Exchange Money: When Your Dollars Turn to Pesetas By the official government exchange rate for tourists your dollars will fetch 38.95 pesetas each. On the free market, they may fetch 3 or 4 pesetas more, so it will pay you to inquire and to stock up with your legal limit (see "On entering" above) if you expect to make a substantial sojourn in Spain. A money declaration is required, and will be taken seriously in Spain. After you have filled it out and had it stamped do not mislay it. You'll need it whenever you exchange money and also upon leaving the country.
No country has a direct and decisive control over gold. If gold were replaced by inconvertible dollars or money issued by an international board, therefore, governments and central banks would find it more difficult to safeguard the autonomy and independence of their own monetary matters. For acceptance of an inconvertible dollar exchange standard or of money controlled by an international board would be like having two central banks-one at home and the other in Washington.
Look in any financial journal and you will see the Tangier exchange quotations importantly listed. In the city's banks I saw gold pieces being passed, openly and, I suppose, legally, over the counters, and in many roadside cambio stalls saw the current quotations of gold ingots listed. Such phenomena hav been long forgotten in most lands. Tangier's forty banks and myriads o money-changers will cash anything, in any currency, at the free-marke rate so it's a wonderful place for the exchange bargain-hunter to knov about, and for that matter, aren't we all?
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