Page:The European Concert in the Eastern Question.djvu/167

 Sanieh, originally amounted to the sum of 65,497,660l. sterling, and are now reduced to 54,793,150/. sterling by the redemption of bonds effected up to this day;

Whereas to these debts, contracted by means of loans with sinking funds, there is to be added the floating debt contracted both by the Government and the Daïra in order to cover the deficit resulting from the partial non-execution of the contract relative to the Loan of 1833, not including the provision contained in clause 19 of the said contract for the completion of the public works already in course of construction ; and also to meet the expenditure occasioned by circumstances beyond human control, and by public calamities ;

Whereas this debt has to a great extent been contracted by means of credit operations which, having been forced upon the Government in critical periods or under other exceptional and urgent circumstances, have been concluded on conditions onerous for the State Treasury;

Whereas, in order to make it possible for the Treasury and the Daïra Sanieh to satisfy these different debts, and to better secure for the future the interests of the creditors by a measure in conformity with the public exigencies, it has been found opportune and useful to unify all these debts by establishing one general debt, bearing interest at the rate of seven per cent., and redeemable within sixty-five years ;

Whereas, in view of the conditions of issue of the different loans with sinking funds attached, the bonds belonging to these loans, if unified at par of their nominal value, receive a benefit which it is only just to extend to the holders of bonds of the floating State debt and of the Daïra Sanieh in a proportion which shall establish as far as possible an equality between all creditors, and it is also equitable to accord to the holders of the 1864, 1865, and 1867 loans, the last payments of which are shortly falling due, a compensation for the relatively greater prolongation of the sinking fund operations ;

Whereas the yearly sum necessary for the service of the general unified debt, amounting to 91,000,000l. sterling, will