Del Carril's efforts, however, had gained him the respect of the influential Bernardino Rivadavia, a Buenos Aires lawmaker who, in 1826, was elected the first President of Argentina, and who appointed del Carril Argentina's first Finance Minister. Saddled by the Cisplatine War, the nation's finances became dependent on credit from Baring Brothers in London, and del Carril offered the nation's exports as collateral. His introduction of the Argentine peso fuerte - the first local currency convertible into gold, and the first in Argentina with that name - concentrated wealth into exporters and others with access to hard currency, making peso circulation scarce for the public in general and the war more difficult to finance. Rivadavia's National Bank was mismanaged under del Carril, additionally, and unrest resulted in President Rivadavia's resignation in 1827.