Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1913-04-26
COINS TO NICARAGUA
Money Is Shipped from New
York to the Capital.
Funds Sent on Steamer Are In silver
and Copper to Replace the Dis
credited Paper Now In
Circulation.

New York.--When the steamship
Panama. bound for the port of Pana-
ma. sailed from her pier in the North
River she carried coins to the value
Of over $180.000. which are destined
for Nicaragua. and form part OF a
project of putting the currency of that
republic on a new and solid basis.
The coins are packed In some sixty
four boxes and twenty-five drums"
They are entirely copper and silver,
They will be transshipped across the
isthmus and thence by steamer to
Managua. the capital. on the west
coast.
The coins and paper money as we'll
will be put In circulation, and will
gradually replace the old deprecated
paper currency OF the country In
the course of the next few weeks over
100000 in money will be shipped to
Bluefields, on the Atlantic coast, so
that the money will be put into circu-
iation practically simultaneously, At
about the same time load of bank
notes issued by the new National Bank
of Nicaragua will also be shipped to
the country.
Not only will the general value of
the Nicaraguan currency be changed
In the course of the next few months.
but the denominations of the currency
will be entirely altered Hitherto the
standard coin of the country has been
the peso. originally worth about 20
cents. which has been deprecated by
constant and reckless issues of paper
money. till. two years ago. its value
was 5 cents. The new national coin
age, and also the paper currency, will
be modelled on the American system.
The standard will be the cordoba"
silver coin equal in value to an Amer
lean dollar. The smallest banknote
will be the one-cordoba bill; the sill
yer will be of the same denomination
as the American, with the addition of
4 copper half-cent.
This shipment is the most substan-
tiai accomplishment of two years
/ campaign to reform the financial con-
dition Of Nicaragua. The firm OF J. &
W. Seligman Co. OF 1 William street.
which first understook to help finance
the republic in 1911. has advanced the
money necessary for the issuing Of
the new currency, having among other
securities, certain percentage on the
import duties into the country. to be
collected by one of its own agents.
They recommended. first, that be-
fore any new money was introduced
into the country large part. at least
of the old paper currency should be
summarily destroyed This advice has
been taken, and up to date a sum OF
s12.000,000 paper currency has been
burned. and many millions more will
meet the same fate. The agents. 1t is
said. commonly used the fireboxes Of
railroad locomotives as incinerators
This is said to be the nearest the Nj
caraguan railroads have ever come to
being run on Nicaraguan capital.
BY this means the rate of exchange
has been lowered nearly SO per cent
and the paper peso is now worth the
sum of 8 cents, gold. which rate will
remain.
The new money will be gradually
| given out as the old paper currency Is
called in. and 12h pesos will be re
ceived in exchange for one silver cor
doba It Is not expected that the ig
norant people will take to the new
system without suspicion, accustomed
as they are to vast fluctuations In th
currency. but the intelligent peopl,
and the business classes will probably
take the new money without hesita
ton.