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148 a loan up to 150,000,000 pesos to be exclusively destined to cover the deficits met in the national budgets until they are adjusted.

"Art. 2nd.—The Executive is empowered to contract the loan referred to in the foregoing article either in the Republic or in foreign countries in the form of an operation over a long period, or by obligations of the Treasury redeemable or convertible in a brief term according to the greater or lesser difficulty encountered in obtaining the funds.

"He is also empowered to stipulate the conditions of interest, the type of interest, the form of amortization, the guarantee, and all other arrangements relating to the operation, including the contracts to be entered into with the holders of legitimate former obligations.

"Art. 3rd.—All contracts entered into should be submitted to the Congress of the Union so that Congress may approve them as a condition precedent to giving them value."