Resumption of Specie Payments in Chile; Report to the Secretary of State

Resumption of Specie Payments in Chile; Report to the Secretary of State

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1896 edition. Excerpt: ...of President Balmaceda serious consideration began to be given to the question of resumption, and in the year 1887 a bill was presented to the Congress by the minister of finance, Senor Agustin Edwards. This bill became a law on March 14 of that year, but was rather for the purpose of preparing the way for resumption than for making any definite provision for a final settlement of the question. The object of the act was to give tone to the paper money by reducing its circulation and by accumulating a fund of silver which would provisionally serve as a guaranty, and could be ultimately used for the redemption of the Government notes. The act therefore provided that, counting from January 1,1887, there should be incinerated monthly 100,000 pesos of these notes until the issue was reduced to 18,000,000 pesos. During 1887 and 1888, 1,200,000 pesos, and during subsequent years, 1,500,000 pesos was to be devoted annually to the imrchase of silver pesos or silver bullion, which was to be deposited in the mint as a guaranty for the Government notes, and could not be used except when the time for their redemption arrived. The act also restricted the amount of notes that a bank could issue to 100 per cent of its capital instead of the 150 per cent authorized by the banking act of July 23,1860, and required the banks to furnish a guaranty for 50 per cent of their paper issue. It also reestablished the article of the act of July 23, 1860, prohibiting the issue of bank notes for a less sum than 20 pesos. In consequence of the punctual observance of this law, on December 31, 1800, the Government notes in circulation had been reduced to 21,283,916 pesos, and in the vaults of the mint there was stored up silver bullion amounting to 3,841,987 pesos. The further...show more

Product details

  • Paperback | 28 pages
  • 189 x 246 x 2mm | 68g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236501373
  • 9781236501370