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The precarious Spanish economy of half-full of century XVIII turns around the private banks, banks public (nonstate) with official recognition, Taules and Montes. The situation is serious, and the Property is forced to abroad request loans before reluctant attitude of the General Company and Commerce of the five Greater Unions of Madrid, than finds difficulties so that they eliminate his to him loans. All this conjuncture creates an appropriate atmosphere to repiantear itself, in spite of the insolvent projects of the House of Hiring of Seville and of the Real Turn, the creation of a state public bank. The count of Floridablanca, Jose Moñino and Redondo, presents/displays individual projects to the minister of Property, Miguel Múzquiz, and to the minister of Colonies, Jose de Gálvez, the 15 of November of 1779. The project does not prosper, since the economic situation changes with the arrival of precious metal shipment coming from Mexico. The bonanza as soon as it lasts months, and the blockade English to the communications between Spain and the colonies of America, the siege to Gibraltar and the fight for the recovery of Menorca, also in being able of the English, force to the public Property to emit real bonds by a post of 15. 203. 000 pesos of vellón to 4% of interest. The situation follows without improving, the quotation of the bonds descends, and to maintain them finally the National Bank is based, that in addition it will have to foment the industry and the interchanges, and to provide provisions to the armies. Thus, the 2 of June of 1782 the Bank is created National of San Carlos, who is inaugurated a year later, the 1 of June of 1783. The existence of the National Bank does not exclude the activity from General company and of Commerce of the Five Greater Unions of Madrid, than continues helping the state Property until, in 1785, modified his statutes and to avoid the competition with the National Bank, it dedicates his activity to the weave elaboration and articles it stops provision of the Army, the Navy and the military prisons. Its situation becomes scarce by the breach of the payments of the State Property (1799), and it lets supply to the armies and other official institutions.

the bank of San Carlos

As a result of the depreciation of the real bonds that he himself had proposed, Francisco Cabarrús, presents/displays the 12 of October of 1781 to the count of Floridablanca (prime minister), a project of National Bank, that this one supports. Lii asks the approval Carlos, and like result most of the ministers supports the initiative, except for the count of Gausa, minister of Property. Also they are against the project five Greater Unions of Madrid. In order to surpass this opposition, Cabarrús must unfold all its diplomatic arts and knowledge. The 13 of April of 1782 writes up a memorial in defense of its idea, that it fructifies, and in an extraordinary assembly of ministers and experts in economy, of that they comprise the count of Campomanes and Gaspar de Jovellanos, as well as representing of the Five Greater Unions, civil employees of Treasure and businessmen, the project approve the ministers of the king, who confirmed it individually in writing. After the study and approval of the project, the 15 of May of 1782 Carlos III sends to the Real Council the certificate by which the National Bank of San is constituted Carlos, the certificate publishes the 2 of June of he himself year. The model by which Cabarrús for the creation of the National Bank was inspired, did not have anything of common with the Public Bank of Barcelona (Taula of Cambi) nor with the one of Valencia; its model was the Bank of England and, to a lesser extent, the Bank of Amsterdam, although it knew the form to operate of the rest of the European banks of the time. The bank was under the real protection, but era of private property: anyone could have actions without this entailed control some on the organization. The main mission of the bank was the conversion of the real bonds on a par by metalist, the negotiation of promissory notes and letters of change until a maximum of ninety days, and the provision to the Army and the Navy. The capital of the bank settled down in 300 million of real of vellón, with which it surpassed to the one of the Bank of England. It was divided in 150. 000 2, 000 actions of real each one, committing the bank to change them on a par. Gaspar de Jovellanos, that had supported the project, it showed disconforme with the amount of the capital, that advised was reduced to 200 million, to think that it would not be possible to invest all bottoms, and that it would substantially decrease the rents of the capital. The time would give the reason him. The positioning of the actions was difficult, and its sale had to lean with Real Decrees and examples: the own king bought thousand actions, and five hundred the prince of Asturias. To the five months of their putting in circulation, 9. 452 had been only sold. In any case, it was summoned the assembly and named the first meeting in charge to organize the bank. In this assembly the emission remembered tickets without interest, to style of the European banks, and a noun in 200 and 1. 000 real ones, the meeting also left the agreement to look for the premises, that it was rented to the count of Sargado, and it was located in the street Moon, 17. It was recovered and it qualified, so that the 1 of June could be inaugurated. The 20 of December of 1783, when the second meeting was summoned, had only disbursed 28, 150 actions, but even so the bank followed it advanced and it decided to emit tickets by 52 million of real. The government acceded to create a reserve to the bank of 30 million of real in gold that coined the House of the Currency of Madrid, and issued the opportune orders so that the tickets were accepted. The actions of the bank never got to disburse themselves in their totality, because there was to suspend his sale in 1785, when they were left 26, 334, by the speculation of which the same ones were object. The bank passed through numerous vicissitudes product of you intrigue them, changes of meetings, foreign influences and speculations, until the fall of Cabarrús in 1790. The march of the institution never was exemplary, and affected to capital and to the contracted operations of risk. As Corona did not cover nor the payment with interests, the bank broke in 1829. By the others, these were full years of difficulties: there was war with England, the French invaded Spain, Jose Bonaparte was proclaimed king e Hispano-America saw shock by the emancipation fights. This accumulation of adverse circumstances prevented that Corona fulfilled his commitments, and being this one the first client of the bank, dragged it to the bankruptcy.

