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 sources. Under the agreement of the bankers' international committee for payment of the external debt, Mexico pledged all her oil and railroad revenues and agreed to return the railways to provate owners, i. e., foreign bond holders. Her budget for education and internal constructive work has been cut down to meet external obligations.

The agreement to give the United States a free hand in Mexico was reached before the world war began, as shown by acquiescence of England and France in Wilson's policy towards Huerta, and was assured by the dominant position which the world war gave the United States. How Mexico is hampered in carrying out her program of reconstruction has been well shown during the last two years, beginning with the sudden warning of Secretary Kellogg issued through the press soon after the reported negotiation for sale of the Doheny Mexican oil properties to a Standard Oil company. Secretary Kellogg stated that in case of another revolutionary movement of which he heard rumors, "it should be made clear that the United States Government will continue to support the Government in Mexico only so long as it protects American lives and American interests." Diplomatic protests against the 1925 land and petroleum laws began before they were enacted but the correspondence was not made public until the spring of 1926. Subversive propaganda was spread broadcast by Catholic organizations and the oil interests. Tremendous pressure was exerted at Washington. "Guy Stevens. counsel for the Association of Oil Producers of Mexico, said before the Foreign Policy’s Association of Providence (February 23, 1927) that he