The heading of this chapter is somewhat misleading, for, strictly speaking, Cuba has neither banks nor currency--that is, of her own. The basis of the money which circulated in Cuba before the military occupation of the United States was Spanish gold, principally the _centen_, or twenty-five-_peseta_ piece, the value of which had been inflated to $5.30 by royal decree. Owing to the scarcity of this coin and to the fear that it might leave the Island, in 1893 the French louis, or twenty-franc piece was similarly inflated by royal decree and made legal tender in Cuba at $4.24. The silver coins of Cuba were of Spanish origin: the peso, or dollar, the _medio peso_, or half dollar, the _peseta_, twenty-cent piece, the _real_, or dime, and the _medio real_, corresponding to our nickel. There are also the usual bronze coins. The silver money of Cuba has for some time been worth only its market value, and that subject to daily changes. At various periods in the history of Cuba the Spanish Government at Madrid has attempted to force bank bills on the people of Cuba, and such attempts, as a rule, have ended disastrously to the people of the Island. The Spanish Bank of the Island of Cuba, a semi-official institution, whose governor was appointed by the Spanish Government, has also at times issued bank bills, and to the credit of this institution they have always been redeemed ultimately. As much cannot be said of the Government, whose repudiated bank bills, aggregating about $17,000,000, are at this moment only worth six or seven cents on the dollar. The passing of the control of the Island into the hands of the military authorities of the United States has happily ended all the currency complications of Cuba, and the order of President McKinley, which went into force January 1, 1899, will in a short time not only bring order out of confusion, but gradually reduce the currency systems of Cuba to a sound basis, making gold and silver alike worth one hundred cents the world over--no more, no less. The object of this order is not only to unify the Cuban currency, but in time to replace the present system by the monetary system of the United States.