Full text: American debt

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ulation of Interest. 
7ithstanding anything herein contained, the interest Pay- 
ym time to time on the bonds proposed to be issued shall 
puted on the amount of the principal outstanding on the 
18 interest date, with adjustments in respect of any pay- 
in account of principal which may have been made since 
vious interest date. 
hange for Marketable Obligations. 
t Britain will issue to the United States at any time or 
me to time, at the request of the Secretary of the Treasury 
United States, in exchange for any or all of the bonds 
'd to be issued hereunder and held by the United States, 
v6 engraved bonds in form suitable for sale to the public, 
‘amounts and denominations as the Secretary of the 
"y of the United States may request, in bearer form, with 
m for registration as to principal, and/or in fully registered 
nd otherwise on the same terms and conditions, as to 
f issue and maturity, rate or rates of interest, exemption 
ation, payment in bonds of the United States issued 
© 1ssued after 6th April, 1917, payment before maturity, 
e like, as the bonds surrendered on such exchange, 
that the bonds shall carry such provision for repayment 
wipal as shall be agreed upon; provided that if no 
ent to the contrary is arrived at, any such bonds 
mtain separate provision for payments before maturity, 
ing substantially to the table of repayments prescribed by 
ph 6 of this proposal and in form satisfactory to she 
ry of the Treasury of the United States, such payments 
mputed on a basis to accomplish the retirement of any 
onds by December 15, 1984, and to be made through 
drawings for redemption at par and accrued interest. 
ments of principal thus made before maturity on any 
nds shall be deducted from the payments required to be 
y Great Britain to the United States in the corresponding 
nder the terms of the table of repayments set forth in 
ph 6 of this proposal. 
Britain will deliver definitive engraved bonds to the 
States In accordance herewith within six months of 
8 notice of any such request from the Secretary of the 
y of the United States, and pending the delivery 
definitive engraved bonds will, at the request of 
retary of the Treasury of the United States, deliver 
ry bonds or interim receipts in a form to be agreed upon 
shree months of the receipt of such request. The United 
refore offering any such bonds or interim receipts for sale 
+ Britain will first offer them to Great Britain for pur- 
b par and accrued interest, and Great Britain shall like- 
ve the option, in lieu of issuing to the United States any

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