Early attempts to form a bank of issue in Jalisco

It is not suprising that, as a major comercial centre, Guadalajara saw early attempts to establish a bank of issue.

On 19 January 1882 governor Fermín González Riestra, gave a concession to found a Banco de Jalisco to José María Verea, Juan Somallera, Luciano Gómez, Antonio Álvarez del Castillo, Francisco Martínez Negrete, Nicolás Remus and the casas Fernández del Valle Hnos., Palomar Hnos. and Manuel L. Corcuera e Hijos. However, in December 1882 the local Congress failed to approve the proposed statutesSergio Valerio Ulloa, “La formación de un banco regional en Jalisco en el Porfiriato”, in Elías González Corona and Irma Beatriz García Rojas, Diversidad Cultural en la Globalización, Guadalajara, 1999.

Then, in November 1883 governor Francisco Tolentino, renewed the proposal. The bank would have an initial capital of $400,000 and be exempt from taxesan earlier newspaper report mentions a capital of $2,000,000 (El Tiempo, Mexico City, 6 October 1883). Finally, on 24 January 1884, the Banco de Jalisco was established as a limited company with 4,000 shares of $100 each. It was planned that the bank would start operations in April or May 1884 with a life of thirty yearsAIPJ, Protocolo, Heraclio Garciadiego, tomo 28, 24 January 1884. However, it could not start as it fell foul of the 1884 Código de Comercio that reserved the power to legislate banking to the federal government and the proposed promoters instead became involved in establishing a branch of the Banco Nacional de México in the city.