Foreign Relations of the United States Diplomatic Papers, 1935, The American Republics, Volume IV

711.1928/377a

The Chief of the Division of Latin American Affairs (Wilson) to the Panamanian Minister (Alfaro)

Washington, May 4, 1935.

My Dear Doctor Alfaro: In considering the matter we discussed at our meeting yesterday, namely, an exchange of notes making reference to the Monetary Agreement of 1904 and to the fact that as regards the Canal annuity the Balboa would be considered as having 987½ milligrams of gold of 900 fineness, I have re-read the draft³⁷ of exchange of notes on coinage concerning which we reached agreement some time ago. It seems to me that this draft exchange of notes contains in itself the essential points embodied in the procèsverbal which you proposed the other day and which we were going to place in a new exchange of notes. I believe if you will refer to the draft exchange of notes on coinage you will agree with me.

It would seem, therefore, that all that would be required would be the insertion of a phrase in the exchange of notes on coinage to the effect that for the purposes of Article VIII of the General Treaty the Balboa shall be regarded as defined to consist of 987½ milligrams of gold of 900 fineness.

I am attaching, for your consideration, the text³⁸ of a phrase which I suggest be inserted on page two of the exchange of notes on coinage after the first full sentence on the page which ends with the word “equal”.

I also enclose for your consideration a copy³⁸ of a re-draft of Article VIII of the General Treaty.

I should be glad to discuss these drafts with you at your convenience.

Sincerely yours,

Edwin C. Wilson

37. Not printed; for text of the notes exchanged at the time of the signing of the Treaty of Friendship and Cooperation on March 2, 1936, see Treaty Series No. 945, pp. 58–63.
38. Not attached to file copy of this document.
38. Not attached to file copy of this document.