The Washington times., 1922-01-10
oil LANDS
VIEWED As
SALVATION.
! Of NATION

Great Wealth Sufficient to Pay
Obligations Without Finan-
ciers' aid"
BY HENRY wOODHOUsE.
Petroleum will 90 down in the his
tory Of Mexico as the great liberia
tor which freed Mexico from the
strangling clutches Of international
bankers ...
The civilized world owes q great
deal to petroleum but Mexica owes
probably more than any other ma
ton.
Four Billions OF Oil.
But for her huge oil resources,
which are estimated TO be worth more
than $4,000, 900 .000.r not including
unexp3oned oil lands covering 1,5oo,"
900 acres. Mexico probably would
have~ter submit to one of the worst
hold.ups ever forced upon a nation by
international bankers.
One Of the bankers conditions Is
recognition by the Mexican govern
ment and payment by the Mexican
people Of illegal debts, illegally con.
tracted by the late unrecognized
president" Victoriano Huerta. to
buy European arms with which to
arm outlaws who used them in killing
Americans and destroying Mexican
and American property.
This 10 only one of the conditions
dictated by the international bankers
who are endeavoring to obtain con-
troll Of Mexico's money and credits.
but are being defeated by that bless
Ing called petroleum, which Is making
II possible for Mexico to refuse the
demands OF the group Of international
bankers.
Obstacle 10 Tax Settlement.
The group Of international bankers
IL also the obstacle standing in the
way Of settling the question of oil
taxes. ....
This question had. in fact, been
settled through a satisfactory agree
ment entered into between the heads
OF five OF the largest oil groups and
the Obregon government on Septem.
Der 3, 1920, but the international
bankers saw that that agreement
would Interfere with their scheme
OF making a profit Of about two huns
dred million dollars in a plan to re-
fund Mexico's internal and external
debt, and they requested the agrees
ment be rescinded before they would
disclose their plan for financing
Unfortunately, neither the oil
groups nor the Mexican officials
knew at the time how extortionate.
from financial standpoint, and OPP
pressive, from an economic stand.
point, the international bankers
scheme was to be. ..,
on Group Is Strong.
1t 10 doubtful whether the inter.
national bankers could have upset
the "oil agreement" II the oil group
and the Mexican government officials
had known the nature Of the "financ.
ing scheme" and its Objectionable
features. because the OIL group rep
resents assets and capital aggregat-
ing more than five billion dollars, the
Standard OIL group alone represent.
ing values aggregating more than
three h'l,'~r 7-"~~s While thew
lave all depended on the bankers
machinery for their financing. the
oil group could outf ght the interna.
tional bankers In any fight in which
the bankers attempt to violate funda.
mental principles Of right and Justice,
as in this case. There are many
groups Of Independent bankers that
Wouiu tiauiN JOin the OIL group IN
such a fight.
The Mexican external and internal
debt. including all the claims for dam
ages incurred by foreigners during tie
last ten years Of revolution, and tho
Illegal and spurious claims do not ar
gregate the sum OF one billion dollars,
and could all he wiped out by mort
GA ging Mexico's huge OIL resources,
without touching the other enormous
assets OF the United States of Mexico.
Therefore Mexico does not have TO
eccept any such terms as have been
presented by the international banke-s
Need Not Fear Bankers.
Nor has Mexico to heed the threat
OF these bankers who, by their own
statements and by propaganda
threaten to use their Influence in
Washington TO prevent the recognition
Of the Obregon government by IT,,
tinted States Government. As mat
tsr - f~c' th~ United States Congress
r"- 80 r"~d'nv ADMINISTRATION have
IT, ''u"'lg n sreaI deal cf inside
facts regarding the schemes Of the In.