Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1898-12-07
MONEY OF THE PHILIP.
PINES

PINES.
Washington, Dec. Edward
w. Harden, who was appointed in
August last an honorary commits
sioner of the United States to make
an investigation of the financial
and industrial conditions in the
Philippine Islands, has made his
report to the Secretary Of the
Treasury, in the course of which
he says:
"Silver is the basis of the cur
rency in the Philippine Islands.
There is no gold in general circu-
latiOn and has been none for more
than twenty years. The Mexican
dollar of date previous to 1877 is
current in the islands and it is
practically the only money in gen
eral circulation. There is a local
note-issuing bank, called the BancO
Espanol Filipino, which has in cir
culation notes based on silver, of
which there was outstanding on
September 80, 1898, approximately
81, 800. .OCO.
"The flunctuatiOn in the de-
mand for money in different sea-
sons Of the year resulted i'll widely
Aunctuating rates of exchange and
in the continued flow of money
either to or from the islands. The
law which prevented the importa-
ton of the Mexican dollars of a
date subsequent to 1877 proved a
great hardship to the business in
terests and would have been a
much great evil had it not been for
the laSity of the officials, which
permitted and encouraged SNUG
Cling. After the occupation of
Manila by the American troops
permission was given the banks to
import silver freely and the result
has been to keep exchange rates on
a more stable basis.
There is S6, 900, 600 in Philippine
dollars coined by the Spanish Gov
ernment and sent out year ago,
of which only a small percentage
is now in Manila. 1t is estimated
there is in circulation $4,000, coo
of subsidiary coins, the 1O-cent,
2o-cent and 50-cent pieces, which
have been recoined from Mexican
dollars by the Spanish Govern
ment. The estimate of the Meyi-
can dollars now in circulation as
given by one of the best informed
bankers in the islands, is from
$50, 600, ,GO0 to $50. 900, 600. This,
with the 50. 800. coo of notes of the
BancO Espanol Filipino now in cir
culation constitutes the currency of
the islands. This would make a
total of from so, 900, ,OG0 to S45,
COS, coo, speaking roughly, for the
entire islands, or approximately
81 per capita for the total popula-
ton of the islands. 1t must not
be overlooked that these figures
are given on a silver basis, AID
that, therefore, in figuring on our
own standard, all of these figures
must BE Gu, III TWO.
"There is in Manila IA savings
institution and public pawn shop,
which is practically under the con-
troll of the church. 1t is called
the ..Monte De Piedad.n 1t was
established to make loans to the
poor people, and has done. a good
work during The few years it has
been III existence.
If the United States retain the
Philippine Islands special coin
age of silver dollars might be
minted for circulation in the archi-
pelago, the same as the British
dollar has been put in circulation
in the Strait settlements, III Hong
Kong and in other ports where
British interests predominant. In
time the gold standard might be
put in force in the islands, but in
the opinion of the business men
is would have to be ae-
slowly, and consider
alton would have to be given to
the conservative attitude of the
people and to the fact that they
would have to be educated to the
value of the new currency.
The Mexican dollar in general
in the Philippine Is
lands contains A. grams of silver
300 fine. The purchasing power
Of the dollar is the bullion value of
the silver contained in it and it in
creaseS or decreases in value in ac-
cordance with the quotations for
bar silver in London, which are
received every day by cable in
Manila.
There is an issue OF $40, ,OOO, 600
Of bonds, which was put by the
Spanish Government in July, 1897,
and which serves as first lien up
IN the customs receipts of the port |
)f Manila.
Practically all the export and
import trade of the islands is in
he hands of foreigners. There
ire 4 few Spaniards engaged in
rading. but the bulk Of the busi-
ness in commercial way is done
Dy British, German, Belgian and
citizens.
KILLED EsY A HOG.
There is reiOrmatOry Tor color
I'd boys at Cheltenham; Md. On
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