The United States and Latin AmericaLatané, John Holladay
History
The United States and Latin America
Latané, John Holladay
Latin America -- Foreign relations -- United States; United States -- Foreign relations -- Latin America
The Spanish government had acted somewhat in advance of the other
governments and was already preparing to back its claims by an armed
expedition against Mexico. The rupture with the British and French
governments very naturally pointed to joint action with Spain as the
best means of securing their interests. The United States government,
which had just entered upon one of the greatest struggles of modern
times and had its hands practically tied as far as Mexico was concerned,
regarded the contemplated intervention of European powers in Mexico
with grave apprehension, not to say suspicion. So great was the
uneasiness occasioned in the United States by the measures in
contemplation and so strong was the desire to ward off the threatened
danger to republican institutions on this continent, that Mr. Seward
authorized (September 2, 1861) the negotiation of a treaty with Mexico
for the assumption by the United States of the payment of the interest,
at three per cent., upon the funded debt of Mexico (the principal of
which was about $62,000,000) for the term of five years from the date of
the decree of the Mexican government suspending such payment, "provided
that the government of Mexico will pledge to the United States its faith
for the reimbursement of the money so to be paid, with six per cent.
interest thereon, to be secured by a specific lien upon all the public
lands and mineral rights in the several Mexican states of Lower
California, Chihuahua, Sonora, and Sinaloa, the property so pledged to
become absolute in the United States at the expiration of the term of
six years from the time when the treaty shall go into effect, if such
reimbursement shall not have been made before that time."[198] All this,
of course, was subject to the confirmation of the Senate.
This step was communicated informally to the British and French
governments, and the validity of the convention was to be conditioned
upon those governments engaging not to take any measures against Mexico
to enforce the payment of the interest of the loan until time should
have been given to submit the convention to the ratification of the
United States Senate at its approaching session. It was also to be a
condition that, if the convention should be ratified, Great Britain and
France should engage, on their part, not to make any demand upon Mexico
for the interest, except upon its failing to be punctually paid by the
United States.[199]
Grave objections to Mr. Seward's plan of paying the interest on the
Mexican debt were entertained both in Paris and in London. The French
minister of state, M. Thouvenel, said to the British minister at Paris:
It might not be possible to prevent the United States
offering money to Mexico, or to prevent Mexico receiving
money from the United States, but neither England nor France
ought in any way to recognize the transaction.[200]
Lord Lyons declared to Mr. Seward:
Public-domain text, read in full here on John Shaqi.
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