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Credit—Without Banking—In Early Nineteenth-Century Puerto Rico*

Published online by Cambridge University Press:  11 December 2015

Adam Szászdi
Adam Szászdi*
Affiliation:
University of Puerto Rico, Rio Piedras, Puerto Rico
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Extract

The title of this article seems to give the impression that its author is a financial expert. Unhappily, this is not the case. But—for quite unknown reasons—college professors are apt to acquire some empirical knowledge of credit facilities. Besides, I do not intend to give practical advice to anybody. I shall only try to show, how people in Puerto Rico, a century and a half ago, managed to survive—and at times prosper—in the midst of what some people used to call, not very affectionately, the “money complex.”

What makes the question interesting is the lack of banks or other credit institutions. Apparently, the first small savings banks did not appear until the 1870's. The paucity, if not the absolute absence, of liquid capital characterizes Puerto Rico until the period under study. Such a state of affairs had remote causes. Puerto Rico, as Spain's second colony in the New World, had had a prosperous start in the sixteenth century. Some gold was found, and the first ingenio was set up. But in the 1520's an exodus was set off by the attraction of the fabulous mineral wealth of the continent that was being conquered, an exodus that the threat of the death penalty was not able to stop effectively. The lack of sufficient settlers was then the initial cause of Puerto Rico's economic stagnation. Naturally, the following two hundred years should have been more than sufficient to allow recovery, for—popular beliefs to the contrary—mineral wealth was not the only source of economic prosperity in the Spanish monarchy. As a sample, the Philippines exported Chinese goods, Central America cocoa and dyestuff, Venezuela cocoa and tobacco, Guayaquil cocoa and timber, Quito textiles, Peru wine and flour, Chile flour and timber, Tucumán mules, Buenos Aires hides, and Cuba sugar and tobacco.

Type
Research Article
Information
The Americas , Volume 19 , Issue 2 , October 1962 , pp. 149 - 171
Copyright
Copyright © Academy of American Franciscan History 1962

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Footnotes

*

The archival material cited in this article proceeds from the Notarial Archives of San Juan, in the care of Lic. Don Julio César González.

References

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6 September 23, 1801, GS; November 8, 1807, GS.

7 January 23, 1801, JFO.

8 January 3, 1801, JFO.

9 Abbad, p. 188.

10 Szászdi, Adam, “Los registros del siglo XVIII en la parroquia de San Germán,” Fiestas patronales de San Germán (San Germán, 1958).Google Scholar

11 May 5, 1800, JFO; March 16, 1800, JFO; January 2, 1801, JFO; May 12, 1801, GS; December 12, 1801, GS; February 14, 1802, GS; July 5, 1804, GS; March 27, 1805, GS; October 10, 1805, GS.

12 November 28, 1801, GS; November 10, 1804, GS; October 8, 1805, GS.

13 February 4, 1808, GS.

14 May 25, 1804, GS.

15 March 27, 1805, GS.

16 [?], 1801, JFO.

