The greater portion of these claims was held by
foreigners, Italian, German, Spanish and American holdings
predominating. Payments, more or less feeble, were made in many cases
on account of principal or interest up to 1903, but in that year, when
the government was reduced to desperate straits in combatting
insurrections, practically every item of the debt went into
permanent default.
The principal Italian claimants were the heirs of an Italian merchant,
J.B. Vicini, and an Italian in business at Samana, Bartolo Bancalari
by name, who with other Italian subjects became loud in their
complaints at the non-payment of their claims. The Italian government
began to do a little sword-clanking, the Italian minister came from
Havana in a warship, and the upshot was the signing in 1904 of three
protocols admitting most of these claims and solemnly promising to pay
them. Payment of the internal debt held by the Vicini heirs and of the
Italian revolutionary claims was guaranteed by five per cent of all
the customs receipts of the Republic, the revenues of Santo Domingo
City, Macoris, Sanchez and Puerto Plata being specifically pledged.
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