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Difficulties having arisen in the Execution of the Sixth Article of the Treaty of Amity, Commerce and Navigation, concluded at London, on the Fourth Day of November, One Thousand Seven Hundred and Ninety Four, between His Britannic Majesty and the United States of America, and in consequence thereof, the Proceedings of the Commissioners under the Seventh Article of the same Treaty, having been suspended, the Parties to the said Treaty being equally desirous, as far as may be, to obviate such Difficulties, have respectively named Plenipotentiaries to treat and agree respecting the same, that is to say, His Britannic Majesty has named for His Plenipotentiary, The Right Honourable
In Satisfaction and Discharge of the Money which the United States might have been liable to pay in Pursuance of the Provisions of the said Sixth Article, which is hereby declared to be cancelled and annulled, except so far as the same may relate to the Execution of the said Seventh Article; the United States of America hereby engage to pay, and His Britannic Majesty consents to accept for the Use of the Persons described in the said Sixth Article, the Sum of Six Hundred Thousand Pounds Sterling, payable at the Times and Place, and in the Manner following, that is to say, the said Sum of Six Hundred Thousand Pounds Sterling shall be paid at the City of Washington, in three annual Instalments of Two Hundred Thousand Pounds Sterling each, and to such Person or Persons as shall be authorized by His Britannic Majesty to receive the same; the first of the said Instalments to be paid at the Expiration of One Year; the second Instalment at the Expiration of two Years; and the third and last Instalment at the Expiration of three Years next following the Exchange of the Ratifications of this Convention. And to prevent any Disagreement concerning the Rate of Exchanges the said Payments shall be made in the Money of the said United States, reckoning Four Dollars and FortyFour Cents to be equal to one Pound Sterling.
Whereas it is agreed by the Fourth Article of the Definitive Treaty of Peace, concluded at Paris, on the Third Day of September, One Thousand Seven Hundred and Eighty Three, between His Britannic Majesty and the United States, that Creditors on either Side should meet with no lawful Impediment to the Recovery of the full Value in Sterling Money, of all bona Fide Debts theretofore contracted, it is hereby declared that the said fourth Article, so far as respects its future Operation, is hereby recognized, confirmed and declared to be binding and obligatory on His Britannic Majesty and the said United States, and the same shall be accordingly observed with punctuality and good Faith, and so as that the said Creditors shall hereafter meet with no lawful Impediment to the Recovery of the full Value in Sterling Money of their bona Fide Debts.
It is furthermore agreed and concluded that the Commissioners appointed in pursuance of the Seventh Article of the said Treaty of Amity, Commerce and Navigation, and whose Proceedings have been suspended as aforesaid, shall immediately after the Signature of this Convention, re-assemble and proceed in the Execution of their Duties according to the Provisions of the said seventh Article, except only that instead of the Sums awarded by the said Commissioners being made payable at the Time or Times by them appointed, all Sums of Money by them awarded to be paid to American or British Claimants, according to the Provisions of the said Seventh Article, shall be made payable in three equal Instalments, the first whereof, to be paid at the Expiration of one Year; the second at the Expiration of two Years; and the third and last at the Expiration of three Years next after the Exchange of the Ratifications of this Convention.
This Convention, when the same shall have been ratified by His Majesty, and by the President of the United States, by and with the advice and consent of the Senate thereof, and the respective Ratifications duly exchanged, shall be binding and obligatory upon His Majesty and the said United States.
In Faith whereof, We the Undersigned Plenipotentiaries, of His Britannic Majesty, and of the United States of America, by virtue of Our respective Full Powers, have signed the present Convention, and have caused the Seals of Our Arms to be affixed thereto.
Done at London, the Eighth Day of January, One Thousand Eight Hundred and Two.
Treaties and Other International Acts of the United States of America.
Edited by Hunter Miller
Documents 1-40 : 1776-1818
Washington : Government Printing Office, 1931.