insurrections, practically every item of the debt went into permanent default. The principal Italian claimants were the heirs of an Italian merchant, J.B. Vicini, and an Italian in business at Samana, Bartolo Bancalari by name, who with other Italian subjects became loud in their complaints at the non-payment of their claims. The Italian government began to do a little sword-clanking, the Italian minister came from Havana in a warship, and the upshot was the signing in 1904 of three protocols admitting most of these claims and solemnly promising to pay them. Payment of the internal debt held by the Vicini heirs and of the Italian revolutionary claims was guaranteed by five per cent of all the customs receipts of the Republic, the revenues of Santo Domingo City, Macoris, Sanchez and Puerto Plata being specifically pledged. The Bancalari debt was guaranteed by part of the customs revenues of Samana. Notwithstanding the protocols, no payments were made by the Dominican government. _Floating Debt_. The floating debt, consisting of admitted indebtedness, neither funded nor liquidated, but evidenced by some kind of public obligation, was found to be as follows: Registered deferred debt................... $587,710.24 Registered floating debt.................... 140,850.27 Privileged revolutionary debt................ 79,812.12 Certificates of comptroller's office........ 633,124.60 Certificates of treasury offices............. 31,771.07 Open unsecured accounts...................... 80,239.49 ---------- Total.................................... $1,553.507.79 By the year 1902, a large number of small claims--many of them for supplies furnished and services rendered--had accumulated, the justice of which the government admitted but of which owing to the deficiencies in its books it had no record. Notices were accordingly published calling on holders of such lawful credits to present the same for registration. This was the origin of the so-called registered debts. The largest item was constituted by what was very aptly denominated the "deferred" debt, created in 1888. Prior to that time the government had covered its military deficits with money obtained from loan associations known as "credit companies," which flourished in the larger towns and which did business at an interest rate that fluctuated between five and ten per cent a month. When a settlement was finally made, part of the amount due these companies was paid in certificates of indebtedness, the law directing with subtle humor that they be paid from the annual surplus in the budget. There never was a surplus, nothing was ever paid, and the market value of these certificates fell to three per cent of their nominal value.