While plans for further action were under consideration, President
Heureaux was shot in July, 1899, and the revolution which followed his
death made Jimenez president. The new administration in 1900 entered
into a contract with the San Domingo Improvement Company for a
different distribution of the customs revenues, but a condition was
introduced that the consent of the majority of bondholders be obtained
for the funding of interest up to 1903. A large number of Belgian and
French bondholders had become dissatisfied with the Improvement
Company, however, and repudiated the contract and all connection with
the Company. In Santo Domingo, too, there was general hostility
towards the Improvement Company which was regarded as an associate of
President Heureaux and an incubus on the development of the country.
The Company claimed it had secured the consent of a majority of
bondholders but the government decided it had not and in January,
1901, President Jimenez issued a decree excluding the Improvement
Company from the custom-houses.
The government now made a new contract with the Franco-Belgian
bondholders, and for the payment of its obligations pledged its
customs revenues, and specifically the income of the ports of Santo
Domingo City and San Pedro de Macoris.
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