutions regarding the mechanism for the payment of
balances (saldos) between the
countries of America. Possibility of including silver as
partial means of payment under the control of the
international bank to which clause “c” refers.
- g)
- Control of the exchange market (mercado
de divisas).
- h)
- Uniformity of the mechanism and of the means of credit:
- I.
- —For the State;
- II.
- —For the central banks;
- III.
- —For public works or public services;
- IV.
- —For the encouragement of agricultural or
industrial production;
- V.
- —For the development of natural resources other
than agriculture;
- IV [VI].
- —For commercial traffic.
- i)
- Organization of an American security market (stocks,
bonds, obligations, notes and other credit documents) (letras y demás títulos de crédito);
consideration of the requirements which securities admitted
on the market (admitidos a
cotización) should fulfill, the mechanism and operation
of the market and the elements for its initiation.
11.—Organization of
continental commerce.
- a)
- Tariffs.
- b)
- Quotas and prohibitions,
- c)
- Commercial treaties.
- d)
- Project for convention regarding customs procedure and
port formalities, formulated by the Pan American Commission
on Customs Procedures and Port Formalities, which met in
Washington, from November 18th to the 26th in 1929.
- e)
- Consideration of projects of uniform legislation
regarding:
- I.
- —Securities (drafts, checks, notes and other
negotiable documents);
- II.
- —Vouchers (conocirrdentos)
and documents representing merchandise);
- III.
- —Insurance (Seguros);
- IV.
- —Powers of attorney (Poderes);
- V.
- —Legal identity (personalidad
jurídica) of foreign companies;
- VI.
- —Projects of legislation relative to commercial
and maritime law (derecho),
which the Permanent Commission of Compared [Comparative?] Law and
Unification of Legislation, established in Habana
[Page 14]
under the
resolution of the Sixth International American
Conference of February 18, 1928, may
formulate.
- f)
- Commercial arbitration.
- g)
- Manner of preventing losses occasioned maritime commerce
by theft and robbery.
12.—Miscellaneous.
- a)
- Inter-American protection of patents of invention.
- b)
- Examination of resolutions of the Inter-American
Conference on Agriculture.
- c)
- Continental system of communications and encouragement of
tourist travel.
