But if there had been default
before, in time of peace, with the "regie" in charge of the
custom-houses, there was still less money available for the creditors
now, with no control by creditors over collections and the government
harassed by constant revolutionary uprisings. Small partial payments
were made for two years and then ceased. As the Improvement Company's
bond holdings became the subject of a special arrangement, the bonded
debt of the Republic was considered to be that held by the French and
Belgian creditors. However unsavory the debts which gave origin to the
bond issues, and however imprudent most of the bond issues themselves,
the great majority of bonds had passed into the hands of small
holders, innocent third parties who sustained great loss by the
continued suspension of payments.
_Liquidated Debt_. The liquidated debt, secured by international
protocol or formal contract, Prof. Hollander found to be as follows on
June 1, 1905:
San Domingo Improvement Company
(American and British)................. $4,403,532.71
Consolidated internal debt
(chiefly Spanish, German and American).
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