File No. 817.51/911

Minister Jefferson to the Secretary of State

No. 346

Sir: I have the honor to enclose herewith for the information of the Department a copy and translation of the law creating a Commission of Public Credit, as passed by the Nicaraguan Congress and signed by President Chamorro February 14, 1917.

I have [etc.]

Benjamin L. Jefferson

Decree of the Senate and Chamber of Deputies of the Republic of Nicaragua creating a Commission of Public Credit

Article 1. That there be created a commission which shall be called “Commission of Public Credit”, composed of two members, one of whom shall be the Minister of Finance or the person whom the Executive may designate, and the other, as also the third in case of disagreement, shall be named by the Executive Power in accord with the Department of State of the United States of North America.

Article 2. This commission shall have knowledge of all the credits of which the public debt is composed and shall dictate all the means leading to the fixing of the net amount of the liabilities of State; the two members having, moreover, the authority to make, by common consent, definite arrangements with the creditors of the Republic as to the means of payment.

Article 3. The decisions of the commission shall be final.

In the case that its two members cannot agree on any point whatsoever, the difference shall be submitted to the arbitrator, whose decision as given shall have the character of being final and without appeal.

Article 4. The commission shall be empowered to determine the form in which they must apply to the settlement of the public debt that part of the funds which the Government of the United States of North America must deliver to the Government of the Republic in order to conform with the provision in Article 3 of the Chamorro-Bryan Treaty, celebrated in Washington August 5, 1914.

Article 5. The seat of the commission shall be the capital of the Republic; but it may be transferred for a time to any place in the country, once it has been installed and always that it be done in accord with the original purpose of the present law.

Article 6. The commission shall continue in the performance of its functions for three months, counting from its time of installation, it being capable of being extended for three months; by consent of the Executive, who also is empowered to bring to an end the functions of the commission, if before the completion of the period of the extension the work shall have been finished.

Article 7. The Executive Power shall carry out and execute the present law which shall become effective from the day of its publication in the Gaceta.

Given in the Hall of Sessions of the Chamber of Deputies. Managua, February 2, 1917. R. Enríquez, D. V. P. D. Caldero B, D. S. Aníbal Solórzano, D. S.

To the Executive Power—Chamber of the Senate, Managua, February 9, 1917. Joaq. Solórzano Z., S. P.M. J. Morales, S. S.—Benj. Elizondo, S. S.

Therefore, be it executed. Presidential House. Managua, February 14, 1917. Emiliano Chamorro. The Minister of Finance, M. Benard.