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Rh you with this message a bill authorising the Executive to procure in Mexico, or outside, up to 100,000,000 pesos, gold, to found the sole bank of issue authorised by the political constitution of the Republic promulgated in Querétaro February 5th, 1917.

"Surely the Deputies will be persuaded that one of the principal causes why agricultural, industrial and commercial development of the country have not proceeded with the quickness with which the re-establishment of order might lead one to suppose, is the almost complete disappearance of credit, and the insufficiency of circulating medium which makes difficult the reasonable operation of the economic activities of the Nation.

"It is for this reason that the Executive believes it of imperious necessity to proceed immediately to organise the sole bank of issue provided in the political constitution of the Republic.

"The banking systems established by governments in the past, although in a way, long ago, they fulfilled the necessities of the moment, were established on a basis of absolute privilege in favour of capitalists without compensation for national interests and without foresight. The issues of the banks never had reasonable and adequate guarantees; some of them enjoyed express