The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-08-20
CURRENCY COMPLICATIONS.
American Money Will Replace That
of Gold-standard Spain.

\ VI SPUN.
Santiago de Cuba, Aug. 19.-(Corres-
pondenee of the Associated Press.)-
/ The past week in Santiago de Cuba has
seen the furtherance of reforms and
! improvements already under way. New
complications have arisen which we are
| called upon to settle. There has been
] a slow and steady increase in the
| death rate.
The question of Spanish and Ameri-
can money and their respective values
continues to agftate the town and this
Will probably last until little of the
| Spanish money remains. Notwithstand-
! ing General Woods announcement that
! Spanish gold will be deprived of its
Cuban increase of per cent on it's
face value, and that silver was at 80
per cent discount, many have persist
ed in considering the centen, % francs,
as worth $3.50 as formerly, and at no
money changers could one get $40 IN
silver for S. in gold. Nine dollars in
silver was offered and this only in
small amounts. There has been a
meeting of merchants in this place
with the object of discussing this mat
ter of values with General Wood and
the question of its legality was raised.
further assurance that the measures
applied to all transactions being asked
for. The question Of legality, however,
was IOI QlSCuSSeu, DIS the
were assured that the ruling applied
to all transactions, so that the meeting
was rather abruptly terminated.
It is being recognized that American
money Will be the money of the future
in Cuba. Workmen are publicly advis-
ed to insist upon their wages being
paid in United States currency. But
until the financial situation is cleared
up by the disappearance of Spanish
poia the entrance sufficient
quantity of American coin, abuses in
the way of exchange will probably con-
tinue. Already small change is be-
coming very scarce. One cannot eX-
change gold for Spanish silver and
there is so little American silver that
small sales are hard TO consummate
and the poor are always imposed upon
by the money lenders.
One abuse that has been rectified was
the eXorbitant prices asked for food,
dollar per pound for meat. So for a bag
of charcoal that once sold for so cents,
and general continuation of blockade
prices long after the justification had
been removed. This matter the palace
has ably taken in hand, and after care
full consideration and a discussion of
the subject with leading wholesalers
and retailers. a tariff in gold money on
provisions has been arranged. Retail
ers have been notified that infringe
ments of this tariff or schedule will be
severely punished, and the community
at large is requested TO report any over
The prices given out are a
gerat reduction from those prevailing
hitherto, but even in the new arrange |
ments there is ample opportunity for
good profits, even to 30 per cent in
some instances. Thus the retailer has |
no right to complain. At some future |
day, when the commercial situation of !
Santiago is improved, a further reduc- !
ton will probably be made. =
This measure Of General Wood is /
naturally very popular, and, except
from those who are prevented from /
longer INDUCING in their shameful rob |
berry of the people, there is no COM !
plant.
Wholesalers are pleased because the |
new prices will promote wholesale con-