of New
York, for the issue of fifty year 5 per cent bonds of the Dominican
Republic to the amount of $20,000,000.
(2) An agreement with the Morion Trust Company of New York to act as
fiscal agent of the Dominican Republic and as depository in the debt
adjustment.
(3) An offer of settlement to the holders of recognized debts and
claims, to adjust these in cash at rates varying from 10 to 90 per
cent of the nominal values specified in the offer. The nominal
aggregate, as recognized by the Republic, exclusive of accrued
interest, was $31,833,510, for which it was proposed to pay
$15,526,240, together with certain interest allowances.
The proposed scaling down of the debts provoked opposition and
remonstrance, but the creditors wisely reflected on the difference
between a bird in the hand and more in the bush, and by the beginning
of 1907 holders of credits had signified their assent in sufficient
amount to assure the success of the readjustment.
A new convention between the United States and the Dominican Republic
was accordingly prepared, being signed in Santo Domingo on February 8,
1907.
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