The herald., 1898-12-30
com CURRENT IN CUBA
GIVEN STANDING By ORDER OF
M'KINLEY
THE MINT VALUE. is IGNORED
And the Spanish System of Initiating
Gold Coins Permitted to Continue
Temporarily
Associated Press Special Wire

WASHINGTON, Dec. 29.-After a con
ference today with Robert z. Porter, special
commissioner of the United States to Cuba
and Porto Rico, the president approved
the following executive order, which had
already been signed by Secretary Gage in a
measure regulating the financial system In
Cuba:
washington, Dec. 49, lS9S.-It is hereby
ordered that on and after January l, 1899,
and until otherwise provided, all customs,
taxes, public and postal dues in the Island
of Cuba shall be paid in the United States
money or foreign gold coin such as the Span
ish Alphonsinos (centen) and the French
Louis, which will be accepted in payment OF
such customs, taxes, public or postal dues
at the following rates: Alphonsinos, %
peseta piece, S4.S2; Louis, 70 franc piece,
1886.
"That all existing contracts for the pay
ments of money shall be payable in the
money denominated in such contracts, and
where French and Spanish gold shall be the
stipulated money of payment, they shall be
received in their present decreed inflated
values j. e.: Alphonsino Us peseta piece)
$3.50; Louis GO franc piece $4.24, or in
United States money at the relative values
set forth in the above table, namely: "a S2
for Alphonsinos Cos peseta piece), and 1886
for Louis go franc piece).
IL is luTlueT OTutItQ tldt YIN anu eIeCi
January l. 1899, and until further provided,
the following Spanish silver COINS now IN
circulation in the Island of Cuba shall be
received for customs, taxes, public and pos
tai dues at the following fixed rates in Amer
lean money: The peso 90 cents; medic peso,
30 cents; peseta, IL cents; real, six cents;
medic real, cents. !,
"Bronze and copper coins now current
in the Island of Cuba will be received at
IL. e.. ,,l ante Nf
a dollar, in a single payment to an amount
not to exceed II cents. one peseta.
CIVILIAN M'KINLEY,
Executive Mansion
SPANISH INITIATION
In the course of his report, upon which
the presidents order is based, Mr. Porter
says; says; : 49,, a.. on,,.
one likely to cause any trouble is that arising
from the imitation by royal decree of the
Spanish 25 peseta, popularity known as Al
fonsinos or centins, and the subsequent In
6ation of the French 20-franc pieces, So
called Napoleons, which have been given
legal value of S424 and decreed since 1898
las legal money. The Spanish authorities
at Madrid, having thus inflated two gold
coins six per cent above their current value
and about ten per cent above their intrinsic
value,-for the mint value of these two coins
is 4776 and S3S20S respectively-the United
States authorities at Washington are now
called upon. to initiate third gold coin and
make the American eagle worth Sll in
Cuba and our $5 gold piece current there at
$3.50. As temporary measure this may
have some Justification, and statements from
Cuban bankers. planters and business men
as to evils of disinfation at this time have
= certain degree of plausibility. The pro-
cess however, is entirely artificial, and as
~x-l,a e 1ox,
must be undone some other day, the prac-
->tical question would seem to be how to dis
>fnHate these two coins with the least posi-
f> disturbance to mortgages, contracts,
rs and all classes OF existing agreements
q money. Current matters will adjust
lno care of themselves. 1t is generally
The hat all transactions in Cuba since
the 5eS the war have been made with
cont con ;nne nt the United States would not
tbn ma ,c< e4al decree of Spain and that
nearanre M @ ~ I'D collapse with the disap-
able That tbis72l<h rule. 1t is not prob
%i;Sbod nH. .pav w;thn, thns atment can be accom-
u and a slpbt M,tttofT finas sFhip to some debtors
not. not however spi ip apprsI Sisturbanee. 1t is
will be as great as SOM ~. tnt srouoie
THAT the planter viii ~ S1s3.i.iclpateu, ~
denied, but the advent Of tkS f7e;ttdI taIi3. oe
into Cuba will tighten so manv ~ IL S'aves h,'
dens that his condition is not Wifhont houa ooa
All the customs duties on his imnoS<sa' ~ /;
supplies have been reduced and many ir,,eo.'. rvUu
tant commodities put upon the ffre ~
Ills sugar machinery has been reduced x
III per cent ad vaorem, his locomotive anS
railroad supplies to 20 per cent, and all alonS
the line the taxes have been cut down. H
Is not probable that his land tax will be
collected during the present fiscal year.
while the return of peace, establishment OF
law and order and protection of property
Will immeasurably improve his lot IT,
therefore, the sugar planter of Cuba will
gauge the present outlook by glance back
ward and compare it with his condition Ia ct
year at this time, he may face the new wear
with less gloomy premonitions as to his
future than some of the testimony taken
by, your commissioner on the effects of dis.
imitation would Indicate"