Under the 1905 arrangement the government undertook to pay the first coupons at 22%, and succeeding ones at 3%, pledging 12 to 15% of the customs receipts as security.
As the general election approached he responded heartily to Mr. Lloyd George's proposal that the Coalition should be continued, and that the country should be definitely invited to return candidates who should undertake to support the Coalition Government; and he joined with him in issuing the letters or certificates, nicknamed " coupons," accepting Coalition candidates.
Consequently, the Spanish government had once more to attempt to make both ends meet by asking its creditors to assent to the suppression of all the amortization of imperial and colonial debts, and to a tax of 20% on the coupons of all the debts, whilst at the same time the Cortes were asked to authorize a consolidation and liquidation of the floating and war debts and an annual increase of 3,200,000 in already heavy taxation.
Coupons and drawn bonds not presented within six and fifteen years respectively of their due dates of payment are prescribed.
The Caisse was authorized, after payment of the coupons on the debt, to make good out of their balance in hand the difference between the authorized expenditure and the non-assigned revenue.
A few days subsequently the prince learned that the German railway contractor Strausberg was unwilling or unable to pay The rail- the coupons of the railway bonds due on the 1st of way crisis January 1871, which were mostly held by influential of 1871.
Alone, the external debt held by foreigners continued to enjoy exemption from taxation, under the agreement made on the 28th of June 1882 between the Spanish government and the council of foreign bondholders, and its coupons were paid in gold.
The unified bonds and coupons are exempt from all Turkish taxation existing or to come.