and accrued interest, of a corresponding principal amount of bonds issued or to be issued hereunder and held by the United States. Esthonia agrees that the definitive engraved bonds called for by this paragraph shall contain all such provisions, and that it will cause to be promulgated all such rules, regulations, and orders as shall be deemed necessary or desirable by the Secretary of the Treasury of the United States in order to facilitate the sale of the bonds in the United States, in Esthonia or elsewhere, and that if requested by the Secretary of the Treasury of the United States, it will use its good offices to secure the listing of the bonds on such stock exchanges as he may request. 9. Cancellation and Surrender of Obligations. Upon the execution of this Agreement, the payment to the United States of cash in the sum of $1,441.88 as provided in paragraph 1 of this Agreement and the delivery to the United States of the $13,830,000 principal amount of bonds of Esthonia first to be issued hereunder, together with satisfactory evidence of authority for the execution of this Agreement and the bonds on behalf of Esthonia by its Envoy Extraordinary and Minister Plenipotentiary at Washington, or by its other duly authorized representative, the United States will cancel and surrender to Esthonia, at the Treasury of the United States in Washington, the obligations of Esthonia in the principal amount of $13,999,145.60 described in the preamble to this Agreement. 10. Notices. Any notice, request, or consent under the hand of the Secretary of the Treasury of the United States, shall be deemed and taken as the notice, request, or consent of the United States, and shall be sufficient if delivered at the Legation of Esthonia at Washington or at the office of the Minister of Finance in Tallinn; and any notice, request, or election from or by Esthonia shall be sufficient if delivered to the American Legation at Tallinn or to the Secretary of the Treasury at the Treasury of the United States in Washington. The United States in its discretion may waive any notice required hereunder, but any such waiver shall be in writing and shall not extend to or affect any subsequent notice or impair any right of the United States to require notice hereunder. 11. Compliance with Legal Requirements. Esthonia represents and agrees that the execution and delivery of this Agreement have in all respects been duly authorized and that all acts, conditions, and legal formalities which should have been completed prior to the making of this Agreement and the issuance of bonds hereunder have been completed as required by the laws of Esthonia and in conformity therewith. 12. Counterparts. This Agreement shall be executed in two counterparts, each of which shall have the force and effect of an original. IN WITNESS WHEREOF Esthonia has caused this Agreement to be executed on its behalf by its Envoy Extraordinary and Minister Plenipotentiary at Washington, thereunto duly authorized, subject, however, to the approval of the State Assembly, and the United States has likewise caused this Agree ment to be executed on its behalf by the Secretary of the Treasury, as Chairman of the World War Foreign Debt Commission, with the approval of the President, subject, however, to the approval of Congress, pursuant to the Act of Congress approved February 9, 1922,3 as amended by the Act of Congress approved February 28, 1923, and as further amended by the Act of Congress approved January 21, 1925,5 all on the day and year first above written. By By 4 The Republic of Esthonia, A. PIIP Envoy Extraordinary and The United States of America, For the World War Foreign Debt Commission: A. W. MELLON Secretary of the Treasury and Chairman of the Commission Approved: CALVIN COOLIDGE, EXHIBIT A (Form of Bond) THE REPUBLIC OF ESTHONIA No. the sum of The Republic of Esthonia, hereinafter called Esthonia, for value received, promises to pay to the Government of the United States of America, hereinafter called the United States, or order, on December 15, Dollars ($ ), and to pay interest upon said principal sum semiannually on June 15 and December 15 in each year, at the rate of three per cent a year from December 15, 1922 to December 15, 1932, and at the rate of three and one-half per cent a year thereafter until the principal hereof shall have been paid. This bond is payable as to both principal and interest in gold coin of the United States of America of the present standard of value, or, at the option of Esthonia, upon not less than thirty days' advance notice to the United States, in any obligations of the United States issued after April 6, 1917, to be taken at par and accrued interest to the date of payment hereunder. This bond is payable as to both principal and interest without deduction for, and is exempt from, any and all taxes and other public dues, present or future, imposed by or under authority of Esthonia or any political or local taxing authority within the Republic of Esthonia, whenever, so long as, and to the extent that, beneficial ownership is in (a) the Government of the United States, (b) a person, firm, or association neither domiciled nor ordinarily resident in Esthonia, or (c) a corporation not organized under the laws of 342 Stat. 363. 