Decreto Número 182 de 1885

Abstract

The image contains news about Decree Number 182 of 1885 that was issued by the President of the United States of Colombia Rafael Núñez, and is based on several issues. The depreciation suffered by the National Bank's banknotes is recognized despite having a amortization fund, because they are admitted to the payment of 50 percent of national income and contributions, as well as extraordinary taxes. In addition, it is mentioned that the issuance of National Bank notes has been limited and an annual interest rate of 12 percent has been assigned to them. According to government data, the number of banknotes in circulation is considerably less than the available sinking fund. The decree establishes that National Bank notes must be accepted at their face value in 50 percent of all income and contributions in favor of the States, Provinces, Departments, Municipalities, Districts or Villages of the Republic, without any exception. News published in the Official Gazette. February 17, 1885.