The times., 1898-09-20
PORTO RIco,s GREATEST NEED.

of me.
PORTO RICo'S GREATEST NEED.
Currency Reform Must Preceie Any
AppreciabIe Progress.
Before any important progress can be
made in Porto Rico there is one question
which must be settled by the American
Government. This is the question of the
currency. The Porto Rican standard OF
values is now the silver peso, containing
100 eentavos. worth 81 were silver at the
ratio of 10 TO l. 1t contains approximate
ly the same amount of silver as our dol
lar. but it is not redeemable in gold
Hence gold is a a premium, and this
premium is, Of course. unstable. The
bullion value of the peso is scarcely more
than one-tnird of dollar and the Porto
Rican government, which has stamped
II as u dollar is no more. The peso must
be retired, and the question uppermost
in the minds of the business community
there is the figure at which the United
States Government intends to redeem it,
When the Americans landed at Ponce
they needed the Porto Rican currency
and for a few days the banks and the
merchants gave two pesos for each dollar
in gold. Then the premium suddenly fell
from 100 TO 10 per cent. There was an
apparent agreement among those pos
sessed of pesos TO hold on to them If
higher premium were demanded. Gen
Miles endeavOred to keep up the rate
by having the custom house make the ex-
change at two for one, but the customs
receipts were not sufficient TO supply even
the Governments needs. Private citi-
zens were Obliged to take 20 per cent. AT
Guayama Gen. Brooke arbitrarily estab-
lished the rate of exchange al 100 per
cent, but the merchants only observed
ii when purchases were made. You could
not get money changed al better than 10
per cent In San Juan 10 is the best tina;
can be obtained, and many OF the Porto
Ricans maintain that the rate will go
still lower, some predicting that it will
reach 80. and they declare that if the
Government attempts TO redeem the peso
at only its bullion value they will make a
fight. Thus the who,e business commu-
My is unsettled, and must be until the
question is settled. Fix once for all the
currency of the island and the prosperity
which Will follow win soon heal the sores
of the war.
BY land and sea the American Commits
sioners of evacuation have come to the
capital of Porto Rico. II is the beginning
of the end. The uniforms of the Ameri-
can soldiers are beginning TO appear. As
yet they are few. and surrounded on
every SIDE by the gorgeous gilt and tinsel
of the Spanish defenders. But the armed
representatives of the two people are at
peace. Courtesy marks their bearing to-
ward one another and the bitterest par
tisans on either side so short time ago
now smile and bow with graceful courte-
sy whenever the opportunity is afforded.
In the harbor there lie side by side war
ships which float the Stars and Stripes
and those which fly the yellow and red
of Spain Only this morning the guns of
the Isabel Segundo echoed the roar of
the New Orleans when the American yes
sci saluted the incoming American Com
missioners, and the shore guns of old
San CristObal did not fail 70 reecho those
of the sea in doing honor to these con-
guerors-
1t is probably true that the Spaniards IN
Porto Rico especially the rank and file
of the army and majority of the citi-
zens who have made this island their
home. do not feel so badly over the turn
affairs have taken as might generally be
supposed The soldiers are undoubtedly
glad TO go home. Their lot has not been
happy one. They have really had no
hatred for the United States. They have
escaped the horrors of battle and with
honor
Naturally the officers of the army and
the Government officials may linger with
regret over the fat places they have held
here at the expense of the islanders. but
If so they are concealing their chagrin,
and the merchants. be they ever so Span
ish, know that under the new regime
their property rights will be better re-
spected. They realize that the burdens
of taxation will be lessened, and they
willingly allow their sense of material en-
hancement to submerge the sentiment of
Spanish patriotism.
Such expressions of opinion, however,
do not come freely from Spaniards, par
ticularly in this section of the island,
where the power of Spanish arms still
rules. Down toward Ponce, within the
American lines, it was easy enough to find
Spaniards who would privately discuss
the annexation of Porto Rico without re-
gret. and sometimes even with satisfac
tion: but here there is not only the DOM
nance of the military element to be con-
sidered but also a naturally stronger
Spanish sentiment. The capital, being the
center of political activity, has a far
larger population of Spanish born. while
to the south the native Porto Rican has
grown further and further from the ira
ditions that make for loyalty to the moth
er country.
While the majority there even exults at
the changed conditions, the majority here
will merely graciousiy accept them. There
are some, no doubt, who will sell their
property and return TO Spain. but these
will be comparatively few, and the money
they take from the country Will not be
compared with the fresh flow of capital
from, the United States which is certain
to set this way.