From
the sums collected, after paying the expenses of the receivership the
general receiver is on the first of each month to pay $100,000 to the
Fiscal Agent of the loan and the remainder to the Dominican
government. Whenever the customs collections exceed $3,000,000 in any
year, one-half the excess shall be applied to the sinking fund for the
further redemption of bonds.
The Dominican government agrees to give the general receiver and his
assistants all needful aid and full protection to the extent of its
powers. The United States also undertakes to give the general receiver
and his assistants such protection as it, may find to be required for
the performance of their duties.
The convention further stipulates that until the payment of the full
amount of the bonds the Dominican Republic is not to increase its
public debt except by previous agreement with the United States, and
that a like agreement shall be necessary to modify the import duties.
Even with the approval of the convention difficulties lay in the way
of the debt adjustment.
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