CHAP. IX. 3I0NEY. 181 



with a few words upon the money and the Banking institutions 

 of Ecuador. At the time my journey was made, money was 

 reckoned in Pesos and Reals} Eight Reals made a Peso. The 

 coins most frequently met with were the silver Peso, silver 

 pieces worth one and two Eeals, and half - Real pieces, termed 

 Medios. There was a gold coinage not in circulation, and a 

 silver quarter - Real which was seldom seen. In Guayaquil (and 

 I believe on the coast generally) bronze coins were not current ; 

 though they were in general use in the interior, and were said 

 to be legal tender as far south as Riobamba. At this time the 

 English Sovereign was worth sixty Reals, and the Peso, there- 

 fore, was equal to two Shillings and eight Pence. 



There were only two banks, namely, the Bank of Ecuador 

 at Guayaquil, and the Bank of Quito at the Capital. Both of 

 these institutions issued notes (down to the value of one Peso), 

 which were accepted as readily as silver, at their full value, and 

 were very convenient.^ 



I travelled in Ecuador by means of a Letter of Credit, 

 entitling me to draw up to the amount of a sum which was 

 deposited in a London Bank before the letter was issued. I 

 drew something from the Bank of Ecuador, and received from 

 that institution a fresh letter of credit to the Bank of Quito. 



The amount taken from the Bank of Ecuador was princi- 

 pally in paper. For small payments it was necessary to have a 

 considerable quantity of reals and medios, and these were handed 

 over the counter in a closed bag. Upon being examined, it 

 appeared that the arithmetic of the Bank differed from that 

 in common use. Anyhow, the money was short by a serious 



' I am informed that the jiresent manner of reckoning money is based on the 

 har'd or ten real Dollar. The old Peso is no longer recognized. This hard dollar 

 is called a Hucre^ and is of the same nominal value as the Peruvian Sol^ and the 

 Chilian and Colombian Dollars. 



^ The notes of the Bank of Ecuador circulated everywhere. Those of the Bank 

 of Quito were accepted in the interior generally, but were refused at Riobamba 

 and at places more to the south. 



