The board met in Washington and rendered its
award under date of July 14, 1904. It fixed the interest on the debt
at four per cent per annum and designated the custom-houses of Puerto
Plata, Sanchez, Samana and Monte Cristi as security for the debt. In
the event of failure by the Dominican government to pay any of the
monthly instalments specified, a financial agent, appointed by the
United States, was authorized to enter into possession of the Puerto
Plata custom-house, and if its revenues proved insufficient to take
possession also of the other custom-houses designated. The Dominican
government never made any payments and the financial agent took
possession of the Puerto Plata custom-house in October, 1904. Most
of the other claims comprised in the liquidated debt had their origin
in advances made to the government--often bearing interest at two or
three per cent a month, or even more--and in indemnity claims for
revolutionary damages. In making the liquidations, musty credits and a
generous amount of compound interest were generally included and it
was usually provided that the sums so agreed upon were themselves to
bear interest.
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