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68 was now about $54,573,730. At this time, too, the debtors took an added security for the risk they assumed in the grant of one-sixth of the customs receipts of Vera Cruz and Tampico, the two important east coast ports, for the service of the debt. But arrears arose again and in 1842, in return for raising the share of the customs receipts devoted to the loan from one-sixth to one-fifth, the creditors accepted non-interest bearing "debentures" at the rate of one dollar for each two dollars actually due.

In 1846 the creditors agreed to another cutting down of their claims. Various classes of bonds were rescaled at 90 to 60 per cent of their face, the outstanding foreign liability of $56,206,875 being decreased to $40,533,425. A new five per cent loan was issued to cover this and certain other liabilities. This time the security included besides one-fifth of the collections of the two ports, a fifth of the tobacco duty and the export duty on silver shipped from the west coast.

The agreement had hardly been made when war came with the United States and as a result the ports of the east coast fell into possession of the enemy, thus cutting off part of the guaranteed income. A similar agreement was put into force again in 1851. Interest payments fell into arrears. A new refunding issue was put through in 1864 but payments almost immediately fell behind again.

In 1864 the government of Maximilian floated a loan in London and Paris of $61,825,000 at 63 to secure funds to crush the republican forces. These obligations were later partly converted into a second loan. When