consolidable debt, nor the fund formerly appropriated for the satisfaction of the consolidable debt; new, especial fund was assigned for the payment of this debt hereby recognized. Besides, ten years had elapsed from 1843, and the consolidable debt arising out of Colombian debt was considered totally consolidated already and in fact was so, except only, perhaps, that of the Howlands. Can this be named an impairment to their right of conversion? By the decree of December 12, 1856, the Republic recognized as national consolidated debt: (1.) The consolidated debt in existence at present, according to the legislation from April 15, 1840, to April 18, 1853. (2.) The Espera Treasury debt. (3.) All other credits originating in substitutions of the State for which Espera Treasury debt was to be emitted. (Art. 1.) The same law provided by Art. 3 that "the consolidable debt in circulation, which may have been issued in accordance with the prescriptions of the law of April 15, 1840; of the treaty with Spain, and of the legislative decrees of March 22, 1852, and March 10, April 24, and May 13 and 14, 1856, may be converted at any time, at the pleasure of the holders, into the consolidated debt recognized by Art. 1 of this decree, until, through conversion, the maximum of 500,000 pesos shall have been reached." Art. 1 of this decree refers to consolidated debt, not to consolidable debt, for the payment of the interest of which the sum of 250,000 pesos annually was appropriated. The kinds of consolidable debt referred to in Art. 2 were all Colombian debt not liquidated by the Commission of Ministers at Bogota, and which, like that represented by the bills of the Howlands, was entitled to be acknowledged as national debt of Venezuela. Was this an impairment of the claimants' right of conversion? By the law of June 16, 1865, this right was also protected to them. When and where did the impairment begin to exist? In my judgment there never existed such impairment. My colleagues assume that it existed, and upon this assumption go on saying: "What became of their rights? "It seems to us there can be but one answer to this question, namely: At the impairment, the debt as it then was became due and payable." It seems to me that in matter of rights and obligations there can be no other than those strictly derived from the respective stipulations. In the present case the stipulation was a conditional one. Venezuela promised to pay under the condition that the Howlands should previously convert their bills into consolidated debt. The right acquired through a conditional stipulation is eventual or consequential to the accomplishment of the condition; so long as this remains suspended the right resulting therefrom is a mere hope; tantum spes est debitum iri. (Justinian Inst.) The condition of consolidating their bills, stipulated for by the Howlands in 1839, was never fulfilled by them or by their representatives in this claim. Under such circumstances what does justice require at the hands of the Commission? In my opinion, disallowance of the claim. The bills upon which this claim is based were exchanged for Colombian bills bought in open market; neither they nor those for which they were exchanged did represent in their face a real value; they were convertible into consolidated debt by public auction, and payable by public auction also; all the other holders of this kind of bills converted them at about 33 per cent. of their face value, and afterward re deemed them at about the same rate of their consolidated value. Such bills have never been sold in the market at a higher price than 42 per cent.; this is their actual price. My colleagues have allowed to the claimants the face value of their bonds with five per cent. interest from the date of the supposed impairment of their right of conversion, counting the peso at 75 cents gold coin of the United States. This decision seems to me a total departure from justice. Andrade, José, Opinions delivered by, for the Commission, 29, 71, 72, 91, 94 Apure, The steamer Aranguren, Dorothy C....... Arbitration, International Aspinwall, William H., executor, etc. v. Venezuela Awards of former Commission. See" Decisions of former Commission.” Bank currency, Claim for redemption of.... Barberie, Loretta G.............. Barnes, James, Heirs of, v. Venezuela..... Barnes, John.. Barry, Robert..... Beales & Nobles Beelen, Frederick Anthony.... Bettiker, Paul, v. Venezuela.... Bogert and Kneeland......... Bolivar, Juan Vicente....... 419 457 37 13, 14, 15 .297, 491 .66, 88 120 .85, 86 73 86 351 119 247 457 92 140 74 Bonds, Claim for value of. See claims of Gibbs and Aspinwall. Bonds of Venezuela, Non-payment of, affords ground for claim......299-318 Bradley, of Flanagan, Bradley, Clark & Company.. Certificates of award issued by the former Commission, 23, 24, 26, 98, 99, 424 513 Certificates of award issued by the present Commission, Doubts as to persons entitled to...... Change of title of claim..... Choctaw Claim Citizenship......... PAGE. 424 410 .16, 18 ..285, 292, 458-461 Citizenship of Claimants, 84, 85, 88, 89, 93, 95, 108-111, 121, 420, 481, 484, 485 Claim, Assigned...... Claim, Change of title of.. 66,88 Claim, Definition of. .......... Claim, International, Waiver by citizen of right to make....... .82, 83, 303-305, 310 Claimants, Must they appear or be personally represented?.. Claimants, Notice to, of sitting of Commission. Clara Rose Sutil, The bark... Clark, John, Captain......... Clark, John, Captain, The representatives of, et al., v. Venezuela........ 284 25 26 132 72 Commissions, International...... Commission, present, Character of........... Commission, Notice to claimants of sitting of............................. Commission, Jurisdiction of— 6, 7, 17-25, 73, 275, 299-318, 327, 420, 435, 436, 438, 444, 450, 451, 485 Contracts, Interpretation of Contracts made by so-called de facto governments.. |