Pricing Supplement No. 22                                                       For SEC Filing Purposes:
Dated: August 2, 1996                                                           Filed Under Rule 424(b)(2)
To Prospectus dated April 13, 1994                                              Registration Nos. 33-48167 &
Prospectus Supplement dated May 2, 1994                                         33-52945

                         Principal Amount $50,000,000

                          International Paper Company

                          MEDIUM-TERM NOTES, SERIES E

                    Due 9 Months or More from Date of Issue

Date of Issue:  August 7, 1996                                         Spread: 12 basis points
                                                                       Spread Multiplier: N/A
Maturity Date:  August 9, 1999                                         Maximum Interest Rate, if any: N/A
                                                                       Minimum Interest Rate, if any: N/A
____ Zero-Coupon Note                                                  Interest Calculation Dates: N/A
____ Fixed Rate Note                                                   Calculation Agent: N/A
____ CD Rate Note                                                      Put Right Termination Date if Other Than
____ Commercial Paper Rate Note                                          Maturity Date (N/A If Put Right Not Available): N/A
____ Federal Funds Rate Note                                           Repurchase Price (If Other Than 100% of
 X   LIBOR Note                                                         Principal Amount): N/A
____ Prime Rate Note                                                   Redemption Date: N/A
____ Treasury Rate Note                                                Redemption Premium:  N/A
Currency or Currency Units: U.S. Dollars                               Premium Reduction Amount: N/A
Issue Price (As a Percentage of Principal Amount): 100%                Original Issue Discount Security: N/A
Interest Rate/Initial Interest Rate: LIBOR                               ____ For Federal Income Tax Purposes
 as determined on Telerate page 3750                                     ____ Subject to Special Provisions
Interest Payment Dates:  February 7, May 7, August 7,                  Issue Date for Calculating OID: N/A
  November 7                                                           Original Issue Discount: N/A
Interest Reset Dates:  February 7, May 7, August 7,                    Original Issue Discount
  November 7                                                               Applicable to Short Accrual Period: N/A
Interest Payment Period: N/A                                               Computed under (Exact___)
Interest Rate Reset Period: N/A                                            (Approximate___) method: N/A
Interest Determination Dates: Second London                            Yield to Maturity: N/A
  Business Day preceding an Interest Reset Date                        Default Rate (only applicable if OID Security): N/A
Index Maturity:  3 Months                                              Amortized Face Amount: N/A





Redemption Price: No redemption prior to maturity.


Other Terms:   CUSIP #46014H CL1
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J.P. MORGAN & CO.                                                                       MERRILL LYNCH & CO.