Montes of mercy and montepíos

Similarity of created Italian mounts in century XV, in 1710 these organizations were recognized officially in Madrid, whose regulation it approved in 1712. They were born with the idea to aid in the difficult times to employees, retailers and craftsmen in the great cities, but this objective not always was fulfilled, because also they were speculation center and profiteers when the demand surpassed the availabilities of it mounts. The mounts of Madrid and Granada, as well as those of Barcelona, Zaragoza and Jaén were important. In saving deposits a 3% were paid of interest to the privileged customer who had them. Its importance induced the public administration to turn them deposit takers Parallelly the montepíos worked, mainly in second half of century Xviii, in their two versions: of aid and credit. They were born in the shade of the brotherhoods, brotherhoods or unions, for the protection of its members, but those that really emphasized were officials, for the military, sailors or civil employees, promoted by Esquilache in 1761. The montepíos of aid persecuted a charitable aim or beneficial, and they were fed on the quotas of his members and the donativos of the well-to-do, to transform them into oldness pensions, widow’s pension or orphanhood. The montepíos of credit were implanted with the purpose of improving the agricultural and industrial production. Their bottoms came from the vacancies ecclesiastics and of the expolios. They facilitated seeds to the farmers, networks to the fishermen and raw material to the craftsmen, with gratuitous loans or I interest moderate. Its greater height was registered in second half of century XIX, and lost its hegemony with the birth of the private insurance agencies. Entered century XX the state support the montepíos gave back its protagonism to the present time to them.

the first paper money of Spain

At the end of century XVIII, the economic situation of Spain before the blockade and the war, prevented a sufficient collection of tributes stops the necessities of the state Property. In these circumstances the government accepted the proposal of a French, Francisco Cabarrús, economist, banker and businessman settled down in Madrid, to come to the emission of real bonds, the first paper money emitted in Spain. Carlos III authorized the 20 of September of 1780 the emission of 9. 900. 000 pesos of vellón in bonds to 4% of interest. Later, the 20 of March of 1781, and to support the campaigns of Gibraltar and Menorca, one second emission of 5. 303. 000 pesos of vellón was made. return of such accused the difficulties that the kingdom underwent. This first paper money, that maintained its parity below metallic cash a 4%, was not a good precedent for the successive emissions. The real bonds were born prior to the creation of the Bank of San Carlos, like national debt, and that organization in his first meeting of shareholders, approved the emission of bonds without interests, which turned them tickets. One first emission took place the 1 of March of 1783, with the nouns of 200, 300, 400, 500, 700, 800, 900 and 1, 000 real ones. The last emission of bonds was carried out the 1 of March of 1798, with values of 200, 300, 500 and 1, 000 real ones. Two years later, in 1800, they had to be retired of circulation by the deterioration of his value, the falsifications and the shortage of the public Property. collectors today pay by them considerable sums.

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