Festooned with trivial amendments from both House and Senate, an important bill went back to President Machado for signature last week. It provided a two-year moratorium (until July 1, 1935) for principal and interest payments on bonds or mortgages of Cuban public services, railroads, sugar mills, farms and other real estate. More important was another bill passed by Parliament empowering President Machado to default any part of Cuba's foreign debt, $15,000,000 of which must be paid by June 30.
Perhaps prematurely, jubilant anti-Machadoans hailed this as the beginning of the end. Ever since...
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