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The crisis of 1935

From 27 April 1935 the Banco Comercial de DurangoIts manager was Melchor D. Caballero. advised its customers, in view of the shortage of small change, to issues cheques for amounts as little as one centavoDiario de Durango, Año XVI, Tomo XVI, No. 4183, 30 April 1935. The bank also arranged with the local Cámara Nacional de Comercio for some casas comerciales to issue $1 cheques, backed by deposits in the bank. By 31 April thousands of cheques of the bank or of such casas were in circulationLa Tribuna (Durango), Año II, Núm. 522, 1 May 1935 and the bank was cashing a great quantity of cheques of low valuesLa Tribuna (Durango), Año II, Núm. 523, 3 May 1935.

On 3 May the Cámara Nacional de Comercio agreed to issue printed $1 cheques drawn on the Banco Comercial de DurangoLa Tribuna (Durango), Año II, Núm. 524, 4 May 1935 The notes were to be signed by members of the Directiva of the Cámara, so we can expect notes signed by Salvador Mendivil, Pedro S, Díaz, Agustín S. Ramírez, Miguel Langoné, Francisco M. Flores and Aurelio de la Parra..

On 17 May the Oficinas de Correos y Telégrafos, allegedly on instructions from the Secretaría de Hacienda, refused to accept the $1 chequesDiario de Durango, Año XVI, Tomo XVI, No. 4196, 17 May 1935. The same day the first $1 Banco de México notes were brought in by travellers from Mexico CityDiario de Durango, Año XVI, Tomo XVI, No. 4196, 17 May 1935.