The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-03

when they are paid in gold take their money
to one Of the banks and exchange it for
local currency. The native will take the
Mexican dollar worth less than 50 cents in
gold, in preference to the United States dol
lar worth 100 cents. If the United States
retain the Philippine Islands special COIN
age of silver dollars might be mnted for
circulation in the archipelago, the same as
the British dollar has been put in circulation
in the Strait Settlements, in 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 general
ly it would have to be accomplished slowly,
and consideration 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 circula-
ton in the Philippine islands, contains for
ty-seven grams of silver 800 fine. The pur-
chasing power of the dollar is the bullion
value of the silver contained in it, and it
increases or decreases In value In accord
ance with the quotations for bar silver in
London which are received every day by
cable in Manila The Spanish government
has sought in every way to favor home
manufacturers and has tried to keep ex-
change rates favorable to Spanish markets.
This was the reason for its prohibition of
the importing of Mexican dollars, the lnten-
ton being to supply the islands with Span
ism COINS 1t has never met the demands
of the country however, with coins bearing
the Spanish stamp, and the merchants and
bankers have been compelled to obtain
needed currency through the smugglers.
There is an issue of $40 100000 of bonds
which was put out by the Spanish govern
ment in July, 1897, and which serves as
first lien upon the customs receipts of the
port of Manila. These bonds were called
'cedulas hypotecaries payable in forty
years and bearing interest at the rate of
per cent. The issue price was g. They were
divided into two classes, called A and b
bonds. The A bonds consisted of $25,OO00O0
isSuable in SPAIN and with interest and
principal payable there. The B bonds COM
prise the remaining $15,000,000, and they
were to be issued in Manila, with interest
bonds, 10000 were underwritten by the
Banco HiSpano Colonial, of Madrid which
was paid Il commission of per cent. OF
the bonds issued in Manila those that
were put out were practically a forced loan.
The Spanish government in Manila received
deposits from private individuals, and, in
effect, it compelled those having money to
deposit TO receive these bonds in settle
ment of their claims against the govern
ment. In this way about $6,0000O0 Of
bonds were hoated in Manila
EXPORTS AND IMPORTS
practically all the export and import trade
of the islands is in the hands of foreigners.
There are few Spaniards engaged in trad
ing, but the bulk of the business in COM
mercial way, is done by British, German,
Belgian and American citizens. These men
do not NEEDLE with the instruction, and
they have been able to maintain friendly
relations not only with the Spanish gov
eminent officials, but with the natives as
we'll The most reliable figures that can be
obtained on exports from the islands for
the year 1897 give the following as the value
at the point of shipment OF the various
principal items: