Philadelphia Philosophical Society. The Diario Económico de Puerto Rico, a newspaper specialized in the archipelago's economy, noted that during the time banknotes of all denominations were still being forged in large quantities. The publication claimed that the counterfeits were most likely produced in other locations of the Caribbean, this was based on the fact that only one royal press existed in Puerto Rico. However, modern researchers maintain that the copies could have been produced locally in a clandestine manner. This is based on a report that emphasizes that the designs of false 8-real notes were crude and that the ink used spread when touched, something that wouldn't be possible if produced elsewhere, particularly because the ink would dry in the voyage between countries. During this time, paper notes began disappearing and the stated recurred to renewing old pieces. In 1814, Ferdinand VII refused to renew the Spanish Constitution of 1812, returning the Empire to an absolutist method of government. Consequently, Ramírez contacted some of his allies in Philadelphia and commissioned the production of banknotes in denominations of 3 and 5 reales. The issues were printed by Murray, Draper, Fairman & Company and featured the signatures of treasurer José Bacener and Ramírez. The designs featured the Spanish Crown and Ferdinand VII's profile in the two varieties and were numbered manually. No official documentation, letter or decree from the Spanish Crown related to the creation of these notes have surfaced. These issues were collected and destroyed with extreme efficacy in 1866, leaving only a few dozen intact. Reemergence of paper money The negative perception created by the issue of paper money between 1813 and 1815, brought the production of banknotes to a halt, while only coins circulated in the archipelago. In 1865, the Spanish Civil Code was imposed in Puerto Rico. Meanwhile, the Caja de Ahorros was founded in San Juan, a small bank, which provided an annual interest of up to 6% to its subscribers. The institution was bankrupted in 1879, but its business model was followed by other banks founded in the southern region of Puerto Rico. The Caja de Ahorros de Ponce (lit. "Ponce Savings Bank") was founded in 1873 and continued in business until 1879. The institution issued notes in denominations of 1, 3, 5 and 50 pesos which were printed by the P.W. Derhan firm. These bills were only printed in one side and were signed by