Page:The European Concert in the Eastern Question.djvu/171

 to the unification of the debts of the State and of the Daïra requires certain modifications in its application. Considering the Decree of the 2nd May, 1876, establishing the Treasury of the Public Debt, and desiring to strengthen still further the functions of the Commissioners who administer the said Treasury.

Considering that the suppression of the law of the Moukabalah raises unanimous objections on the part of those whom it affects, and that the Chamber of Delegates has given expression to the desire that the law should be maintained. In our firm desire to assure the regular course of the public services, while at the same time protecting the interests of the creditors by more efficacious guarantees. And having heard our Privy Council, we have decreed and decree —

— Finances.

I. The debts of the Daïra as set forth in the Tables A and B inserted in the present Decree are separated from the debts of the State, and not included in the unification of the general public debt. These debts will form the subject of a special arrangement.

II. ''The law of the Moukahalah is re-established, and is considered as never having ceased to be in force. Nevertheless, the annual reductions produced hy the effect of the law of the Moukahalah will not come into force until the commencement of the year 1866, and an annual interest of 5 per cent, will he credited to the contributaries up to the end of the year 1885 on the sums which should he deducted''.

The whole sum produced hy the Moukahalah will he applied to the redemption of the Loans of 1864, 1865, and 1867, and of the unified debt.

In the employment of the available ('disponibles') funds yielded by the Moukahalah, certain reservations are made which are dealt with in Article 6, relating to 'amortization.'

III. A special administration of the railways and