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The financial history of Puerto Rico commences about the middle of the eighteenth century.  In 1758 the revenues amounted to 6,858 pesos.  In 1765, to 10,814, and in 1778 to 47,500.  Their increase up to 1,605,523 in 1864 was due to the natural development of the island’s resources, which accompanied the increase of population; yet financial distress was chronic all the time, and not a year passed without the application of the supposed panacea of royal decrees and ordinances, without the expected improvement.

From 1850 to 1864, for the first time in the island’s history, there happened to be a surplus revenue.  The authorities wasted it in an attempt to reannex Santo Domingo and in contributions toward the expenses of the war in Morocco.  The balance was used by the Spanish Minister of Ultramar, the Government being of opinion that surpluses in colonial treasuries were a source of danger.  To avoid a plethora of money contributions were asked for in the name of patriotism, which nobody dared refuse, and which were, therefore, always liberally responded to.  Of this class was a contribution of half a million pesos toward the expenses of the war with the Carlists to secure the succession of Isabel II, and Sunday collections for the benefit of the Spanish soldiers in Cuba, for the sufferers by the inundations in Murcia, the earthquakes in Andalusia, etc.  From 1870 to 1876 a series of laws and ordinances relating to finances were promulgated.  February 22d, a royal decree admitted Mexican silver coin as currency.  December 3, 1880, another royal decree reformed the financial administration of the island.  This was followed in 1881 by instructions for the collection of personal contributions.  In 1882 the Intendant Alcazar published the regulations for the imposition, collection, and administration of the land tax; from 1882 to 1892 another series of laws, ordinances, and decrees appeared for the collection and administration of different taxes and contributions, and October 28, 1895, another royal decree withdrew the Mexican coin from circulation.  In the same year (March 15th) the reform laws were promulgated, which were followed in the next year by the municipal law.[76]

In the meantime commerce languished.  The excessively high export duties on island produce imposed by Governor Sanz in 1868 to 1870 brought 600,000 pesos per annum into the treasury, but ruined agriculture, and this lasted till the end of Spanish rule.

The directory of the Official Chamber of Commerce, Industry, and Navigation of San Juan, at the general meeting of members in 1895, reported that it had occupied itself during that year, through the medium of the island’s representative in Cortes, with the promised tariff reform, but without result.  Nor had its endeavors to obtain the exchange of the Mexican coin still in circulation for Peninsular money been successful on account of the opposition of those interested in