Oliver Wendell Holmes, Jr.

“ It may not be improper to add that when the Rupublic of Colombia made its voluntary submission to arbitration, it agreed that, if the award was against it, in excess of a sum paid in advance, the government should 'pay the excess at such time, in such manner, and on such terms as may be determined by the commission.' Art. 10. See art. 9. This language authorized the allowance of interest; and the first draft of the award gave interest at 6 per cent in case of failure to pay at the time fixed, allowing, on the other hand, a discount of 5 per cent for cash. ”

“ Both of these provisions were omitted from the final award, which stopped with fixing the time. But when the Republic submitted itself to the courts, it must be taken to have done so on the same terms as other litigants, so far as fixing the amount which it was to pay was concerned; that being the matter on which the action of the courts was invoked, it seems to us that it was competent for the circuit court to decree the payment of interest as in an ordinary case. ”