17 October 26, 1804, GS; October 31, 1801, JFO; October 19, 1804, GS; November 8, 1806, GS.

18 January 26, 1808, GS.

19 August 27, 1800, JFO; January 3, 1801, JFO; October 4, 1805, GS.

20 May 5, 1800, JFO; September 9, 1804, GS; February 7, 1807, GS.

21 June 15, 1801, JFO.

22 January 3, 1801, JFO.

23 November 27, 1801, GS.

24 March 4, 1803, GS.

25 March 8, 1800, JFO; February 7, 1807, GS.

26 October 10, 1805, GS; February 4, 1808, GS; August 23, 1808, GS; July 3, 1811, GS.

27 October 19, 1804, GS; November 8, 1806, GS; May 2, 1809, GS; July 3, 1811, GS.

28 October 31, 1801, JFO.

29 December 19, 1800, JFO; January 11, 1801, JFO; May 12, 1801, GS; October 10, 1805, GS.

30 October 26, 1801, JFO; May [2-4], 1802, GS.

31 January 3, 1801, JFO.

32 October 19, 1804, GS.

33 June 11, 1800, JFO; October 20, 1800, JFO; January 8, 1801, JFO; April 28, 1801, JFO; September 22, 1801, GS; November 5, 1801, GS; November [5-7], 1801, GS; November 13, 1801, JFO; January 5, 1802, JFO; March 6, 1802, GS; August 6, 1802, GS; September 15, 1802, GS; December 2, 1802, GS; April 25, 1803, GS; September 20, 1803, GS; February 13, 1804, GS; April 19, 1804, GS; July 18, 1804, GS; September 14, 1805, GS; February 14, 1806, GS; July 15, 1806, GS; April 10, 1807, GS; August 13, 1808, GS.

34 July 13, 1805, GS; June 10, 1802, GS.

35 March 6, 1802, GS; October 16, 1802, GS; November 15, 1808, GS.

36 October 11, 1800, JFO; October 20, 1800, JFO; June 10, 1801, GS; October 23, 1801, GS; July 30, 1803, GS.

37 April 17, 1805, GS.

38 May 2, 1800, JFO; October 27, 1800, JFO; September 22, 1801, GS; November 5, 1801, GS; November [5-7], 1801, GS.

39 February 13, 1804, GS; November 13, 1801, JFO; October 16, 1802, GS; November [5-7], 1801, GS.

40 October 24, 1800, JFO; January 8, 1801, JFO; June 17, 1803, GS.

41 Already in 1533 Don Alonso Manso, the first bishop of San Juan—the first one to occupy his see in America—fulminated against “el pecado de la usura, logro y renuevo; y vender y comprar al fiado desordenadamente.” He ordered all usurers to compare and confess their sin. Nobody showed up. But a public hearing confirmed that slaves, cows, etc., were being sold on credit at a higher price than in the case of cash sales. Loans were given against securities, such as slaves and houses, and the debtor had to take all the risks. All this led to false oaths. “Información mandada hacer por el Obispo Alonso Manso contra los usureros,” Boletín histórico de puerto Rico, III (Jan.-Feb., 1921), 47.

42 October 18, 1801, JFO; November 15, 1803, GS; December 29, 1805, GS.

43 March 14, 1800, JFO; March 15, 1800, JFO; May 2, 1800, JFO; June 11, 1800, JFO; July 7, 1800, JFO; April 25, 1801, GS; December 2, 1802, GS; October 13, 1804, GS; January 26, 1808, GS; February 3, 1808, GS; November 15, 1808, GS; December 15, 1808, GS.

44 Szászdi, Adam, “La municipalidad de San Germán en Puerto Rico (1798–1808),” Journal of Inter-American Studies .(October, 1959), p. 490.Google Scholar

45 March 26, 1803, GS.

46 July 13, 1805, GS.

47 June 11, 1800, JFO.

48 September 5, 1805, GS.

49 July 7, 1800, JFO; January 26, 1808, GS; February 3, 1808, GS; December 15, 1808, GS.

50 April 27, 1802, GS; March 4, 1803, GS.

51 June 16, 1800, JFO; May 13, 1801, GS; October 18, 1801, JFO; November [5-7], 1801, JFO; April 29, 1802, GS; August 12, 1802, JFO; July 12, 1804, GS; October 13, 1804, GS; October 26, 1804, GS; August 21, 1805, GS; October 16, 1807, GS.

52 April 28, 1801, JFO; November 13, 1801, JFO; April 15, 1809, GS.

53 September 13, 1800, JFO; May 20, 1809, GS.

54 August 9, 1802, GS; January 4, 1808, GS; January 28, 1808, GS.

55 August 3, 1802, GS; November 22, 1804, GS; October 27, 1808, GS.

56 June 16, 1800, JFO; December 15, 1808, GS.

57 November 19, 1807, GS; January 28, 1808, GS.

58 Pedreira, Antonio S., El periodismo en Puerto Rico. Bosquejo histórico desde su introducción hasta el año 1930 (Habana, 1941), pp. 22–23.Google Scholar

59 October 17, 1808, GS.

60 November 10, 1804, GS; January 19, 1805, GS.

61 March 22, 1800, JFO; October 25, 1800, JFO; November 3, 1802, JFO; October 9, 1804, GS; March 18, 1807, GS.

62 January 20, 1804, GS; December 12, 1801, GS; November 28, 1801, GS; December 19, 1808, GS; January 18, 1805, GS; July 15, 1808, GS.

