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146 "As the indispensable bases for these objects can be realised in the effective liquidation of the present deficit, since its existence would indefinitely retire the equilibrium desired, the Executive believes the time has come when it is necessary to obtain a loan exclusively destined to fill such objects, and hopes that the National Congress, sharing with him the conviction that such a means is the only effective way to meet this important emergency, will at once grant him the authorisation necessary to begin due explorations in financial centres in the Republic and in other countries, impossible to know in advance even the possibility of obtaining a loan of such a nature.

"On account of these same difficulties the Executive could not propose to the Congress precise bases in respect to the exact amount of the operation and the conditions of issue, maturity, interest rate, etc., for the fixing of these details principally depends on the conditions of the world's financial markets which, as one of the many effects of the war, have lost all stability and it may be said change from day to day.

"Therefore, the Executive deems prudent to ask at once the Congress of the Union to grant him necessary powers to take all preliminary steps which will permit him to fix in the proper time these terms and possible conditions of the loan, the nature of the guarantees that will try to be established so far as possible on the basis that it shall not impose a charge upon public taxes,