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Rh Executive believes it proper to use the time to delay as little as may be the organisation of the new institution of credit.

"Elemental prudence dictates that the new bank of issue should begin its operation on perfectly safe bases because it is the only manner in which confidence and credit may return in healthy and vigorous form to renew the economic life of the Republic.

"If the Executive under my charge does not immediately send to Congress concrete bases to obtain the initial capital of the new bank, but asks authorisation to negotiate with capitalists, it is due to the fact that in the present financial condition throughout the world, it is not easy to foresee the difficulties the Government may encounter to induce capitalists to make an investment which, although safe, will probably meet with a barrier of prejudice and lack of confidence.

"It is therefore necessary for the Executive to determine in advance the possibility of obtaining necessary funds for its establishment before submitting to the Congress a definite plan for the organisation of the new bank. To carry the temporary arrangements through the Executive needs