for five yearsArt. XV. The two Controllers-General will he named for five years. In case of their resignation or their deaths the proceedings taken to replace them will he the safne as those taken for their nomination.
Art. XVI. The two Controllers-General will have the same rank and will receive the same remuneration.
Art. XVII. They will he accountable only to us.
Commission of the Public Debt.
The CaisseArt. XVIII. The Commission of the Public Debt is permanent until the entire debt is redeemed.
Art. XIX. The Commissioners will have the right to send the funds which they will have encashed direct to the Bank of England and to the Bank of France. They will have the necessary powers to make this transmission of funds ; but it will be their duty to come to an understanding beforehand with the Minister of Finance and the Controllers-General.
An English Commissioner to be added.Art. XX. An English Commissioner will be added to the Commission of the Public Debt. The nomination and the choice of this Commissioner will belong to us ; but in order to satisfy ourselves with regard to the guarantees offered by the person whom we shall choose, we shall address ourselves unofficially to the English Government, and we shall only engage a person furnished with the authority and acquiescence of his Government. If the English Government, at the time when this nomination is to be made, should not give its authority or its acquiescence, we should make choice of a higher official in the English service, either on the active or on the retired list.Art. XXI. The merchandize or produce given for payment of taxes in the provinces specially set apart for the service of the debt will be placed at the exclusive disposal of the Commissioners of the Debt, who will have the power to sell it, coming, however, to an understanding ('en se concertant toutefois') with the Minister of Finance and the Controllers-General as to the best means of realizing it.
- Cf. Law of Liquidation (Texts, No. XVII), Arts. 30-39.
- Major Baring was appointed accordingly, but not on the nomination of the English Government.