Papers Relating to the Foreign Relations of the United States, With the Address of the President to Congress December 2, 1913

File No. 839.51/961.

The American Minister to the Secretary of State.

[Telegrams—Paraphrases.]

American Legation,
Santo Domingo, February 21, 1913.

The Dominican Government has ratified to me its final and irrevocable acceptance of the proposal of the National City Bank of New York, after having duly considered the protest of the National Bank of Santo Domingo. The following is the text of the preamble of the contract:

Whereas the National Congress of the Dominican Republic has authorized, by a law approved by the President on December 14, 1912, the negotiation of a loan not to exceed $1,500,000 gold, at a rate of interest not to exceed 7 per centum per annum; and, considering that of the proposals submitted by various bankers for this loan the Dominican Government has accepted the proposal of the National City Bank of New York, an incorporated company with its principal domicile in the City of New York, United States of America, at No. 55 Wall Street—

The Dominican Republic, represented in this contract by its Secretary of State for Finance and Commerce, party of the first part, and the National City Bank of New York, represented, by virtue of a special authorization transmitted by cable on January 23, 1913, by Mr. Santiago Michelena, banking concern, domiciled in the City of Santo Domingo, Dominican Republic, party of the second part, hereby agree and contract as follows:

Russell.