The amount of the interest or the rate is the chief factor in the negotiation of a debt ; but the place and times of payment and the kindof money in which payment will be made are minor considerations ofconsiderableweight. So, also, is the size of the bonds.In the case of popular loans which are intended to be subscribed for by the mass of the people, the bonds must be for small amounts ; in other cases the units are larger. There is no uniformity in this matter. The larger the bonds can be made, the easier it is for the treasury to manage the debt. Of some importance too is the choice between bonds that are payable to the holder, or to certain persons by name, and those payable to persons registered on the books of the State. If the bonds are payable to the holder there is no need of a record of the holders by the government. The government is also spared the trouble and expense of recording changes in ownership. But there is an advantage of greater safety to the holders in the case of the recorded bonds, which are thus ensured against loss or theft.

It is in general customary to determine the place at which the interest, etc., will be paid. This is frequently some important commercial centre, sometimes the treasury of the State. If in the country issuing the bonds there be in circulation a debased, redundant, or depreciating currency, it is often agreed to pay the interest in some foreign commercial centre, or in foreign money, in order to secure payment in a stable currency. Thus many of the commonwealths of the United States which contracted debts between 1830 and 1850, agreed to pay the interest in London in order to ensure the payment in gold, and to guard their creditors against loss from the depreciated currency then in circulation. When the States appealed to Congress for assistance in the payment of their debts in 1842,1 this was alleged as a feature involving special hardship. A large part of Russia's debt is payable in Holland and England, and in all of it the kind of money is specified. The same is true of the debts of many other countries.