BoletiÌn mercantil de Puerto Rico. (San Juan, P.R.) 18??-1918, 1905-02-27

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lke Councl approves 'ae fcfou
he ComWsffc
Ia Is ihc STANCES az. ma hss
e~,f lsrrn hesfe snH thefc s. t-en in
The resolution shs NaunCl u.stco
tendencv ,o favor cersis Institution
wb,cA ih0ugk established in the
lsland. sr~ nu; constituted IN a.
: fdsncc VITA ihe lsw, q Poro
kioo na- 30 heir shsr, Aolcers
reside hcTe nor arc The eivio nd
DIVIDED ar org people living IN FoE1o
Rec re- does III islsnc IN any way
receive auy bcnrht from their capitals
and lastly ihev &c the only institu-
ION wa ,ransaCf rs ness wih bend
comp~i les Of The Tn ieJ State. These
banks arc drawback II ~ hing ior
ise money Of the islands 10 drawn from
the island through n sc institutions
and taken TO the United States where
they are invested in raliroad bones OF
IN other enterprises; and this is done a.
. time when the island Is clsmoring: Tor
loan TO favor asricultxre which is
almost threa ned with extinction.
The frst page OF this paper IS ar
overwhelming witness.
The resolution of the Council favor
ling certain interests. shows that this
bvdy does no; guard the general
interest Of the country. for II is Known
that the Porto Rl,an banks have their
ca 2pitaIs and their transactions scat
tered through the island, which is ben
efittsd by this. The Council does not
pay any attention to the interests OF
the taxpayers on capital, for under
the conditions OF bidding, only one
or two banks can enter bids which
would bring about notable reduc-
ti"n in the rate Of interests that
mi.ht reach percent, while the
municipality had assured rate OF
35s percent by awarding the bids to
"a Ks of the island.
The argument that tse banking
institutions are not known is nothing
more than pretext SO as 10 give
strength to the resolution which was
Adopted in the premises Who does not
know the mortg &c operations IF the
Banto Territorial Agricola and its
issues II certificates for 81. soo.oco IN
provincial money; mortgage cer1hca-
ted which expe rience has nonstra-
ted to be the best investment, because
Of the good interest that 1t produces,
he solid guaranty which it has and the
punctuallty with which payments are
made, even in times of tine greatest
calamities or financial upkeavals IN
the island2
Who Is unaware Of the large oper-
ations made and wAick are still being
made by the B4nco Espsflol OF Porto
Rlco2 Its issue of notes reached an
enormous figure and after ne In
vasion, it Was prac tically all taken up;
at time. when the island had but a
very insignificant money deposit.
A war TO the death was carried on
secretly, in certain official quarters
and By certain prominent element
against the Banco Espaflol of Porto
Rico because its reputation, and its
large transactions in the island were
considered obstacles. Was it not this
bank whick contracted loan with
the city of San uan for $500, 900 And
still. The Aigk off cisls of the Executive
Council declared that these two uank-
Tag institutions whose history is long
and SO well known. are unknown IN
the island.
The Executive Council cannot know
any better the financial condition oi
bond company in the United States
than tRe conditjsn of the banks OF
Porto Rico.
Up to the present date experience
has sAown us that it is not SO easy 10
make effective the responsibility
which rises from this class Of su
rstles
Besides, the Municipal Council re
jccts these bonds. for 1t clearly stated
in it's conCitlons that he bond must be
given by anothe bank and 1t made
tkis statement some tina ago, VIXEN
it refused to accept the bond of one
of these surety companies, given by
the municipal depository, MI. Mariana
Pesquera. Theu why oes the Execut-
i've Council wish to inn OSe on the Riu.