As for the debts made after 1868, the government issued bonds with an annual interest of four percent and promised to redeem them by annual installments of 25 years after a three year grace period (shin-kosai (new bond)).
即ち、明治元年（1868年）以後の債務については公債を交付しその元金を3年間据え置いた上で年4%の利息を付けて25年賦にて新政府が責任をもって返済する（新公債）。