Office of the Historian

Mr. Neill to Mr. Hay.

Legation of the United States,
Lima, Peru, January 18, 1902.
No. 564.]

Sir: In connection with my No. 550, of December 16 last, regarding the passage of the gold-standard law in Peru, I have the honor to announce that on the 17th instant the minister of finance, Señor Adrian [Page 895] Ward, issued a decree bearing the sanction of the President of the Republic, causing 500,000 soles to be smelted into silver bars at the Lima mint and directing the said bars to be exported to Europe and sold for the purpose of buying gold. Vide fourth article of the transitory measure in decree of December 14, 1901, which says:

The President shall exercise his judgment in the smelting to the amount of 1,000,000 of silver soles, the value of which shall be replaced by Peruvian gold pounds.

I have, etc.,

Richard R. Neill.
[Inclosure.—Translation.]

Demonetization of soles.

Treasury Department,
Lima, January 17, 1902.

For the due carrying into effect of article 4 of the transitory law of December 14, 1901, it is resolved:

  • First. The treasury department shall order the smelting into silver bars at the national mint of 500,000 entire soles—silver-coined money.
  • Second. The said department shall take measures to have these bars exported to Europe and sold there, and shall employ the product of the same in the importation of gold.
  • Third. The expenses attached to these operations shall be chargeable to item 5495 of the present budget on account of “demonetization.”

[The rubric of His Excellency.]

Ward.