The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1916-04-08
Mexican Money
Reform Program
General carranza Issues n Decree
Ordering Cessation Of Further
Issues Of Paper Money

Mexico City, April 5.-Mexico's
plan for financial redemption was
made public last night in two DEGREES
published by General Carranza the
first Of which orders a cessation Of
further issues OF paper money. and
the second which provides for mon.
etary commission of Ave members
who shall have full power in the mat.
ter of the redemption of the present
circulating medium.
A new commission will be headed
by Luis Cabrera, minister of finance
and will begin its work IN Mexico
City, May /.
The decree regarding the stcppage
of the printing of paper money is
directed TO the treasury department
and says
by order OF the first chief you are
directed TO Immediately suspend all
further emission OF actual paper
money now in circulation. concen-
trating your efforts towards issuing
new bills OF one or two pesos demon.
nation which will form part of the
new uncounterfeitahle issue provided
for by the decree of July /, 1915.
The issue referred 10 In the de-
cree calls for 250,OO0.O0O pesos Of
one, two, five, ten, twenty, fifty and
one hundred dollar bills which are
to be engraved in New York. It will
eventually substitute the present Is.
sue Of 500,O00,O00 pesos. when ac-
cording to the treasury department
Figures have been greatly increased by
wholesale counterfeiting.
The decree for the appointment Of
the monetary commission Is divided
into eight articles as follows:
Article /. A commission to be com
posed of five members is to be APP
pointed and to be known as the mon
etary commission. Its principal pur-
pose will be the reorganization Of
the republics financial system.
Article 2. The commissions head.
quarters will be in Mexico City. The
commission viii be composed of the
secretary Of the treasury and the
present treasurer OF the nation and
three other members to be name
by the first chief OF the revolution
Article 3. The commission Will
make It's own governing laws AMI EN-
ploy such attorneys, financial experts
and clerical help as may he deemed
necessary.
Article 4. The commission will
have financial agent in New YorR
and establish other agents In the prin
cipal cities of the republic OF Mexico
Powers Of Commission
Article 8. The commission will
have the following attributes: TIL,
gathering, conserving and administer
ing OF the funds designated by the
government for guaranteeing the in
terror circulating medium; will ait
the government in general in retirins
: the present circulation and in launch
ing the new issue and will max,
,, such provisions as may be necessary
for the issuance OF fractional money
place funds in foreign capitals, buy
and sell drafts and make such metal
lie transactions as may be necessary
in effecting all classes Of bankins
transactions and exchange measures
Article 8. From the first of MAY
next all operations for amortization
a resealing and redemption of mon
ey which has formerly been in ih'
hands of the treasury will be eXecut
ed by the commission
The seventh and eighth article
refer to the law under which The
monetary commission is established
which it is stated, was promulgate'
April 2, 1905. They add that thu
commission will continue its func
lions under that law when they d.
not come in conflict with the pres
> ent commission.