His Majesty, the King of Denmark and Norway, and the United States of North America, have agreed, that the present treaty shall be in full effect during the space of fifteen successive years, reckoning from the day of its ratification; and the two contracting parties reserve to themselves the power of renewing it at the expiration of that time. ARTICLE XXVI. The present treaty shall be ratified on both sides, and the ratifications shall be exchanged within the space of eight months from the date of the signature. EXPLANATION OF THE COUNTER PROJECT _Of a Treaty of Amity and Commerce received from Denmark._ Translation. Although the simple comparison of the enclosed Counter Project, with the Project proposed by Mr Franklin, evidently proves the attention that has been shown on our part here to the negotiation set on foot, and which, in the main, has been agreed upon as to the principles, which have been adopted for the basis of a treaty, as well as the most essential stipulations, we could not avoid, however, explaining more distinctly certain points of the Counter Project; and the eclaircissements that will be given of them will at the same time prove the amicable intentions, with which it has been endeavored to facilitate the consequences of an affair too important to the welfare of the two nations, not to merit the attention and cares of the powers which govern them. The second and third articles will regulate the conduct of the reciprocal subjects in the respective States. Taking things as they now are, it is easily perceived that the stipulations of the said articles, although apparently reciprocal, give however superior advantages to the United States. For, according to the system of commerce, which subsists in Denmark and Norway, the most favored nations pay there no greater imposts or other duties than the proper subjects of the State, and the proper subjects of the State enjoy considerable diminutions with respect to unprivileged nations, as well for their vessels as their merchandise. It is evident, therefore, that the subjects of the United States of America being received among the most favored nations in Denmark and Norway, would not only gain by that means a competition with the said most favored, but also a preference over several other nations, even in the neighborhood of Denmark, with whom no treaties of commerce have been concluded, and who, therefore, are still in the number of unprivileged, as to navigation and commerce, in the States of his Danish Majesty.