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44 complete liberty of action, for even the determination of the opinion of capitalists and preliminary arrangements may cause the early organising of the new institution of credit to be changed. In any case, the Executive will have the honour to submit to the consideration of Congress before carrying into effect the arrangements made with capitalists together with the general law which fixes the bases for the bank of issue. Mexico, July 6th, 1917."

Commenting upon this message El Universal said, editorially:

"This was the only newspaper which upheld the urgent propriety of creating a large stock of circulating money for business and the commercial and agricultural development of the country. The foregoing message confirms the labour of El Universal, in all its parts. Furthermore, and this is the opportune time to say so, the sum asked for by the government appears small to us, for we believe it very difficult to obtain any money from foreign countries without the previous payment of the coupons of our debt, and if this were necessary, the amount destined for the sole bank of issue would come out much less, and we believe that if any foreign loan must be agreed upon, we should strive resolutely to procure up to the sum necessary to improve our credit in foreign countries and to solve economic difficulties in the interior."