Mr. Storer to Mr. Hay.
Madrid , November 17, 1899 .
Sir: Replying to your instructions Nos. 29 and 84, concerning the delay in payment of the coupons to holders of certificates of the public debt of Spain pursuant to treaty of 1834, I am able to-day, on the assurance of the minister of state, to report the successful termination of the discussion of the matter. The minister of state this morning informed me that the council of ministers had decided to waive any further delay on the formal reestablishment of the treaty of 1834, and to announce to the Government of the United States that those coupons should be paid at once. He asked me in what way the Department desires this payment to be made, as personally he does not remember distinctly what has been the method employed in years past. He adds that the minister of the treasury was under the impression that it was customary to pay these coupons through Habana, but that he did not himself feel thoroughly informed as to the matter and would be pleased to know the wishes of the Department. While the treaty of 1834 calls for the payment of these coupons through Paris, I could give no further information as to the practice.
[Page 711]I have therefore cabled you to-day a dispatch, the true reading of which is as follows:
The council of ministers to-day has decided a payment of coupons under the treaty of 1834 without waiting negotiation new treaty. The Spanish Government asks if place and mode of payment shall continue as before.
I shall be pleased to have your instructions.
I have, etc.,