The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-20
MONEY AT SANTIAGO.
Trouble Over the Value of American
and Spanish Coins.

Correspondence of the Associated Press.
SANTIAGO DE CUBA, Aug. 1.-THE past
week in Santiago de Cuba has seen the
furtherance of reforms and improvements
already under way. New complication
have arisen. There is slow but steady in
crease in the death rate. The question of
Spanish and American money and their re-
spective values continues to agitate the
town, and this will probably last until lit
tie Of the Spanish money remains. Not
withstanding General Woods announce
ment that Spanish gold would be deprived
of the Cuban increase of per cent on it's
face value, and that silver was at so per
cent. discount, many have insisted in con-
sidering the centin, rs francs, as worth $780,
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 on small amounts. There has been a
meeting of merchants in the place, with
the object of discussing this matter of
values with General Wood. and the ques-
ton of its legality was raised, further as
surances that the measure applied to all
transactions being asked for. The ques-
ton of legality however, was not discussed,
as the merchants were assured that the rul-
ing applied to all transactions. so that the
meeting was rather abruptly terminated.
1t is being recognized that American money
will be the money of the future in Cuba
Workmen are publicly advised to insist on
their wages being paid in that currency.
But until the financial situation is cleared
up by the disappearance of Spanish coin
and the entrance in of a sufficient quantity
of American coin, business in the way of
exchange will probably continue Already
small change is becoming very scarce. One
cannot exchange gold for Spanish silver,
and there is little American silver that
small sales were hard to consummate and
the poor are always imposed upon by the
palace could remedy this by a stringent
application of the law and the severe treat
ment of offenders
One abuse that has been rectified was the
for meat So for a bag of charcoal, that
once sold for 80 cents, and a general con-
tinuation of blockade prices long after their
justification had been removed This mat
ter the palace has ably taken in hand, and
after careful consideration and a discus
sion of the subject with leading wholesalers
and retailers, a tariff in gold money on pro-
visions has been arranged Retailers have
been notified that infringementS of this
tariff. or schedule, will be severely pun
iShed, and the community at large is re-
quested. to report any overcharge The
prices given out are great reduction from
those prevailing hitherto; but even in the
new arrangement there is ample oppor-
tunity for good profits, even to so per cent.
in some instances. Thus the retailer has
when the commercial situation of Santiago
is improved. a further reduction will prob
ably be made. This measure of General
Wood is naturally very popular, and except
INDUCING in their shameful robbery of the
people, there is no complaint. Wholesalers
are pleased, because the new prices will
promote wholesale consumption.