Industries were suspended, work on public improvements was checked, and commerce brought almost to a standstill.

As the revenues fell off and ready money became scarce, drastic measures had to be devised to meet the financial strain.

For the protection of credit, bank holidays were declared, stock exchanges were closed, moratoria were set up in nearly all the countries, taxes and duties were increased, radical reductions in expenditure were undertaken, and in a few cases large quantities of paper money were issued.
With the European market thus wholly or partially cut off, the Hispanic republics were forced to supply the consequent shortage with manufactured articles and other goods from the United States and to send thither their raw materials in exchange.

To their northern neighbor they had to turn also for pecuniary aid.

A Pan-American financial conference was held at Washington in 1915, and an international high commission was appointed to carry its recommendations into effect.