837.51/1547: Telegram

The Ambassador in Cuba ( Guggenheim ) to the Secretary of State

21. Department’s 9, March 14, noon. In connection with inquiry concerning possibility of moratorium on foreign debts the Department will be interested to know that President Machado sent a message to Congress yesterday requesting enactment of legislation to establish a partial moratorium on private debts by suspending for 2 years amortization and interest payments on mortgages of railroads, sugar mills and farm lands and limiting to 5 percent per annum the interest to be paid during that period on mortgages covering city properties.