ARTICLE 5.-The President of the Republic is authorized, for the term of one year, to anticipate the producers of saltpetre, who undertake to keep their offices, in proportion to their normal production, in splotation, to the sum of three pesos ($). 3.00) for each Spanish quintal of saltpeter they have prepared on the courts of their respective offices and up to four pesos ($4.00) for each unit of the same measure as they have ready for shipment at the ports or calves destined for this effect.
The amount of this authorization may not exceed the amount corresponding to fifteen million quintals of saltpeter made.
The advance shall be verified by means of letters which the producers will jirse within the country i, prior to the establishment of a guarantee for the Treasury on that saltpeter, the cancellation of which shall be made by the payment of the amount that has been anticipated. Each producer or office at the time of the first sportion.
The appropriations referred to in the preceding subparagraphs shall belong to those of second class for the purposes of their prelation. The right to be paid in favour of the Fisco shall be deemed to be refined by the fact that the foregoing is made only.
These letters will also be used to channel the obligations corresponding to the emission of Treasury voucher (s), authorized by Article 2 of the lei number 2,912, of August 3, 1914.
The producers of saltpeter who are mortgages to their offices in favour of the State or who offer another sufficient caution to the President of the Republic, may withdraw the voucher of Treasury directly, the emission of which was authorized by the quoted lei number 2,912, of 3 August 1914.
The obligations under this plea will earn the interest rate of 6% per annum and the sums paid at Customs, which are reimbursed for each quintal of saltpeter which is to be paid, shall be paid to an account of advances which is payable in respect of which the It will open up to each producer or office that benefits from this lei, credits which will be used exclusively for the cancellation of the Treasury vouchers.
The President of the Republic shall make the necessary arrangements for the execution of this lei.
This lei will begin with the rejir from its publication in the Official Journal.