New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-03

paid In gold take their money to one OF IN
banks and exchange II for local currency , ~
native will take the Mexican dollar worm re
than 20 cents gold in preference 10 the uhi.e9
States dollar worth 100 cents. IF the onl'eu
States retain the Philippine ISLANDS sPec,,o'
coinage OF silver dollars might be minteo lot en-
culation in the archipelago, the same as me
British dollar has been put IN circuia'on III -
Straits Settlements in Hons Kong. and IN otnsr
ports where British interests predon,Ihsas - -
time the gold standard might be pu, IN force u,
the islands but in the opinion OF the pusiness
men generally it would have to be Accompanies
slowly. and consideration would nave 10 " ~, -,
tho fact that they would have to be educated 70
the value of the new currency 1910, l.,
The Mexican dollar in general circu.arros ~ ~
the Philippine Islands contains AZ grammes ol
silver 900 fine The purchasing power OF 'hs
dollar is the bullion value OF the silver con,anGn
IN 1t. and it increases or decreases III Nhu IT.
accordance with the quotations for par SiVel
In London which are received every day py
cable in Manila. The Spanish Government mas
sought In every way to favor home manutac'-
ures and has tried to keep exchange rates Ia
vorabIe to Spanish markets This was the rea-
son for its prohibition OF the importing OF Ny
lean dollars. the intention being 10 supply VIZ
islands with Spanish coins. IT mas never ny.
the demands of the country. however VIZ
coins bearing the Spanish stamp. ana the me.
chants and bankers have been compened "
obtain needed currency through the sHiuse'e''
THE BOND ISSUE
There IL an issue Of S4o,roV" or oon"~
which was put out Dy the spanish 'o''i"''''
In July 1897 and which serves as nrst liz"
upon the customs receipts OF the port OF MD
Mia These bonds were called "ceduas hypote-
carries" payable In forty years, and bearing
interest at the rate Of per cent The issue
price was % They divided into TWO
classes called and bonds. The A ponds
consisted Of sos 100000 issuabe in Spain. and
with interest and principal payable there The
r bonds comprise the remaining Sl5H"o'
and they were to be issued in Manila, with IN
terest and principal payable in Manila. OF the
A bonds $2OOOOOO0 were underwritten by the
Banco Hispano Colonial Of Madrid, which re-
ceved a commission OF per cent. OF the x
bonds issued in Manila those that were put out
were practically forced loan. The Spanish
Government In Manila received deposits from
private individuals and in effect IL compelled
those having money deposit to receive these
bonds I'm settlement Of their claims against the
Government In this way about S6.OOOOO OF
bonds foated in Manila
Practically all the export and import trade
Of the islands is in the hands Of foreigners
There are a few Spaniards engaged In trading
but the bulk of the business in commercial
way is done by British. German. Belgian and
with the instruction. and they have been able
10 maintain friendly relations not only with
the Spanish Government officials but with the
natives we'll. The most trustworthy figures
that can be obtained exports from the ISL
ands for the 1897 give the following as the
face value at the point Of shipment Of various
principal items