Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-12-03

proxlmately sg.500.o0O Of theae notes.
These notes are issued on a silver basis
ana are payable on demand to the
bearer.
FUTURE FOR SILVER.
The question OF the future currency
N the Islands II one whlcn IL Of vital
importance TO all business men In the
Islands. The bes,.lnfofmrd men IN
Manila are unanimous In their opinion
that under present conditions the sill
yer currency os the only one suited to
the Islands. a great deal OF the sra1e
OF the Philippines II with China and
Japan. the straits settlements. India
and Australia. In CHM and Japan
and India the whole trade Il on a Ill
yer basis. though Japan has adopted
the gold standard, having, however. as
the basis Of It's currency a gold dollar.
which IL. approximately. worth only
so cents. and Its currency. therefore. In
effect, II on a silver basis. she same -
CHINA and India.
The native. % the Philippine ISL
ards are conservative 20 a degree. On
the matter Of their currency. aud u
would be a long ami tedious TASK =,
educate them 10 q dollar which would
he worth twice shat now In circulation.
Notwithstanding the Americans have
n force 81 1900 soldiers in Manila.
who are pasd IN gold the people OF the
islands will have nothing but silver.
All Of the soldiers. when they are paid
In gnii. take their money 10 one Of
the banks and exchange q for local
currency. The native VIII take me
Mexican dollar. worth less than 90
GEMS. ,n preference 10 the United
States dollar. worth 100 cents.
II the rn.tcd States retain the Phil
iprinfs Islands a special coinage ~ sll.
yer dollars might be miniei FOR circu.
la.0n In the archipelago, the sdme Ne
the British dollar has been put In cir.
cuiaeon In the Straits settlements. In
Hong Kong. ana In other ports where
British Interests predominant.
In ;ime the gold Standard might he
pC. w force IN the Islands. but In the
opinion az the business mon generally
u would have a. be accomplished allow
~. and consideration would have 60 he
gwen the conservative attitude OF she
people. sad 70 the fact that shcy would
have " be educated TO che value OF the
new currency.
The Mcxlcin dollar In general circu-
lnFon In the Philippines islands In
crcascs or decreases In Npiue In ac-
cordance with che quotations for bar
silver IN London. winch are received
every day by cable In Manila. The
Spanish government, has sought In
every day 10 favor home nlnufac-
lures. ana ms tfltu w h'NN 'stHAukt
fttca favorable 90 spanish markets
This wap the reason for ~ prohibition
OF the imp1rtng OF Mexican dollars.
the Intention beng To supply the ISL
anda with spanish coins. II has never
met the demands 81 the country. how
ever, with coins bearing the spanish
stamp. ana the merchau.s end the
bankers have been compelled To obtain
needed currency through the SNUG
Eiers.
There n an issue Of tiooco.ooo OF
bonds which was put out by thc Span
Ssh government sn July. 1897. and
which serves as nrrt Hen upon the
customs receipts OF the port Of Ma
mia.
sPANrARps NOT TRADERS.
Practically all Of the export and Inn
port made of she islands IN IN the
hands Of Nr-gnsrs. There are few
Sphn.ards engaged In trading. but the
bulk OF che bualnesr In u commercial
way IL done by British. German. Rel
gan and American citizens. These
men do not NEEDLE w,th the insurree-
tion, and they have been able 70 MAIN.
tain friendly relations not only with
the spanish governmcts officials. but
with the natives as well.
The nrnai reliable figures that can
be obtained on exports from the ISL
andn for the year 1881, show q total of
tii.ais.2s0, Hemp and sugar were the
principal articles OF export, Tobacco
aud copra were also exported IN large
| quausfties.
There are no onical hgurss obtain
able giving the Imports for the Philip
pine Islands. one % the larger import
| ing houses. which Keeps statistics ~
imports. and which has practically
complete figures VI all goods shipped
snto Manila. has kept records which
show the importation Of goods Ia the
value Of Oh. 900. 900 during the year 1897.
Takhng these figures as being cor-
/ rect. there II q trade balance IN favor
Of the islands Of ts5.g9s, go. that being
the excess OF exports over imports.
| The four principal industries % the
islands In tho order named are; Hemp,
sugar. copr and tobacco. The hemp
industry SUPPORTS large proportion
| OF the population OF the southern par,
OF Luxon. and islands to the south.
and according TO the oplnlon OF those
most familiar with the trade. there Il
no danger Of an overproduction. Il II
| all exported and there would seem 10
be nom for the establishment % a
plant for the making OF cordage. There
: practically no rope manufactured IN
the Philippine Islands,