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United States Department of State / Index to the executive documents of the House of Representatives for the second session of the fiftieth Congress, 1888-'90
(1888-1889)

Hayti [Haiti],   pp. 877-1036 ff. PDF (68.6 MB)


Page 878


878
FOREIGN RELATIONS.
terest.   Copies of such dispatches are herein inclosed, marked, respect.
ively, C and D. There are many thousands of dollars' worth of similar
bonds held by merchants and brokers here who have bought the same
from time to time for a mere bagatelle, while our citizens received
these bonds for their face value, probably with implicit confidence;
therefore, I do not believe they should be placed in the same category
with commercial speculators in this city. True, these were not inter.
national debts, but at the time the Department was interested in their
payment, and the minister accredited&here was instructed to occupy
himself with their settlement; this is the reason foir the action I have
taken.
   As soon as I can state anything relating to this subject, and at all
 events continuing the same line of argument unless instructed other-
 wise, I will inform  you of the result when, obtained from        the foreign
 office.
        I have, etc.,
                                                 JOHN E. W. THOMPSON.
                        [Inclosure 1 in No. 153.-Translation.]
Latý regulating cuisse d'amortissement bonds and floating debt-regulating
the interior
            debt, called the sinking fund, as well as the back floating debt.
Salomon, President of Hayti:
  Whereas (1) That the definite regulating of the interior debt of the country
becomes
obligatory for the order and the regularity of our financial administration.
  (2) That it is necessary to appropriate in payment of the interest and
the sinking
fund of this debt special and sure resources, so as to assure hereafter the
reimburse-
ment, atffixed dates and on simnple presentation at the Wicket of the National
Bank, of
the shares due., orof the titles to be withdrawn after the drawing by lot.
  (3) That under these conditions of the regularity of payments a light sacrifice,
tho
same as the holders of the exterior debt have made, imposes itself on those
of the in-
terior debt, who will no longer be exposed to the long delays or the exactions
of a too
onerous brokerage.
  Considering (1) The law of November 17,1876, tending to the creation into
a sink-
ing fund of the arreared public debt; (2) the additional of August 26, 1877;
(3) the
contract signed at Paris, August 11, 1867, between the delegate of the Government
and the National Bank.
  From the advice of the council of the secretaries of state has proposed
and the
legislative body has voted the following law:
  ART. 1. The interior debt in arrearis composed hereafter of the old titles
of 100
gourdes of articles 6, 7, and 9 of the sinking fund bearing 6 per cent. per
year; (2)
of all pay orders for salary whatever drawn-up monthly and unpaid up to September
30 last; (3) of the interests due on the titles of'the sinking fund np to
December 31,
1887; (4) of all the public effects suffering; (5) of the amount of the commission
of
2 per cent. allowed to the National Bank on the nominalvapital of the debt
to be con-
verted cand consolidated.
  In that which concerns the special titles bearing 18 per cent. it is left
to the Gov-
ernment the ,fculty to take in their regard all just and lawful measures
so as to
safeguard the interest of the State.
  ART. 2. Commissions, in which the bank shall always be represented, shall
be insti-
tuted by the Government for the verification of all the categories, of title
spoken of in
the preceding article.
  ART. 3. For each of the old titles of articles 6, 7, and 9 of the sinking
fund verified
and recogDized as valuable there will be delivered through the agency of
the National
.Bank to the party entitled thereto a new title of 80 gourdes; the titles
of the other
categories shall be of 100 gourdes each.
  They shall bring 5 per cent. interest per year; they shall be of different
colors num-
bered by categories, have attached half-yearly coupons and bearing three
signatures
-that of the one encharged with the service of the sinking fund, that of
a; member
delegated from the chief comptroller's office, and for control that of the
director of
the National Bank.
  ART. 4. The fractions resulting from the couponing Qf t he values slall
be i'lscribeid.


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