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El Banco del Estado de Oaxaca

On 15 August 1914 the interim governor, Francisco Canseco, authorised the Frenchman Louis Roumagnac, Constantino Rickards and Lorenzo Mayoral Pardo to establish a bank of issue in the state, under the title El Banco del Estado de OaxacaPeriódico Oficial, Tomo XXXIV, Núm. 66, 19 August 1914. Canseco acknowledged in his preamble that the existing banks had closed their doors and suspended operations and therefore it was right to ignore the prohibition on establishing new banks. The concessionaires were to deposit $1m in gold (a fifth of the authorised share capital) in the Tesorería General del Estado as a surety.

In his report at the opening of the XXVII legislature on 16 September 1914, Canseco said that Roumagnac, representing a London company, had offered his government a loan of $4,000,000 on advantageous terms. After talks Canseco had decided against the loan, believing that his transitory government should not take on so substantial an undertakingPeriódico Oficial, Tomo XXXIV, Núm. 76, 23 September 1914. However, this does not seem to have deterred Roumagnac from the rest of his project as on 13 November he had a meeting with the American Bank Note Company in New York and asked for a quotation for printing the following notes:

Denom. Number Total value
50c 2,500,000 $1,250,000
$1 3,740,000 3,750,000
$2 1,000,000 2,000,000
$5 1,000,000 5,000,000
$10 500,000 5,000,000
$25 100,000 2,500,000
$50 50,000 2,500,000
$100 30,000 3,000,000
$500 4,000 2,000,000
$1000 3,000 3,000,000


On 25 November the ABNC responded with its quotation, and a list of requirements that needed to be satisfied, such as confirmation from the Governor of the state, and the text, signatures, date and numbering. The reply was that the text to be used would be

Banco de Estado de Oaxaca
Banco de Emision Autorizado por Decreto del 15 de Agosto de 1914
Pagadero al portador en moneda corriente
El Presidente de la Junta de Gobierno – El Cajero
El Interventor del GobiernoABNC, telegram 2 December 1914.

In late February 1915 the ABNC’s vice-president, J. Claudet, was in Mexico City and sent a telegram to Roumagnac, at the Hotel Diligencias, in Veracruz, that he was anxious to hear from himABNC telegram 27 February 1915. Then, on 2 June Louis Roumagnac called at the ABNC office and told them that the English party who was interested in the bank had given authorization to deposit with the Central Trust Company £250,000 to start its establishment. He also increased the quantities to

Denom. Number Total value
50c 2,500,000 $1,250,000
$1 3,740,000 3,750,000
$2 1,000,000 2,000,000
$5 1,200,000 6,000,000
$10 1,000,000 10,000,000
$25 200,000 5,000,000
$50 100,000 5,000,000
$100 60,000 6,000,000
$500 10,000 5,000,000
$1000 6,000 6,000,000


However, the project then fizzled out, no doubt because it was no longer appealing.