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Rh the class of contracts which should be entered into with the holders of former obligations and all other aspects of the operations, reserving the right to submit them definitely to the Congress so that the Houses may determine the propriety of carrying the project into execution.

"The Executive, following the same tendencies which prompted the Revolution to avoid any exterior debt, will make all sorts of efforts to carry out the financial transaction within the territory of the Republic and will not apply to foreign countries until he is convinced of the impossibility of obtaining an interior loan.

"If this impossibility shall oblige him to disobey the tendencies indicated, he believes in advance that his conduct will be justified in consideration that the object he seeks is to definitely reorganise by peaceful means the finances and national public payments.

"In view of the foregoing, the Executive hopes that the national representation will see fit to give its approval to the bill hereto annexed. Mexico City, July 7, 1917. V. Carranza (Rubrica)."

"The Congress of the United States of Mexico in use of the power conceded by Section VIII, of Article 73, of the federal constitution, has seen fit to decree the following:

"Art. 1st.—The Executive is authorised to