File No. 838.51/596
Minister Blanchard to the Secretary of State
Port au Prince , March 3, 1917, 6 p.m.
Following received March 2 from Minister for Foreign Affairs:
Referring to my communication of January 13, relative to the project of a loan presented by Mr. A. T. Ruan, Financial Adviser, I have the honor to bring to your knowledge that the Council of the Secretaries of State has voted the following decision:
In pursuance of the letter of the Financial Adviser to the Secretary of State for Finance and to the letter of the Minister of the United States to the Secretary of State for Foreign Affairs concerning the loan of 30,000,000 dollars:
Considering that, to remedy the grave financial and economical situation of the country, the necessity for a loan which will diminish the annual budgetary charge and which will facilitate the development of national labor imposes itself upon the Government of Haiti;
Considering that the bankers who are disposed to make this loan fixed at 30,000,000 dollars claim as a fundamental guaranty that the Convention of September 16, 1915, remain in force during the period of reimbursement; period which would be about twenty years;
The Government of Haiti in consideration of this loan and under the express reserve of the subsequent decision to be taken upon the specific clauses and conditions which the bankers shall offer,
Declares to recognize the inevitable necessity of a loan destined to realize the views and objects of the convention, constitute the one of the specific reasons indicated at (in?) Article XVI of this diplomatic document and of which the consequence is to give to the said convention a duration of twenty years.
The Secretaries of State for Finance and for Foreign Affairs are authorized to undertake, to this end, each in that which concerns him, the necessary negotiations, under the reservation of the decision of the Government and of the approval of the legislative body.
In pursuance of the above negotiations with Minister for Foreign Affairs resulted in agreement upon following project of protocol which has been approved by Council of Secretaries of State and is submitted to the Department for its action.
The Republic of Haiti having recognized as urgent the necessity of a loan for a term of more than ten years destined for the amelioration of its financial and economic situation; considering (?) this necessity as a specific reason susceptible of giving to the Convention of September 16, 1915, a duration of twenty years and desiring in consequence, to exercise the right which it holds from Article XVI of this convention.
And the United States of America conforming itself to Article I of the said convention and asking its good offices for the full accomplishment of its aims and objects,
Have decided to conclude an additional act to this convention, with a view to facilitating a prompt realization of the loan and to offer to the capitalists the serious guaranty which they claim from an uninterrupted stability indispensable to the development of the wealth of the Republic of Haiti,
And have been appointed as plenipotentiaries by the President of the Republic of Haiti,————,
By the President of the United States of America,————, who having exhibited to each other their respective full powers found to be in good and true form, have agreed as follows:
Article 1. The two high contracting parties declare to admit the urgent necessity for a loan for a period of more than ten years for the benefit of the Republic [Page 806] of Haiti and one of the specific reasons indicated in Article XVI of the Convention of September 16, 1915, and agree to fix at twenty years the life (duree) of the said convention.
Article 2. The present additional act shall be approved and ratified by the high contracting parties in conformity with their respective laws and the ratifications thereof shall be exchanged in the city of Port au Prince as soon as may be possible.