El Ayuntamiento de Tampico

Sometime in the early 1880s the Ayuntamiento de Tampico issue a series of vales, payable al portador.

The Mexican government passed its Código de Comercio on 15 April 1884. Chapter XII referred to “Los Bancos”. Articles 954 to 955 stated that in future federal authorisation would be needed to establish any bank (bancos de emisión, circulación, descuento, depósitos, hipotecarios, agrícolas, de minería o con cualquier otro objeto de comercio). Articles 957 and 958 laid down that they would have to be limited companies (sociedades anónimas) with at least five founder members, and a minimum share capital of $500,000, with at least half fully paid up. Only banks conforming to the law could issue notes payable to the bearer on sight: note issue could not exceed paid-in capital: fixed cash reserves were required, and all banknotes other than those of the Banco Nacional de México were taxed at 5% of their value. A final article stated that existing banks could not continue operating unless they subjected themselves to the Act within six months.

On 28 February 188[4 or 5] the Ayuntamiento’s issue was denounced by the promotor fiscal of the Juzgado de Distrito del Sur y Centro de Tamaulipas. In accordance with fracción III of artículo 3 of the Constitution, he investigated the matter, and ordered that the vales be withdrawn and the printing plates destroyedMemoria de la Secretaría de Hacienda correspondiente al ejercicio fiscal de 1884 á 1885, Mexico City, 1885.