1912 Nica 20 Cord Proof

I found this comment and I would like to explain a part of the History of Nicaragua, to know the reason of the name of the Bank in English:

Nicaragua signed a Decree to give a Bank Grant, the 6th of June, 1911; the Nicaraguan government gave the Grant to the bankers: Brown Brothers & Company of New York (http://en.wikipedia.org/wiki/Brown_Brothers_%26_Co.)

The first of September of 1911 was signed an Agreement between Nicaragua and some bankers in USA, in order to established a bank in Nicaragua, according with the project of the Castrillo – Knox Treaty.

You can see: American Policy in Nicaragua, by Henry L. Stimson:

http://books.google.com.ni/books?id=KQV8b18u39UC&pg=PA144&lpg=PA144&dq=T...

The 29th of December 1911, according with the State of Connecticut's laws Mr. James Brown, Frederick Strauss and Thatcher M. Brown, incorporated with the Notary A. Canas the National Bank of Nicaragua, Incorporated (in USA and in English) with address in Hartford, State of Connecticut.-

Nicaragua got a loan for the Initial Capital approved was $ 5,00,000.00 and as a guarantee Nicaragua got his Customs and the Master Chief or Director was an American, but they started with just $ 100,000.00

The National Bank of Nicaragua, Incorporated was divided in two departments, One for bank operations in Nicaragua, not in US; and the Second was a Monetary department with the exclusive right to issue notes of Nicaragua.

The first office was opened in August of 1912 in Nicaragua and stated to work in that time.- http://archivo.laprensa.com.ni/archivo/2002/agosto/21/economia/economia-...

The 6 of September of 1924, the President of Nicaragua Don Bartolomé Martínez, approved the purchase of the 51% of the shares of the Bank, but the American bankers kept the control of the bank.

It was in 1940 - October 26th- the Nicaraguan President General Anastasio Somoza García who nationalized the Bank and the name was Banco Nacional de Nicaragua, them during the 80's the government change into Banco Nacional de Desarrollo and during the administration of the President Dr. Arnoldo Aleman was closed the first and older Bank of Nicaragua.-

Biography:

- Carlos Quijano, Nicaragua, ensayo sobre las intervenciones de los Estados Unidos (1909 - 1927) Ed. Vanguardia. 1988.

- Idelfonso Palma Martínez. Moneda y Bancos en Nicaragua. Managua. Banco Central de Nicaragua.

Best regards

Paul Tiffer Attorney at Law Professor Banking Law Universidad Centroamericana UCA Managua. ptiffer@cablenet.com.ni http://www.nicaliving.com/node/3156