Caribbean Interests of the Unied States

Caribbean Interests of the Unied States

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916 edition. Excerpt: ...the need of at least a temporary advance of money, pending the conclusion of the treaty, was ever more insistent. Without some aid in the administration of customs and in the reform of finances, it was evident that the country would fall into a condition of general anarchy. There were reported in 1911 to be upward of 49,000,000 pesos in circulation and the exchange rate against gold varied from 755 to 1,975 per cent, in the years 1907 to 1911.1 In the country districts even the almost worthless paper did not circulate, and what business was done was carried on by the exchange of articles of common use. Early in 1912 a temporary loan amounting to $1,500,000 was made by New York banking interests and later a further advance was granted amounting to $755,000. A claims commission was appointed to adjust the various debts alleged to be owed by the state. Nicaragua, at the suggestion of the bankers who made the loans immediately needed, placed C. D. Ham, formerly collector of customs at Manila, in charge of the administration of import duties until a treaty was secured. Arrangements were perfected by which a bank incorporated in Connecticut, the majority of the stock of which was held by New York firms, was to aid in rehabilitating finances. A new currency system was 1 Reports to the Board of Trade, cited above. There is also a good summary account of the loan negotiations. elaborated by Mr. C. A. Conant, of New York, and Mr. F. C. Harrison, of London. The transformation of the currency was put under way during the year 1912. Over $6,000,000 in paper pesos were burned in that single year. The bank began operation in 1913. Under the informal agreement, without treaty, customs receipts at once started to rise and by the 15th of November, 1913, more

Product details

  • Paperback | 96 pages
  • 189 x 246 x 5mm | 186g
  • United States
  • English
  • black & white illustrations
  • 1236935578
  • 9781236935571