63 February 7, 1801, JFO.

64 April 5, 1800, JFO; September 10, 1800, JFO; September 13, 1800, JFO; October 17, 1800, JFO; October 20, 1800, JFO; October 23, 1800, JFO; October 25, 1800, JFO; November 11, 1800, JFO; November 14, 1800, JFO; December 20, 1800, JFO; January 22, 1801, GS; February 7, 1801, JFO; February 25, 1801, GS; March 12, 1801, JFO; May 12, 1801, GS; December 12, 1801, GS; August 19, 1802, GS; October 21, 1808, GS; November 17, 1808, GS.

65 March 14, 1800, JFO.

66 November 17, 1808, GS

67 December 1, 1801, JFO.

68 February 17, 1800, JFO.

69 October 15, 1801, JFO.

70 Indice de Protocolos (1787-1798), en la Escribanía de Núñez.

71 June 26, 1801, GS; October [11-14], 1802, GS; Actas del Cabildo de San Juan Bautista de Puerto Rico, 1751–1760 (San Juan, 1950), pp. 4–7, 161–165.

72 Actas del Cabildo de San Juan Bautista de Puerto Rico, 1730–1750 (San Juan, 1949), p. 158.

73 del Arroyo, Isabel Gutiérrez, El reformismo ilustrado en Puerto Rico (México, 1953), p. 92.Google Scholar

74 Ibid., p. 113; Szászdi, “Los Registros del siglo XVIII en la parroquia de San Germán.”

75 Szászdi, , “La municipalidad de San Germán en Puerto Rico (1798–1808),” p. 499 Google Scholar; “Real Orden concediendo los terrenos en propiedad,” Boletín histórico de Puerto Rico, XIII (Jan.-Feb., 1926), 60.

76 April 2, 1802, GS; December 14, 1805, GS.

77 Gutiérrez del Arroyo, p. 95.

78 January 20, 1802, GS; preliminary note, “Libro segundo de entierros de Naguabo” [Information received from Lino G. Canedo].

79 July 20, 1803, GS.

80 October 26, 1808, GS.

81 August 22, 1801, JFO; July 5, 1804, GS; January 26, 1808, GS.

82 Indice de Protocolos (1787-1798), en la Escribanía de Núñez; June 26, 1801, GS; March 16, 1803, GS; September 20, 1803, GS; December 29, 1804, GS; December 17, 1805, GS.

83 October 10, 1800, JFO; December 14, 1805, GS; December 29, 1804, GS; April 4, 1805, GS; November [5-7], 1801, GS.

84 Ledru, pp. 34–36.

85 March 26, 1805, GS.

86 September 5, 1801, GS; “Real Cédula de Su Magestad concediendo libertad para el comercio de negros,” Boletín histórico de puerto Rico, VI (Nov.-Dec, 1919), 353.

87 March 4, 1803, GS.

88 December 27, 1800, JFO.

89 October 23, 1802, GS.

90 October 23, 1800, JFO.

91 January 4, 1806, GS.

92 Indice de Protocolos (1787-1798), en la Escribanía de Núñez.

93 January 7, 1802, GS; January 13, 1802, JFO; December 13, 1804, GS.

94 June 9, 1800, JFO; January 20, 1802, GS.

95 July 23, 1806, GS; May 19, 1809, GS; December 29, 1805, GS.

96 October 14, 1802, GS; November 25, 1802, GS; July 8, 1803, GS; January 8, 1805, GS; October 23, 1807, GS.

97 June 10, 1801, GS; December 13, 1804, GS.

98 August 29, 1801, JFO.

99 October 15, 1801, JFO; October 18, 1801, JFO; May 19, 1809, GS.

100 January 28, 1797, Indice de Protocolos en la Escribanía de Núñez.

101 June 25, 1796, Indice de Protocolos en la Escribanía de Núñez; July 15, 1801, GS.

102 December 29, 1805, GS; March 16, 1803, GS; July 8, 1795, Indice de Protocolos en la Escribanía de Núñez; May 19, 1809, GS.

