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The revolution in Tepic

Following the power struggle between the Villistas and the Constitutionalists loyaI to Carranza, the Territory of Tepic was left in complete economic chaos. In a report to Gobernación, Juan Carrasco claimed that one of the causes of the economic turbulence in the Territory was the lack of confidence in paper money. He explained that although the paper money was compulsory currency, there existed the "fear that from one moment to the next, it could be retired from circulation by superior disposition." Carrasco also reported that experience had demonstrated that each time it had been necessary to declare issues of paper notes null and take money out of circulation, or when the government was forced to impose a war subsidy, the businessmen of the Territory, whom he referred to as the "executioners of the people”, salvaged what they considered lost by doubling and tripling the prices of their goods, and even came out benefitting with larger profits. Nevertheless, Carrasco also claimed that despite his attempts to impose price controls, only a few consumers had presented themselves before the authorities to report infractions. This prompted him to refer to the inhabitants of the Territory as being "conscious victims of their own censurable silence." Carrasco advocated allowing foreign companies to compete with the local companies in order to normalize business conditions in the Territory.

On 23 December 1915 Subsecretario de Hacienda Rafael Nieto reminded the Administrador de Rentas, A. G. Guzmán, that according to circular núm. 48 holders of sábanas and dos caritas, among others, had to hand them in to the Jefatura de Hacienda or Administracion Principal de Timbre in exchange for a receipt. On 19 January 1916 Guzmán told Mexico City that they had not yet received copies of the circular and therefore holders had missed the deadline of 31 December. On 22 January Nieto extended the deadline to 31 January, but on 29 January Guzmán asked for a further extension until the end of February, which was agreed by the Secretario de Hacienda, Luis Cabrera, on 2 FebruaryEl Bien Público, 5 February 1916.

The lack of confidence in the currency continued to cause a general problem for the economy. According to Juan Torres, the abolition of the Veracruz Gobierno Provisional de México currency had increased the crisis in the Territory in an "alarming" manner. This resulted in a scarcity of goods and caused prices to rise even further AGN, Fondo Gobernación Período Revolucionario., 165/34 Memorandum of Torres to Carranza, Tepic, 8 June 1916: AGN, Fondo Gobernación Período Revolucionario, 81/21 informe Torres to Carranza, Tepic, 27 October 1916.

On 4 May 1917 Andrés G. Guzmán, the Administrator de Rentas of the former territory reluctantly handed over his office to the newly designated Director General de Rentas of the state of Nayarit, Antonio de la Torre. There was $3,521,469.55 in notes withdrawn from circulation, composed of

Infalsificables $ 391,185.13
Ejército Constitucionalista, Gobierno Provisional de México and other issues 3,058,529.81
Ejército Constitucionalista and Gobierno Provisional de México ($384,546.10 taken in in the current fiscal year at a rate of 10:1) 38,454.61
In documents of the Brigada Carrasco (en documentos pendientes de datar, por ministraciones a la fuerzas de la Brigada Carrasco) 33,330.00
  $ 3,521,469.55

In addition there were

deposits of sábanas and dos caritas, made in accordance with Carranza’s circular núm. 48 $    571,338.20
a deposit made by Miguel Salazar of notes of the Gobierno Provisional de Veracruz in accordance with Carranza’s decree withdrawing high value notes 2,383.00
notes collected by the Jalisco public and withdrawn to help with the amortization of the National Debt  4,183.90
two sealed boxes submitted by the Proveedor General. Eduardo Díaz, containing notes that had been withdrawn from circulation 313,751.50
a packet of withdrawn notes, the result of an exchange made by the pagador of the Brigada Carrasco, Rodolfo Bazúa, on 8 July 1915 (procedente de reintegro que hizo el pagador del Brigada Carrasco, C. Rodolfo Bazúa por igual suma que le ministró la Tesorería Municipal de esta ciudad en Julio 8 de 1915 de órden del entonces Jefe Político General Ernesto Damy h; suma que devolvió la expresada Tesorería Municipal con oficio No 364 de 29 de diciembre de 1916, de lo que se dio cuenta a la Secretaría de Hacienda en oficio número 392 de 22 de enero 1917) 5,180.00

All these were contained in 35 strongboxes and one packetPeriódico Oficial, Tomo 1, Núm. 3, 13 May 1917 and Núm. 4, 20 May 1917.