Then Puerto Rico's poverty became extreme. In 1814 there was at least
half a million paper money in circulation with a depreciation of 400
per cent. To avoid absolute ruin, the intendant had recourse to the
introduction of what were called "macuquinos," or pieces of rudely
cut, uncoined silver of inferior alloy, representing approximately the
value of the coin that each piece of metal stood for. With these he
redeemed in 1816 all the paper money that had been put in circulation;
but the emergency money gave rise to agioist speculation and remained
the currency long after it had served its purpose. It was not replaced
by Spanish national coin till 1857.
The royal decree of 1815, and the improvements in the financial
situation, as a result of the new administrative system established by
Ramirez, gave a strong impulse to foreign commerce. Though commerce
with the mother country remained in a languishing condition, because
the so-called "decree of graces" had fixed the import duty on Spanish
merchandise at 6 per cent _ad valorem_, while the valuations which
the custom-house officials made exceeded the market prices to such an
extent that many articles really paid 8 per cent and some 10, 12, and
even 15 per cent.
An estimate of the commerce of this island about the year 1830 divides
the total imports and exports which, in that year, amounted to
$5,620,786 among the following nations:
Per cent.
Pages:
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237