Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1888-01-14

4
md Ingenious machines, dies and crucibles
,.ptured by Government police from the
hens of this class of public robbers. The
imitation of imperfectly finished silver |
and copper coins is at best but barbaric
art; but to falsify the complicated devices
and exquisitely artistic productions of the
American Bank Note Company demands a
degree of criminal skill and culture which
does not yet exist in Mexico. Hence, the
evident advantage of the bank-note IN
point of safety has hastened its popular
and the preludices which were
so bitterly arrayed against its introduction
have disappeared entirely from the cities
and lines Of commerce and retired To the /
Indian villages among the mountains
According to the last balance-sheet OF the |
National Bank of Mexico, that institution
has on hand in cash S2o, 266, go ~, and IN
accounts payable Sc, 249,SSS SO; while the
sum of S11,91S,64S represents the value OF
its bills in circulation. This
BANco NACIoNAL MEXICANo
Was established in November of 1881, with
a capital of eight millions and the privi
lege of increasing it to twenty millions.
For every million of coin er metal in its
Golfers it is authorized TO issue three mill
ions in paper for circulation. 1t is char
tered for thirty years, and is exempt from
taxation during that period. 1t Issues
notes of one, two, three, live, ten, twenty
five, one hundred and one thousand dollars.
In return for certain facilities afforded the
Government, it has secured 4 monopoly OF
the Government business, and the stipu-
lation that its notes shalt be receivable for
all imports and duties due the Federal
Government, and for those of the States by
special agreement with their respective
Governors-which privilege is secured for
the term of its charter Thirty years. to the
exclusion of all other paper money. The
| National bank has branches in the cities
of Vera Cruz, Puebla, GuanajuatO, Guada-
| laiara, San Luis Potosi and Merida, and
agencies all over the Republic.
The Bank of London, Mexico and South
America was established in Mexico City
in 1864 Its principal office is in London,
with another branch in Lima, Peru, and
various agencies elsewhere. 1t has cap
ital of ten millions, and is not chartered,
having been organized at a time when
there were no banking laws in Mexico.
Since 1865 it has issued notes of circula-
ton of denominations from ten to one
| LIOdSdnu 1901 ~ lids III
creased its paper circulation and added
notes of five dollars. Its paper circula-
ton is now estimated at about three mill
ions, and the notes of this bank are not re-
ceived for Government dues.
THE MERCANTILE BANK OF MEXICo
Was also established in 1881, with CAPT
tai of four millions 1t issues notes of de-
nominations from one to one thousand
dollars, and has now paper circulation of
four millions, and branches in Puebla,
Vera Cruz and San Luis PotoSi
The Banco Hipothecario Mexicano
was established in the spring of 1882, with
a capital of five millions. Its business is
to deal in bonds and mortgages on real
estate, its charter extending for ninety
nine years. with monopoly assured for the
first twenty years of its existence, the Gov
eminent being bound not to charter any
other bank with like privileges during that
period
There is also the Banco de Empleados
or Public Employees Bank, recently char
tered and so lately in operation that its
special functions are not yet clearly under
stood by the general public.
The "Bolso Mercantile" (Merchants
Exchange) is another recent establishment
in this city. A State Bank has been
founded in chihuahua, which issues notes
of circulation, and also in several other
States, but | am not informed as to the
character of their operations or the amount
of capital employed The foregoing briei
notes, however, will indicate the rapid
progress of bank paper circulation in this
country, and the strong probability that il
| rri1l % 81
superseded in all the more important com
mercial transactions.
About the time these banks were char
| tered general banking law, modelled after
that of the United States, was presented t
Congress, but failed to pass. Yet there
seems to be disposition, both at the Cap
ital as in the States, to grant concessions
for banks to any responsible parties who
may desire to establish them. Thus it APP
pears that neither popular prejudices
: nor ancestral traditions, nor the adverse
b. influences of the minis and ali-importan
silver-mining interests have had th'
slightest effect in checking the paper
currency movement, which, with the com
l pleted railroad connections with the United
l States, immigration, and the extension o
commercial relations now rapidly progress
, ing with Europe and the North, will hay,
t become so generally recognized in bushes
that the mismanagement or accidental fail
I ure of bank will not seriously affect it
2 supremacy and we may confidently calcu
2 late that the day is not distant whel
2 Mexico will have a clean decimal currenc-
of gold, silver and nickel for all retail
business, and sufficient volume of SCUM,
s and authenticated paper currency t
t answer all the demands of her growing
E prosperity. FANNIE B. WARD.