Encyclopaedia Britannica, 11th Edition, "Echinoderma" to "Edward, prince of Wales": Volume 8, Slice 10Various
Science
Encyclopaedia Britannica, 11th Edition, "Echinoderma" to "Edward, prince of Wales": Volume 8, Slice 10
Various
Encyclopedias and dictionaries
_Money and Measures._--Under the law of 1898, which came into effect
on the 4th of June 1900, gold is made the monetary standard in
Ecuador, the legal tender of silver being limited to 10 sucrés, and
banks of issue being required to hold at least one-half their metallic
reserves in gold coin. Previously there had been much confusion in the
circulating medium because of the depreciated value of the Quito
currency in comparison with that of Guayaquil, but the new law has
corrected the anomaly and has given a simple and uniform medium for
the whole country. The coinage under the law of 1898 consists of the
gold _condor_, of 10 _sucrés_, which weighs 8.136 grams, contains
7.3224 grams of fine gold, and is equal to the English pound sterling
in value; the silver _sucré_, of 100 centavos, equivalent to 24d. in
value; and smaller coins of silver, nickel and copper, the
denominations being decimal parts of the sucré. The sucré received its
name from the portrait of General Sucré engraved on the coin, and is
legal tender up to 10 sucrés. The paper money circulation consists of
the issues of two Guayaquil banks--the Banco del Ecuador, and the
Banco Comercial y Agricola, whose united issues on June 30th, 1906,
amounted to 7,414,140 sucrés (£741,414). The Bank of Quito at one time
issued notes which, according to Whymper, were not current at and
south of Riobamba, but it does not appear that this bank is authorized
to issue its notes under the new law. The metallic money nominally in
circulation on the 30th of June 1906, amounted to 2,587,667 sucrés
gold and 2,522,802 sucrés silver. Although the metric system was
adopted in 1856, the old Spanish weights and measures--the quintal,
libra, vara and fanega--are still in use, the quintal being equivalent
to about 101 lb.
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