Before the Troops Came: Wall Street’s Stake in Puerto Rico

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Before American soldiers landed in Puerto Rico in 1898, American financial and commercial interests were already there.

In this episode of Puerto Rico: Open Your Eyes, Edwin Ortiz examines the economic side of the invasion: petroleum interests, sugar financing, politically connected bankers, government deposits, and the transition from the Puerto Rican peso to American currency.

Drawing on historian Dr. Nieve de los Ángeles Vázquez’s interview on La Voz del Centro and additional historical records, we explore what Puerto Rico’s economy already possessed under Spanish sovereignty—and who gained influence over its future after occupation.

We also examine the relationship between credit and property, the role of Banco Español de Puerto Rico, and the professor’s argument that public borrowing became increasingly important under the new government.

Military strategy belongs in this history. So do the businesses and financial networks that benefited from the transformation.

The troops arrived in 1898. American business interests had arrived earlier.

Read the accompanying article on Substack, explore our other episodes, and share your thoughts.

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SOURCE ACKNOWLEDGMENT

Dr. Nieve de los Ángeles Vázquez, author of El Jefe, interviewed on La Voz del Centro, episode 1014, June 9, 2024: Wall Street y la invasión estadounidense de 1898