lligence
and probity in each custom-house to watch and prevent fraud and
peculation. These measures almost doubled the amount of revenue in the
following year (1826).

As late as 1810 the imports in Puerto Rico exceeded three times the
sum of the produce exported. The difference was made up by the
"situados," or remittances in cash from Mexico, which began early in
the seventeenth century, when the repeated attacks on the island by
French and English privateers forced the Spanish Government to choose
between losing the island or fortifying it. The king chose the latter,
and made an assignment on the royal treasury of Mexico of nearly half
a million pesos per annum. With these subsidies all the fortifications
were constructed and the garrison and civil and military employees
were paid, till the insurrection in Mexico put a stop to the fall of
this pecuniary manna.

It was fortunate for Puerto Rico that it ceased. The people of the
island had become so accustomed to look to this supply of money for
the purchase of their necessities that they entirely neglected the
development of the rich resources in their fertile soil. When a
remittance arrived in due time, all was joy and animation; when it was
delayed, as was often the case, all was gloom and silence, and
recourse was had to "papeletas," a temporary paper currency or
promises to pay.

With the cessation of the "situados" the scanty resources of the
treasury soon gave out. The funds of the churches were first
requisitioned; then the judicial deposits, the property of people who
had died in the Peninsula, and other unclaimed funds were attached;
next, donations and private loans were solicited, and when all these
expedients were exhausted, the final resort of bankrupt communities,
paper money, was adopted (1812).

Then Puerto Rico's poverty became extreme. In 1814 there was at least
half a million paper money in circulation with a depreciation of 400
per cent. To avoid absolute ruin, the intendant had recourse to the
introduction of what were called "macuquinos," or pieces of rudely
cut, uncoined silver of inferior alloy, representing approximately the
value of the coin that each piece of metal stood for. With these he
redeemed in 1816 all the paper money that had been put in circulation;
but the emergency money gave rise to agioist speculation and remained
the currency long after it had served its purpose. It was not replaced
by Spanish national coin till 1857.