File No. 839.51/963.
The Secretary of State to the American Minister.
Washington , February 27, 1913 .
The Department is informed that the National City Bank is proposing the following modifications in the text of the loan note and has submitted them to the Dominican Government:
In paragraph 1 after the words “and to pay interest thereon” the paragraph as amended should read “from the date hereof until the principal of this note is paid at the rate of six per centum per annum semiannually on the first days of July and January in each year. Until the maturity of this note such interest shall be paid only upon the presentation and surrender of the annexed interest coupons as they severally become payable.”
In paragraph 3 after the words “from 1 to 1500, both inclusive,” the paragraph as amended should read “issued in conformity to the Convention between the United States of America and the Dominican Republic ratified July 8, 1907, the payment of the principal [Page 466] and interest of which notes is secured by the pledge by the Republic of its customs revenues subject to an existing charge thereon securing the $20,000,000 Five per cent Customs Administration Sinking Fund Gold Loan of the Republic under and pursuant to the terms of the said convention between the United States of America and the Dominican Republic.” And so on.
You may proceed with the exchange of the diplomatic notes as instructed, when these modifications have been agreed upon by the Republic and the Bank.