H. B. M. Minister of

Chargé d'Affaires at Washingto Acting

and Act New Yak!

прил

Consul Generalat

Payto to the Order of Manntton Fish Secretary of State

Ideo Thornton

H. B. his. Miurater.

Em Archibald

I.B. M Consul General

Pay W the nom
by

No. 1

Act of March, 3.1863.

Have been deposited with the Treasurer of the United States M1.

tion extending beyond the limits of the two nations and of the time and generation in which it was performed.1

Payment of the
Award.

ByArticle VIII. of the treaty the sum awarded by the tribunal was required to be "paid in coin by the Government of Great Britain to the Government of the United States within twelve months after the date of the award." The award thus became payable in Washington on or before September 14, 1873, and in course of time there was much conjecture as to how so large an amount of coin would be obtained and transferred. In the end the payment was made without actually turning into the Treasury any coin whatever. The Treasury Department was then engaged, under the funding act of July 14, 1870, in calling in 6 per cent bonds for redemption; and in order to facilitate this operation it had established an agency in London, in charge of two of its own officers, for the purpose of receiving any called bonds and matured coupons held in Europe, as many of them were. On the 30th of May 1873 the British Government entered into a contract with certain bankers, by which the latter agreed to provide the sum of $15,500,000 so that it should be available in gold coin in Washington on the 10th of the next September, either by deposits of coin in a prescribed manner or by the purchase of bonds called for redemption in gold coin in Washington on before the 13th of September. On the 6th of June 1873 the Secretary of the Treasury issued a call for the redemption of $20,000,000 of five-twenty bonds of the loan of 1862 on the 6th of the ensuing September. In due time the bankers began to buy the bonds and pay for them, and as they turned them over to the United States they received in return coin certificates either of the Treasury at Washington or of the subtreasury at New York. By the 6th of September they had obtained sixty-eight such certificates, aggregating the precise amount of the award. All that now remained to be done was to transfer the certificates through the British Government to the United States; and in order to facilitate this transaction the Treasury prepared a single coin certificate for $15,500,000, payable to the order of the bankers, in exchange for the sixty-eight certificates previously issued. This certificate the bankers indorsed to the joint order of the British minister or chargé d'affaires at Washington and the British consul-general at New York. Duly indorsed by these