Presidency of Manuel Felipe de Tovar

The Tovar administration implemented several important economic measures during 1860. On May 15, a presidential decree authorized obtaining a loan of 6 million pesos to address fiscal needs. The following month, on June 15, Congress passed legislation establishing an income tax. Five days later, on June 20, the government created the Public Credit Directorate to oversee financial matters. On July 6, lawmakers approved legislation repealing an 1850 law regarding debt settlements and bankruptcy proceedings.^[1]

On July 7, 1860, a decree was issued authorizing the presidency to permit the temporary free importation of corn, rice, legumes, potatoes, salted meat, and lard.^[1]

On the same date, July 7, 1860, a decree was approved establishing the annual salaries of high-ranking officials, setting it at 12,000 pesos for the president and 4,000 pesos for the vice president."^[1]

• Federal War