THE 
CUBA REVIEW 
AELSABOUT CUBA” 
Copyright, 1927, by the Munson Steamship Line 
VOLUME XIX 
JANUARY, 
NUMBER 2 
921 
CUBAN GOVERNMENT MATTERS 
EXTENSION OF MORATORIUM 
On December 31st President Menocal 
signed a decree extending the moratorium 
until January 31, 1921. 
This action was taken at the request 
of Senators and Representatives in order 
that the Legislature might be given time 
to enact measures for solving the existing 
financial problems. 
Congress convened on December 29th. 
Continuation of the moratorium on a 
modified basis for four months would be 
authorized under the terms of a bill 
adopted by the Senate. The measure has 
the sanction of President Menocal, and 
is reported to be acceptable to Major Gea. 
Enoch Crowder. The bill now goes to the 
House for consideration. 
Under provisions of the measure, drafts, 
promissory notes and other commercial 
obligations contracted before October 10, 
1920, the date of the issuance of the first 
moratorium decree, and now due, or fall- 
ing due before April 30 next, would be 
payable in four instalments. Fifteen per 
cent. would be paid before January 31, 25 
per cent. before February 28, 25 per cent. 
tefore March 31, and 35 per cent. before 
April 30. Bank deposits bearing dates 
Prior to October 10, 1920, would be sub- 
ject to withdrawal as follows: 15 per 
cent. before February 10, 15 per cent. be- 
fore March 10, 20 per cent. before April 
10, 25 per cent. before May 10, and 25 
per cent. before June 10, 1921. 
Adoption by the Cuban government of 
as much of the United States Federal Re- 
serve Banking system as is legally possi- 
ble has been recommended to President 
Menocal by Senor José Manuel Tarafa, a 
prominent Cuban financier. In case 
there are legal obstacles to Cuba being 
admitted to the United States Federal 
Reserve System, Senor Tarafa declares 
the latter would be invited to co-operate 
with Cuba in re-establishing in Havana a 
bank of emission. Another plan suggested 
is that an invitation be extended to 
American banks to join the conference of 
the Federal Reserve Board to establish 
in Havana in agreement with the Cuban 
government a bank of emission under the 
same regulations as the government of the 
United States Federal Reserve Bank. 
MISSION OF GENERAL CROWDER 
President Wilson has sent Major Gen- 
eral Enoch Crowder to Cuba to confer 
with President Menocal relative to the 
Lest means for remedying the present diffi- 
cult financial and _ political situation 
there. 
General Crowder is probably the best 
informed American authority on the pres- 
ent political situation in Cuba. The Cuban 
national elections were held under regu- 
lations drafted by him. 
SECRETARY OF TREASURY 
Dr. Leopold Cancio, secretary of the 
treasury in the Cuban government, has re- 
signed and President Menocal has appoint- 
ed Senor Miguel Irrabarren, former head 
of the Internal Revenue Department, to 
fill the vacancy. 