42 Stat. 1325. 543 Stat. 763. Esthonia. This bond is payable as to both principal and interest at the Treasury of the United States in Washington, D.C., or at the option of the Secretary of the Treasury of the United States at the Federal Reserve Bank of New York. This bond is issued under an Agreement dated October 28, 1925, between Esthonia and the United States, to which this bond is subject and to which reference is hereby made. IN WITNESS WHEREOF, Esthonia has caused this bond to be executed in its behalf at the City of Washington, District of Columbia, by its at Washington, thereunto duly authorized, as of December 15, 1922. THE REPUBLIC OF ESTHONIA: By FRIENDSHIP, COMMERCE, AND CONSULAR RIGHTS Treaty and protocol signed at Washington December 23, 1925 Ratified by Estonia April 27, 1926 Ratifications exchanged at Tallinn May 22, 1926 Entered into force May 22, 19261 Proclaimed by the President of the United States May 25, 1926 TREATY 44 Stat. 2379; Treaty Series 736 The United States of America and the Republic of Esthonia, desirous of strengthening the bond of peace which happily prevails between them, by arrangements designed to promote friendly intercourse between their respective territories through provisions responsive to the spiritual, cultural, economic and commercial aspirations of the peoples thereof, have resolved to conclude a Treaty of Friendship, Commerce and Consular Rights and for that purpose have appointed as their plenipotentiaries. The President of the United States of America: Frank B. Kellogg, Secretary of State of the United States of America, and The Government of the Republic of Esthonia: Antonius Piip, Envoy Extraordinary and Minister Plenipotentiary, Who, having communicated to each other their full powers found to be in due form, have agreed upon the following articles: ARTICLE I The nationals of each of the High Contracting Parties shall be permitted to enter, travel and reside in the territories of the other; to exercise liberty of conscience and freedom of worship; to engage in scientific, religious, philanthropic, manufacturing and commercial work of every kind without interference; to carry on every form of commercial activity which is not forbidden by the local law; to engage in every trade, vocation and profession not 1 See footnote 1, ante, p. 608. reserved exclusively to nationals of the country; to own, erect or lease and occupy appropriate buildings and to lease lands for residential, scientific, religious, philanthropic, manufacturing, commercial and mortuary purposes; to employ agents of their choice, and generally to do anything incidental to or necessary for the enjoyment of any of the foregoing privileges upon the same terms as nationals of the state of residence or as nationals of the nation hereafter to be most favored by it, submitting themselves to all local laws and regulations duly established. The nationals of either High Contracting Party within the territories of the other shall not be subjected to the payment of any internal charges or taxes other or higher than those that are exacted of and paid by its nationals. The nationals of each High Contracting Party shall enjoy freedom of access to the courts of justice of the other on conforming to the local laws, as well for the prosecution as for the defense of their rights, and in all degrees of jurisdiction established by law." The nationals of each High Contracting Party shall receive within the territories of the other, upon submitting to conditions imposed upon its nationals, the most constant protection and security for their persons and property, and shall enjoy in this respect that degree of protection that is required by international law. Their property shall not be taken without due process of law and without payment of just compensation. Nothing contained in this Treaty shall be construed to affect existing statutes of either of the High Contracting Parties in relation to the immigration of aliens or the right of either of the High Contracting Parties to enact such statutes. ARTICLE II With respect to that form of protection granted by National, State or Provincial laws establishing civil liability for injuries or for death, and giving to relatives or heirs or dependents of an injured party a right of action or a pecuniary benefit, such relatives or heirs or dependents of the injured party, himself a national of either of the High Contracting Parties and within any of the territories of the other, shall regardless of their alienage or residence outside of the territory where the injury occurred, enjoy the same rights and privileges as are or may be granted to nationals, and under like conditions. ARTICLE III The dwellings, warehouses, manufactories, shops, and other places of business, and all premises thereto appertaining of the nationals of each of the High Contracting Parties in the territories of the other, used for any purposes set forth in Article I, shall be respected. It shall not be allowable to make a domiciliary visit to, or search of any such buildings and premises, or there 2 For an understanding relating to art. I, para. 3, see protocol, p. 633. |