819.51/191: Telegram
The Minister in Panama (Price) to the Acting Secretary of State
[Received 7.16 p.m.]
Fiscal Agent Ruan finds from reports made to him that external debt of the Republic of Panama amounts to $3,190,000 and internal indebtedness to approximately $1,500,000. Latter includes approximately $400,000 due Panama Canal and approximately $500,000 due for salaries and current expenses. In order to relieve critical situation more promptly than reform in taxation and economics [economies] could do, Fiscal Agent has recommended to Panaman President that he secure from National Assembly before adjournment authorization to borrow $1,000,000 and to pledge for loan any of the national revenues, including the unpledged balance of canal annuity and the unpledged balance of income from $6,000,000 invested in New York. Fiscal Agent suggesting to Panaman President that he request the good offices of the United States in procuring such loan from banking institutions.