16 



THE CUBA REVIEW 



CUBA CHANGES TO A NATIONAL MONEY 



The transfer of the inouctary .system of 

 Cuba from the former condition where there 

 was no national coinage to the use of the new 

 money of tlie Republic has l)een effected with- 

 out causing a ripple on the surface of l)usinoss, 

 and good results are already i)eing noted. 



Formerly Spanish, French, United States, 

 and small quantities of other moneys circu- 

 lated indiscriminately. On nearly every 

 prominent comer in Cuban cities, and es- 

 pecially in Habana, in news, cigar, and lottery 

 ticket stands were money changers who did a 

 thriving business out of the wide ccmfusion of 

 values. Many aVmses and inconveniences 

 arose from this condition of affairs. Banks 

 and business houses had to keep their ac- 

 counts in three moneys — Spanish, French 

 and American — and the values of the various 

 coins were constant causes of misunderstand- 

 ings and a detriment to commerce generalh'. 

 Coin)i Minted in United States. 



Cuba arranged for money of its owii, the 

 banks cooperating, and the minting has been 

 done in the United States. A jn-esidential de- 

 cree of September 11 forbade the use of other 

 than Cuban and American money after 

 December 1 . It had the effect of immediately 

 waking the people up to the imminence of the 

 change, and there was a rush to unload ac- 

 cmnulations of French and Spanish gold and 

 .silver. The money changers protested long 

 and loud for more time; they pas.sed resolu- 

 tions, obtained a good deal of publicity in the 

 papers, and urged that the change should be 

 made more gr-adually, but to no avail. 



The work of converting foreign coins went 

 on steadily. The banks gathered up large 

 quantities of European silver and gold, ship- 

 ping most of it to the United States to be 

 minted into Cuban money. Heavy shipments 

 of American money and the Cuban coins 

 came back in return. The money changers 

 did a brisk business for a while, until the 

 stock of hoarded centens, louis, francs and 

 pesos and smaller foreign tokens had come 

 from hiding places and been converted. 

 Then the "cambistas" had to sell their stocks 

 for American and Cuban mone\' — and found 

 their occupation gone. 



The Govermnent and municii>alities began 

 paying all obligations in national money, 

 banks began paying it out — and the thing was 

 done. There was some complaint at first 

 o-R-ing to a shortage of small change on ac- 

 count of delayed shipments. That has been 



eliminated and Cuban silver and fractional 

 coins are being received in sufficient quanti- 

 ties from the mint. 

 What the Cidmn Money Is. 



The Cuban money consists of gold, silver, 

 and nickel coins. It is estimated that by 

 January 1, there will l)e more than $12,000,- 

 000 of this money in circulation. It is on an 

 absolute parity with the money of the United 

 States, and as yet there is possibly more 

 ,\merican money than Cuban in trade chan- 

 nels. It is forbidden to take or ship the 

 national money out of the country. No bills 

 have been issued. Some factions of the busi- 

 ness antl political world favor the issuance of 

 bills direct by the National Treasury; others 

 are equally strong for a national bank of 

 issue. This is a matter yet to be determined 

 and upon which there exists a sharj) diversity 

 of opinion. Meanwhile American notes are 

 the only ones to be had. The supjily is ap- 

 ]5arently adequate. 



The Cuban gold coins are $20, $10 and $5, 

 bearing on one side, in relief the head of Jose 

 Marti and on the other the coat of arms of 

 Cuba half encircled by laurel wTeaths. On 

 one side the coin bears the inscription "Patria 

 y Libert ad" and the date and on the other, 

 ''Republica de Cuba" and the denomination. 

 Each coin is marked with its fineness. 

 The coins are exceedingly artistic and hand- 

 some. The $.5 iiiece has sprung into great 

 favor and is already known coloquially as the 

 ■■Marti." 



The money is upon the same system as that 

 of the United States, and the dollar sign is 

 used to designate it. The peso, or silver dol- 

 lar, equals 100 centavos. Instead of a 50- 

 centavo piece, there is the "cuarenta." or 40- 

 centavo coin; the "veinte," or 20-centavo; 

 and the silver 10-centavo piece. There are 

 nickel 5-centavo pieces, and a 2-centavo coin 

 and a 1-centavo coin of nickel. The silver 

 currency bears the coat of arms of Cuba on one 

 side and a five-pointed star surrounded by 

 rays on the other. — ■Special Agent Garrard 

 Harris. 



NEW REGULATIONS GOVERNING EXPORT 

 PROCEDURE 



The announcement that new United States 

 regulations relative to export procedure w'ill 

 become effective January 1, 1916, has created 

 such intense interest among manufacturers 

 and shippers that the Bureau of Foreign and 

 Domestic Commerce, Department of Com- 



