Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-12-03
SILVER THE MEDIUM.
.,,,. y,,,I IN. Exclusive Currency Of he
Philippines.
RESIDENTS SAY IT MUST REMAIN


..-st e,utcs. TO make an invfftlE'-
t', !, ,be financial and Industrial
~" .,,,, in the Phliippines.h made
y. ,.porl, to the secretary OF the treas
- a, shs course Of which he SAYS
ssnv,r i the basis of the currency
~. phillpplnes. There IL no gold In
/" - circulation. 1ni has been none
- shan evenly years. The Mex
~, a,liar OF a Date previous TO 1871 Il
-. In ghi Stands. and u IL prac-
s.,nv ,he oriy money In general cir
's,,,.s. The spanish government In
49, .nrm,r Of 1891 coined s6,ooo.ooo Of
me-, In a local currency which was
- 10 ne Islands. Thee dollars are
-, In weigh. chan the Mexican dol.
~, bui the scarcity Of money In che
reulpplns ..iand. caused them 30 b.
.,.kiy absorbed. There u "a 0cal note
,,,rlns bank. called the Banco Espinol
ruelnowhlch has In circulation mites
"a on silver. OF which there was
,g..,,ndlng on september 20. 1888, ap-
,cslmaiely s,.soo,oco.
',1nl currency Of the island WIS orig-
l,any gold. In pieces OF 81. " ana ".
IN ihe Mexican silver dollar and the
VA snanish silver dollar.the hitter oir-
.'a,sinr 10 limited extent only.
ap,- lbus to 1875 the silver was often
q, n prsnium over gold. When silver
zen 10 dcpfeclate In value. the gold
~ aus iapldly exported and replaced
Z, N. Mexican dollar.whi has Tor q
- lime been In genera use shough-
Ia N. orient. Gold become 10 -~1fVe
,s,,ush the export OF the gold --in.
srd thc silver WAS taking hs place -
nnldly, that the spanish government.
~ s.eps 10 s,Op the expectation OF
ne one aud import OF the other.
Ia the spring ofisss an cdict was -
"a from Madrid prohibiting the I'M
- of aa silver dollars bearing q date
.,i.soyrnt 90 1871. This law was
.-.lr,sipSi until the control Of che
Mind PASSED 90 the United srnfcs.
DEMAND FOR MONEY TLucTU-
ATES.
arbs amount Of money needed for the
,,als and commerce OF the Phllipilne
l,arAs nuctvlses In the different sea.
~. In the holEk ~ the sugar season
say from February 20 Junc-whcn
hrrs amounts OF sugar are exported.
,sfrs : A irsurp increase In the mnnd
y, money. For the ordinary needs of
M canify little money II usd. AZ tn
ffsst Eysttsn u IN vogue Throughout
~ land, and there H.. therefore, no
s,as emouft VI money Needed Tor the
tsymsnt Of wagcs 90 the hboring
s't,sss. In the OF season, when exports
~ iisht. the demand for money would
hcams - ginal shat she circulating
rlllurn would he found Go Ia much
more than sufficient for the needs OF
~ country.
nc nurtra,lon OF che demand for
r-onsy In different seasons resulted IN
elssly nucguailng futcr OF exchange,
asi In the corslnuci flow OF money
eiihtr 60 or from the islands The hw
shlch prevented the impor.a'ton Of tho
MEXICAN dollars OF dfie subsequent
b ISL proved q great hardship 10 thr
tlslus-s interests. ana would have been
gr,asrr vii had II not been for the
hxl,y Of the officials which PERI -
"a encouraged smuggling. " wis nos
tBommon for the dollar 10 go 60 n
lfsmlum " 10 or " pr cent, and this
rsuli Immediately start the iiOw Of all.
W ,saafd tn Islands, which would be-
uislnufd uDsil the demand was met
sH The rate % exchange MAS reduced
ga point vnich would ci.ise Snug.
Elng 90 rease being profitable.
SPANISH FINANCE.
Thc smuggling OF silver into the
hatds Nus recognized Industry II
etf cafrisd on largely by the rich
nts'izos." or Chinese hair castles.
,,asfq was "a regular system for the
ifhsinr IN Of these coins. The result
vhe spanish Avs was to make money
oar durrg the season when there was
~ demand for currency. and the
Hciucers. az well as pie merchants
ana bankers. have been robbed from
par 10 year through the effects OF the
hs IN force.
After the occupation ~ Manll, by
us American troops. permission was
sven The banks TO import silver freely,
"a TIE result has been to keep rx-
a.hse r1ses on a more stable basis.
me spanish government kept M
,Aiisuea OF currency or finance. and the
makers can only give estimates OF the
son General character. The mos, care.
~ ssilmnies OF the currency of the
.ahd. i therefore likely 90 be lncor-
~ There are s,0oo,0 900 people In the
slhil, according TO the estimate OF Tho
l4hlsh government. OF whom only a
.nAh fraction live inshe territory con.
Nssnas 10 Manila and Ilollo.
when money once leaves these cen.
VA y passes out of the knowledge Of
,'n,s, men, and II IA impossible
.a,ieiofe' 20 form any coreo. Idea Of
amount OF money now In thu
lands There II 5000. 900 In Philippine
sfr, coined by the spanish govern.
M and sent out year ago, OF which
M, ~ s'naIl percentage Is now In Ma.
II Z os,lmaied there Is In clreuia.
w ho'eopoo0 of subsidiary coins, IA,
49, tNenty-eent and fifty-ceni
49,, which have been recolned frur
Hnmcnt Wv ''"'s" NV
Ihe estimate " the Mexican dollar
~ ~ circulation, an given by one Of
H. wy Informed bankers In tn,
rhh, u from 10000. 900 10 y25, 900, 900
h. W % the ts.tOO,OO0 OF notes OF IN.
inc Espanol Filipino now In clrculh,
No. elhalltu.es the currency OF IN,
Thls would make a total Of
nas. s",oo0oQo TO $4,000, 900. speaking
p,ssI,ny, lor the entire Islands. or, ao
popaia,eN 70 per capita for the tota
X, a,.h OF the Islands. II must no
viysr e,'ooh.i that these figures ar,
bre Il, sllVer basis and that, there
M IN figuring on our own STANDARD
two. nsures must be cut II
.- ONLY THREE RANKS.
Lbhlrrse banking Institutions do tn
iro,a ny business OF the Islands, asld,
Aou's,.' aI done by the large Commercial
md n Nn,eh buy and sell exchange
hls,ns.,a united extent carry on tn
tlhklre Whleh legltimltely belongs Il
hnl' Institutions. OF these thre,
bfaneh he lWo most important ar
f,,i,ih. concerns. the third beinga loea
tailvss,'' controlled by spanlards AM
ton AK y IN Manila q savings lnslltu
unde, PUZZLE pawn shop, whlol
. -Nntf The central - ~, ti,r