103 July 15, 1802, JFO.

104 December 8, 1806, GS.

105 September 24, 1802, GS.

106 Idem.

107 October 11, 1805, GS.

108 July 29, 1801, GS.

109 October 23, 1807, GS.

110 Abbad y Lasierra, p. 165.

111 Morales Carrión, p. 133.

112 “Población y comercio de la isla de Puerto Rico,” Boletín histórico de Puerto Rico, (Sept.-Oct., 1918), 293.

113 May 13, 1801, GS.

114 September 6, 1803, GS; June 5, 1806, GS.

115 May 3, 1801, GS; November 16, 1804, GS; February 21, 1805, GS; Gutiérrez del Arroyo, p. 66.

116 November 16, 1804, GS; February 21, 1805, GS.

117 May 4, 1802, GS; September 12, 1804, GS.

118 “Real Cédula de Fernando VI, permitiendo a los catalanes comerciar con Puerto Rico,” Boletín histórico de Puerto Rico, XII (Jan.-Feb., 1925), 30–35; Actas del cabildo de San Juan (1751–1760), pp. 175–210.

119 “Instructiones y poderes dados al Diputado Don Ramón Power,” Boletín histórico de Puerto Rico, X (March-April, 1923), 110.

120 September 23, 1800, JFO; November 25, 1800, JFO; October 31, 1801, JFO; November 30, 1801, JFO; December 15, 1801, JFO; May 4, 1802, GS; June 16, 1803, GS; December [22-31], 1803, GS; October 9, 1804, GS; March 13, 1805, GS; July 13, 1805, GS; September 23, 1805, GS; October 4, 1805, GS; October 30, 1805, GS; October 31, 1805, GS; November 26, 1805, GS; November 14, 1807, GS; January 6, 1808, GS; October 15, 1808, GS.

121 February 3, 1801, JFO; May 19, 1801, GS; January 13, 1802, JFO; January 5, 1804, GS.

122 December 7, 1804, GS.

123 April 7, 1801, GS; May 6, 1801, GS; May 30, 1801, GS; November 23, 1801, GS; January [7-14], 1802, GS; January 20, 1802, GS; January 25, 1802, GS; February 22, 1802, GS; January 31, 1803, GS; November [7-14], 1803, GS; November [14-15], 1803, GS.

124 August 8, 1801, GS.

125 September 22, 1802, GS.

126 May 16, 1801, GS; December 17, 1801, GS; August 27, 1802, GS; September 13, 1802, JFO; October 6, 1802, JFO; September 20, 1803, GS; February 28, 1804, GS; April 3, 1804, GS; April 30, 1804, GS; February 18, 1805, GS; August 26, 1805, GS.

127 September 22, 1801, GS.

128 September 28, 1801, GS.

129 December 23, 1807, GS.

130 June 10, 1800, JFO; April 22, 1801, GS; August 26, 1805, GS.

131 May 30, 1801, GS; August 21, 1801, GS; August 27, 1808, GS.

132 March 8, 1802, GS.

133 June 8, 1801, GS.

134 May 6, 1801, GS; March 8, 1802, GS.

135 August 21, 1801, GS; October 30, 1801, GS; November 23, 1801, GS; April 17, 1807, GS.

136 October 30, 1801, GS.

137 November [7-14], 1803, GS.

138 May 19, 1802, GS.

139 Burgin, Miron, The Economie Aspects of Argentine Federalism 1820–1552 (Cambridge, 1946), p. 7.CrossRefGoogle Scholar See also Whitaker, Arthur P., “The Causes of Spanish-American Wars of Independence: Economic Factors,” Journal of Inter-American Studies (April, 1960), pp. 132–139.Google Scholar