Cuban Investments 28 



MAIN PROVISIONS OF THE NEW LAW 



The main provisions of the Monetary Law are 

 as follows: 



1. The unit of value is prescribed as a gold 

 peso, of the same weight and fineness as the 

 American dollar, namely, 1.6718 grams gross or 

 1.5046 grams of pure gold. 



2. Gold, silver and nickel pieces are coined, 

 of specified sizes and denominations. 



3. Gold coinage is to be unlimited, and that of 

 silver shall at no time exceed a total of 



$12,000,000. 



4. The silver coins are absolute tender for 

 obligations not in excess of $10.00 and to the 

 extent of eight per cent of payments in excess of 

 that amount. Nickel coins (that is, five-cent, 

 two-cent and one-cent pieces) shall be legal tender 

 to the extent of $1.00 only. 



5. United States currency shall be likewise a 

 legal tender in payment of debts. 



6. All foreign moneys, except United States 

 currency, are to circulate only as ** merchandise" 

 under the law, but may be tendered in payments 

 where so provided by agreement. 



As the coinage law demonetised the Spanish 

 gold dollar, a Spanish or French coin of 21.13 

 grains of pure gold, used solely in Cuba as a 

 legal standard or computation for a century past, 

 the President of Cuba, in order to define its con- 

 tinued use until supplanted by the national 

 currency, issued Executive Decree No. 1006 of 



