File No. 1199/176–177.
Minister McCreery
to the Secretary of State
.
American Legation,
Santo
Domingo
,
May 18,
1907
.
No. 6.]
Sir: I have the honor to inclose a copy and
translation of act of the National Congress, signed by the President on
the 14th instant, declaring a loan of $20,000,000 for the amortization
of the debt of the Republic and the redemption of certain concessions to
be for public good.
This is done under paragraph 11 of article 25 of the constitution,
defining as an attribute of the Congress: “To decree the making of loans
on the credit of the nation. No loan shall be voted without a previous
decree that it is for the public good.”
Contracts made by the Dominican Government for the loan above referred to
will be discussed by the Congress next week. It is said that a number of
changes and amendments will be proposed and a considerable discussion is
expected.
I have, etc.,
[Inclosure.—Translation.]
Decree relative to loan of
$20,000,000.
[From Gaceta Oficial, Santo Domingo, May 15, 1907.]
The National Congress, in the name of the Republic.
By virtue of paragraph 11 of article 25 of the constitution decrees:
-
Article 1. It is declared to be
for the public good to contract a loan for an amount not
exceeding twenty million dollars American gold, with
interest not exceeding five per cent per annum, setting
aside for the payment of interest and the sinking fund the
sum of one million two hundred thousand dollars gold
annually, to be taken from the customs receipts of the
Republic at the rate of one hundred thousand dollars gold
monthly.
-
Art. 2. The proceeds of this
loan shall be applied to the amortization of all the actual
debts of the Republic, internal and external, and to the
redemption of certain concessions which, being onerous or
obstructive to the progress of the Republic, it is
considered advisable to redeem. Any resulting surplus shall
be applied only to the stimulation of enterprises and
industries whose benefit has been previously recognized by
the National Congress.
The contracts which may be made to effect the loan shall be submitted
to Congress for constitutional action.
Transmit to the executive authority for constitutional action.
Done in the hall of the National Congress on the 13th day of May,
1907, 64th year of the independence and 44th of the restoration.
The president: Ramon O. Lovation.
The secretaries: M. M. Sanabia, C. A. Nouel.
[Page 307]
Let it be executed, communicated by the corresponding department,
published in all the territory of the Republic, and observed.
Done in the national palace of
Santo Domingo, capital of the
Republic, on the
14th day of May, 1907, the 64th year of the independence and
the 44th of the restoration.
The President of the Republic,
Ramon Caceres.
Countersigned:
The Minister of Finance and Commerce,
Fedco. Velazquez H.
