Second concession for El Banco de Santa Eulalia

Santa Eulalia 10 C 634

By 1882 Francisco MacManus may have withdrawn from active involvement in the bank as on 31 July 1882 his sons, Tomás and Ignacio, and son-in-law, Scott, were given permission to issue an additional 100,000 pesos in notes of one, five and ten pesos, payable in silver pesos at par (pagaderos á la vista por pesos fuertes de plata). The notes now had to be backed by mortgages over property and registered by the Administrador de Rentas, the government had the right to appoint Interventors, and the bank had to grant the government a credit facilityPeriódico Oficial, 5 August 1882. The family was at this time very affluent as this salutary tale attests.
"A Dearly Bought Lesson.
Yesterday, a young man giving his name as McManus, called on Jefferson Reynolds, president of the National bank of this city, and asked for assistance. He said that his father was proprietor of a private bank at Chihuahua. Some time ago he was given a large sum of money by his father and started with his sister for St. Louis, where she was to attend school. They reached the city about two weeks ago, and after enjoying the sights presented by Chicago’s rival, he started on his return. In an evil moment Satan whispered in his ear that he stop at Santa Fe. Satan was wrong, but McManus did not know it. He stopped at Santa Fe. He also stopped at several gambling dives. At one of these places he met a fair damsel, who induced him to go to her Palace, up a long, dark alley, and there with the tertio-millenial [the Tertio-Millenial Exposition] full in sight, she robbed him of $3,500.
The story was found to be true and the young man started on his way home yesterday afternoon, fully equipped with a first-class ticket. It is to be supposed that Mr. McManus will skip Santa Fe when he goes to St. Louis again." (Las Vegas Daily Gazette, 8 February 1883)
. The designs of the five and ten pesos notes (the most uncomfortable members of the series with the ten pesos covered with a motley of disparate typefacesA personal view. El Paso Daily Times, 22 April 1883 says of the $5 note "the light and shade, the drapery, the blending of the colours and tints, are done in a rare harmony. All in all, the design and the artist's, engraver's and printer's work are not excelled by any bank notes in existence") were approved in October 1882 (the reverse of the $10 was proofed in blue and in brown ) and the notes issued on 18 April 1883, thirty thousand pesos’ worth being issued in the first two daysEl Paso Daily Times, 22 April 1883. These $5 and $10 notes were hand signed.

Santa Eulalia overprint 1   Santa Eulalia overprint 2


The bank had the American Bank Note Company make up two different overprints with the legend ‘EL BANCO DE SANTA EULALIA PAGARA A LA VISTA EL VALOR DE ESTE BILLETE EN PLATA A LA PAR. 1884’ to be used for ‘overprinting all notes of this issue’. This overprint would have been applied to any 25c, 50c or $1 note issued over and above the first 100,000 pesos in accordance with this additional concession but as it is probable that the bank never had more than this amount of notes in circulation at any one time it would not have required the overprints.

Also by 1883 the bank had established a branch in Parral under the management of Adolfo IwonskyEl Paso Daily Times, 4 May 1883.

1884 nickel crisis

Santa Eulalia 5c 1306

Santa Eulalia 5c 1306 reverse

Santa Eulalia 10c 1600

In 1884 Mexican President Manuel González attempted to introduce a new nickel coinage but this was immediately rejected by the population. On 14 April there were riots in Chihuahua as shopkeepers refused to accept the coins and since there were no other acceptable low value coins in circulation the general public were unable to purchase essential goods. To deal with the crisis Interim Governor Celso González ordered 4,400 pesos in copper coins from the Secretaría de Hacienda and also granted each of the four banks in Chihuahua permission to issue fractional paper currency in one, five and ten centavos values up to the amount of 5,000 pesosInforme of Governor Celso González, 1 June 1884.

For the Banco de Santa Eulalia only the two higher values are known, payable on sight in multiples of one peso (vale a la vista al portador en cantidades de un peso en billetes de la primera emisión de este Banco) and it is possible that the one centavo note was never produced.

On 23 March 1886 the Secretario de Hacienda, Manuel Dublán, signed an agreement with Carlos Pacheco, representing the banks of Chihuahua, José del Collado, a director of the Banco Nacional de México, and Ramón Uzandizaga, manager of the Chihuahua branch. In it they recognized that the Chihuahuan banks had been established by concessions from the state Congress, at a time when federal control was unclear, and so the Secretaría de Hacienda confirmed the Banco de Santa Eulalia’s concession for a further 25 years, and that it could issue up to $100,000 in notes of various denominations payable in copper at par or in silver at a 8% discount ot at par in hard currency (pagaderos en cobre a la par o en plata con 8% de descuento o pagaderos a la par en pesos fuertes)AHBANAMEX, Actas del Consejo de Administración, 23 March 1886, folios 246-250