Translate / Traducir

The crisis of 1935

The United States passed its Silver Purchase Act on 19 June 1934. As a result the price of silver increased and silver coins in Mexico began to be hoarded to be remelted at a profit. The government reacted by withdrawing them from circulation. The sudden drastic shortage of fractional coinage led many banks and other commercial organisations, particularly Chambers of Commerce, throughout Mexico to issue scrip in the form of bearer cheques.

AgrazJ. Remigio Agraz, Tlacos, Pilones y Tiendas de Raya en Sonora in Historia de Sonora, 51, January-February 1988 states that the local Chamber of Commerce (presumably Hermosillo) issued a $1 note[image needed] in 1935, signed by Rafael Treviño as Presidente and José María Vásquez as Secretario.

Rafael Treviño

In its version the current Chamber of Commerce (CANACO SERVyTUR Hermosillo) claims that it was founded by Rafael Treviño in 1938, but this could refers to an official recognition of some reorganisation as the suggestion for a Chamber of Commerce in Hermosillo is recorded as early as April 1899Semana Mercantil, 24 April 1899.

In November 1938 Treviño was appointed a member (and secretary) of the committee tasked with establishing a university in Sonora (the Universidad de Sonora in Hermosillo).

José María Vásquez