The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1913-10-11

a nation after being plunged into involuntar,
bankruptcy has accepted third party. snothe,
nation to act as receiver of its revenues and
stand between 1t and its creditors during the
settlement of its outstanding obligations.
Inc soundness Of this commercial practice as
| apphed 10 governments is shown by the fact
that today the Dominican republic has moro
money to spend for proper purposes than oyor
before, besides paying the interest on a loan and
setting aside each year a sum for the payment
OF the principal. When the receivershin is for.
minated SantO Domingo is likely TO eniov tho
distinction of being the only Latin American gov
eminent not saddled with burdensome foreign
debt.
The United States government is the cpsto
oian or the Dominican revenues and stands snon
sor not only for the conservation of the public
FUNDS but also for the settlement of tho rorh
ncs debts. This arrangement has LASTING force
ny virtue or treaty between the United States
ana the dominican republic in which the condi
uohs or the receivership are set forth Under
tnis treaty it was that President Wilson apnont
ed MI WICK as the representative of the govern
"eht OF the United States to administer tho 70
ownership ~ ie
MT WICK is not, technically speaking in .r,
way connected with the Washington eovernr,or,
ms salary is paid by the Dominican government
ne same is true OF all the expenses of the re
ceiVersn1p. These include the salaries Of \ mum
Der OF Americans who serve as his assistapts
MS own salary is $500 year. and he also gats.
living quarters ee'S
Mr. Wick is regarded as exceptionally we'll
qualified for the place One of tho odron.o.
supposed to lie in the American recsiversbin q,
ndl lhe customs revenues are by Il removed tn
ieulraI hands and are no longer to be preved
ipoh oy aspiring revolutionsts or grating off,
.las rom lSo0' when the first temporary ar.
-ahse"ent went into effect until 1912 Santo
tfc fret
'eVolution and internal strife The neutraIiza
ION OF the customs receipts has been regarded
% .ne cause or this peace in the turbulent re
'uuiic' In 1872 there was continued political dis
VI oance' Out even during the revolution the ems
ON houses remained unmolested bv either foo.
ion III tne struggle, 1t will be Mr.. Vick's task
continue this absolute security OF the cno.
oms receipts and maintain perfect noutraIt,.
oWard all the contending political factions IN
he island. III
european intervention In Santo Domingo seen
certainly when President Roosevelt inter
oneu III oehaii OF the republic. The Dominican
800 nienl was saddled with a foreign and do
, go. inuentedness amounting, with interest to
oout S5O,OOOOOO. Far from paying the intarest
&c dominican government was increasing tho
eot Dy ABOUT million dollars a wear Az q 70
III vi centuries OF misrule the revenues were
eng uishonesuy dissipated. succession of
''0iu'ohs had reduced the government simnIv
source OF graft for which many factions
ere contendlng. In this situation the European
III I'o4 demanded a settlement and
ere prepared to take over the revenues NJ the
'vernment IL their demands vero mo, -,
the Domfnicans were unable IN do ubot ,ho
neu' european Intervention seemed certain
Inc united states then negotiated the rnodrs
'enui, winch was to hold In force while q treaty
o ,oaa,e n1eo'ia'eo The treaty, under which
The Tue. is now conducted. was ratified
ne united states senate and the Dominican
hsress and went into effect Julv Ioo7
eantlme under the modus vivandi a.,
en issued bonds of the Dominican poverrno.
'ne amount or S20,000000. This was for the
p .', Vi making a settlement with the forejgn
,s. ana paying for certain public improve
,o.oa 10 the utilization of the island
,o nnn though the nominal debt was s2o-
was scaled down by the United States
making allowance for fraud and disbonos,
inns to about SIT 600 OOO 'nonest
ne ponds bear interest at per cent r,.t,,
&c oI n charge for the service of the Ioop
V00ooo year. II is provided in the treaty
- each month the American receiyereenero,
~ pay 10 the Guaranty Trust company OF New
- A a. one nscal agent Of the loan, the aim n,
:, ~ 90 MS is SZOO,OOO in excess of the an
- sl'ooooo0 required and the balance is an.
"a 70 the amortization of the bonds In odd,
IL is provided that whenever the coIIections
any year snail exceed $4,000 600 half of tho
bonds "oi' iAaloh OF
'ishiy satisfactory progress has been r,oao
a a tne repayment Of the principaI n, ,ho
'oOo'ooo loan, inasmuch as the revenues .,
Lepuohc have nearly doubled under tho
.iIcan receivership. After the expenses ~
.ecevership have been paid and the interest
.t. ano sinking fund taken care OF the
n :, mean government gets what is left Far
'eins hardship, the effect of the receiver.