The Dominican government agrees to give the general receiver and his assistants all needful aid and full protection to the extent of its powers. The United States also undertakes to give the general receiver and his assistants such protection as it, may find to be required for the performance of their duties. The convention further stipulates that until the payment of the full amount of the bonds the Dominican Republic is not to increase its public debt except by previous agreement with the United States, and that a like agreement shall be necessary to modify the import duties. Even with the approval of the convention difficulties lay in the way of the debt adjustment. In Santo Domingo there was opposition to the plan by interested parties and by persons not sufficiently mindful of past errors and present dangers. The Dominican Congress mutilated the contracts with the bankers, who not only refused to accept the modifications, but declined to treat further with Minister Velazquez unless he were first invested with plenary powers. The Dominican Congress then extended the necessary authority, but it came late, for the fall of 1907 witnessed a money panic in the United States and the floating of a bond issue was impossible. After months of negotiations and struggle with recalcitrant creditors Minister Velazquez and Prof. Hollander finally perfected an arrangement under which the creditors were paid the amounts specified in the plan of adjustment, twenty per cent in cash and eighty per cent in bonds guaranteed by the fiscal convention. For the purpose of the cash payments the creditors' fund accumulated under the modus vivendi was utilized. The bonds were delivered to the creditors at the rate of 98-1/2 per cent of their face value. Under the plan of settlement the outstanding Franco-Belgian bonds and most of the other debt items were redeemed at fifty per cent of their face value, the Improvement Company's claim at ninety per cent, the deferred debts and comptroller's certificates at ten per cent, and the remaining claims at rates varying from ten to forty per cent. Accumulated interest was remitted entirely by the creditors, except in three cases, in which it was greatly reduced. These terms were much better than the Republic could have expected from any commission of investigation. The arbitral award of the San Domingo Improvement Company was scaled down by only ten per cent, because the bonds comprised in the award had been included therein at only one-half their face value and the other credits had also been largely reduced; even this small discount brought howls of protest from British interests that had remained discreetly silent while the State Department was pressing the claim thinking it completely American. Payment under the plan of settlement was soon practically completed. Only one important group of creditors, the Vicini heirs, still refuses to assent to the plan and accept the amount set aside for them.