“1st. That remittances shall be made by exports of American produce ... for the express purpose of discharging the debt already justly due, or thereafter to become justly due in consequence of this agreement....
“2nd. That all cargoes ... for the discharge of said debt, be addressed to Roderigue Hortalès et Cie. ... subject to the inspection and control of an agent appointed under the authority of congress, who shall have liberty to inspect the quality of such merchandise, assent to or reject the prices offered, postpone the sales and do everything for the interests of his constituents.
“3rd. That the customary interest of France not exceeding 6 per cent. per annum shall be allowed on the debt already due, or that from time to time, shall be due to the said Roderigue Hortalès et Cie.
“4th. That any payments of Continental Currency in America ... shall be computed at the current, and equitable course of exchange at the date of payment ... and interest to be discounted on the amount from that date.
“5th. That remittances to be made for the purpose of discharging the debt now due, or to become due to the said Roderigue Hortalès et Cie., shall be made at such times and seasons, as shall be most convenient for the American interest, but are to continue until the entire debt, principal and interest, shall be fully and fairly discharged.
“6th. That a commission of 2-1/2 per cent. shall be allowed to the said Roderigue Hortalès et Cie. ... on all charges and monies paid and disbursed by them for the account of the United States.
“In witness whereof the contracting parties have hereunto set their hands and seals, this 16th day of April in the year of our Lord, 1778.
Signed: “William Ellery,
James Forbes,
William Henry Dayton,