The old remedy of a new bond issue was to be tried again. The San Domingo Improvement Company undertook to float the eighth bond issue of L2,736,750 in bonds at 2-3/4 per cent and L1,500,000 in bonds at four per cent. With these bonds it contracted to convert all previous bonds then outstanding, to pay overdue interest and to secure for the government over $1,000,000 in cash. President Heureaux issued drafts on this presumption, but it soon became evident that it would be impossible for the Improvement Company to carry out the contract. The company blamed the government and the government the company. The situation quickly became chaotic. Eventually the conversion of the older bond issues was completed, though at enormous cost. Bonds to the value of L600,000 were absorbed during the transaction with at most a cash payment of $250,000 to the Dominican fiscal agent in Europe. In the meantime the government tried the experiment of a large emission of paper money in which the customs dues were partly payable. The paper depreciated as fast as it was issued, the revenues were again insufficient and the new bond issue suffered default in April, 1899. While plans for further action were under consideration, President Heureaux was shot in July, 1899, and the revolution which followed his death made Jimenez president. The new administration in 1900 entered into a contract with the San Domingo Improvement Company for a different distribution of the customs revenues, but a condition was introduced that the consent of the majority of bondholders be obtained for the funding of interest up to 1903. A large number of Belgian and French bondholders had become dissatisfied with the Improvement Company, however, and repudiated the contract and all connection with the Company. In Santo Domingo, too, there was general hostility towards the Improvement Company which was regarded as an associate of President Heureaux and an incubus on the development of the country. The Company claimed it had secured the consent of a majority of bondholders but the government decided it had not and in January, 1901, President Jimenez issued a decree excluding the Improvement Company from the custom-houses.