▁to ▁G DP ▁pl um met ed . ▁Av ellan eda ' s ▁administration ▁was ▁the ▁first ▁to ▁deliver ▁a ▁balance ▁in ▁the ▁fis cal ▁accounts ▁since ▁the ▁mid - 1 8 5 0 s . ▁Av ellan eda ▁passed ▁on ▁to ▁his ▁successor , ▁Jul io ▁Argent ino ▁R oca , ▁a ▁much ▁more ▁manage able ▁economic ▁environment . ▁ ▁In ▁ 1 8 8 1 , ▁a ▁currency ▁reform ▁introduced ▁a ▁b imet all ic ▁standard , ▁which ▁went ▁into ▁effect ▁in ▁July ▁ 1 8 8 3 . ▁Un like ▁many ▁pre cious ▁metal ▁standards ▁the ▁system ▁was ▁very ▁decent ral ized : ▁no ▁national ▁mon et ary ▁authority ▁existed ▁and ▁all ▁control ▁over ▁convert ibility ▁rest ed ▁with ▁the ▁five ▁banks ▁of ▁issue . ▁The ▁period ▁of ▁convert ibility ▁last ed ▁only ▁ 1 7 ▁months : ▁from ▁December ▁ 1 8 8 4 ▁the ▁banks ▁of ▁issue ▁refused ▁to ▁exchange ▁gold ▁at ▁par ▁for ▁notes . ▁The ▁susp ension ▁of ▁convert ibility ▁was ▁soon ▁accommod ated ▁by ▁the ▁government , ▁since , ▁having ▁no ▁institution al ▁power ▁over ▁the ▁mon et ary ▁system , ▁there ▁was ▁little ▁they ▁could ▁do ▁to ▁prevent ▁it . ▁ ▁The ▁profit ability ▁of ▁the ▁agricult ural ▁sector ▁attract ed ▁foreign ▁capital ▁for ▁rail ways ▁and ▁indust ries . ▁British ▁capital ▁invest ments ▁went ▁from ▁just ▁over ▁£ 2 0 ▁million ▁in ▁ 1 8 8 0 ▁to ▁£ 1 5 7 ▁million ▁in ▁ 1 8 9 0 . ▁During ▁the ▁