The monetary policy in times of war and the exchange of currency iii Cuba and Puerto Rico (1895-1898)

In this article, we have searched by means of the documentation, which was found in the Minister of Overseas’ personal files, the currency exchanges and the monetary policy that was carried out in Cuba and Puerto Rico between 1895 and 1898. We have first of all analysed how the operation of exchange was made in Puerto Rico, which consisted of replacing Mexican currency by “insular” pesos coined in Spain, the official justifications, the critics that this fact got and the final repercussions of the measure. We have finally gone deeply into the frustrated attempt to a currency exchange in Cuba, into the intention to resort to the inconvertible and compulsory circulation notes in order to satisfy the necessities of the Treasury in war time and into the mistrust that those notes created among the native population.En este artículo estudiamos, a través de la documentación localizada en el archivo personal del Ministro de Ultramar, los canjes de la moneda y política monetaria llevada en Cuba y en Puerto Rico entre 1895 y 1898. Analizamos, en primer lugar, cómo se efectuó la operación del canje en Puerto Rico, consistente en sustituir moneda mexicana por pesos "insulares" puertorriqueños de cuño español, los justificaciones oficiales, las críticas recibidas y las repercusiones finales de la medida. Profundizaremos, en segundo lugar, en el frustrado intento de canje monetario en Cuba, en las tentativas de acudir al billete inconvertible y decurso forzoso para satisfacer las necesidades de una Tesoreria General del Estado en guerra, y en las desconfianzas generadas por estos billetes entre la población autóctona