“We acknowledge the consideration and kindness of your Excellency in this matter, in that you have, of your own accord, reduced the first amount of claims, and now place the total at 525,000 taels. We have taken the matter into full consultation, and propose, that, if a further reduction of 25,000 taels be made, fixing the total amount at 500,000 taels, then custom-house certificates can be issued at Canton, Shanghai, and Foo-chow, dating from the first day of our next year, (February 3, 1859,) which can be successively applied to the gradual payment of the entire sum.”[115] These terms were embodied in the final convention between the parties. After this exposition, the Minister declares that the convention, if ratified by our Government, and carried into execution by the Chinese, as he did not doubt it would be, would liquidate every claim on China by citizens of the United States, principal and Chinese interest at twelve per cent. per annum, on most of the claims for three years, and for a longer period on others, among which was one as ancient as 1847, which had occupied the attention and excited the sympathies of many of his predecessors. The Minister appends a tabular statement of claims, with a list of what he calls “Claims Suspended,” among which is one known as “The Caldera,” to which reference will be made hereafter. He then says:-- “A sufficient sum can be reserved to cover these claims, _all of which are more or less doubtful_.” And adds:-- “If they be recognized, and the principle of paying interest be adopted throughout, the fund will be exhausted. If they be disallowed, though interest be paid to all the other claimants, there will be a surplus at the disposition of the Government.”[116] Thus early was there anticipation of a surplus. At the same time the Minister suggested that Congress should provide for the adjudication of the claims and a dividend among claimants. This was done by the Act of March 3, 1859, entitled “An Act to carry into effect the Convention between the United States and China, concluded on the 8th of November, 1858, at Shanghai,”[117] authorizing the appointment of commissioners “to receive and examine all claims which may be presented to them under the said convention, according to the provisions of the same, the principles of justice and International Law,”--and further providing “that the said commissioners shall report to the chief diplomatic officer in China the several awards made by them, to be approved by him,” which are to be paid out of the revenues set apart for this purpose, in ratable proportion, “according to the direction of the said diplomatic officer.”