Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-25
A DISORDERED CURRENCY
Kinds Of Money in Circulation in the
Philippines.
History and Discussion in a Report by
the British Vice Consul
at Manila.

| The money of the Philippine Islands Is
| discussed in report by the British vice
| consul at Manila, a copy of which has
| been received by the treasury bureau Of
| statistics 1t contains the following state
| ments:
| The currency of the Philippine Islands
was originally gold. Spanish "onzas' of
Charles III and-Ferdinand VII predominant
| ing. Small gold coins, with "Flipinas'' in
scribed on them, of 81, 50 and $4 were
locally minted at Manila and were not
current in Spain The Manila open to
| the public until 1868 for the coming of the
above three pieces at small charge
Coined gold principally American double
eagles was recoined. Very few ingots, If
any, were used for this purpose, the opera
ton leaving clear profit of IS to 70 per
cent. This practice ceased when exchange
declined heavily and left no profit.
Silver.
Mexican and old Spanish dollars. with
fractions of the latter, constituted the sill
yer currency. These Spanish coins, which
comprised the new rare Dos Mundos' set
and specimens of Ysabel II, together with
the imported Mexicans, were frequently at
a premium over the gold dollar, similar
conditions also existing in the Island of
Cuba. When. however silver began to de-
preciate the gold coin rapidly exported
and replaced by Mexican dollars. In 1877
the gold currency was considered q failure
owing to the above reasons. About this
time a law passed by the Spanish
government prohibiting the importation of
Mexican dollars, but permitting the circu-
lation of those that were already in the is
land. Smuggling from China of Mexican
dollars dated previous to 1879 was carried
out during the Spanish regime in many in
stances with the aid and knowledge of the
Spanish customs and other officials. Gold
consequently left the island completely.
The dollars fuctuated according to the price
of silver, as the Huctuation reached some
times IL to 10 per cent; the smugg!ed i'm
portatons continued until it would drop to
par. For instance. during the export sea
son money was scarce. Manila rates would
rise as high IT. or il per cent over those
in Hong Kong and China, whence the dol
lars were smugsled, which attracted con-
traband, while i'll the autumn the exchange
would fall to par on those places, there
beng frequently an export OF MeNlcahs at
this season to be again replaced by SNUG
Sled coins when required.
The government at Madrid, it is said, en-
deavOred to alleviate this state of affairs,
especially as there was big depreciation
of Philippine as compared with Spanish sill
Yer, but could not act for the want OF
funds.
Several millions of Mexican dollars were
recoined in Manila and converted into
pieces of 10. 20 and 50c.-SG3 fneness and
p grammes; the treasury gained 10 per
cent this operation, but was unable to
materially decrease the large stock of Mex
leans. These locally minted pieces differed
from the Spanish since their value
stated in fractions of peso; thus the
2oc piece was inscribed 40 cent. de peso
while of those i'll Spain the inscription read
una peSeta-"
In 1897 the money question became seri-
Gus, and at the commencement of the Phil
ippine instruction some G,00oO00 of coins
of dollar each. 900 fine, IL sramnes, were
minted in Spain and sent to the Philippines.
They We're similar to the Spanish current
dollars, but We're marked isles Fiipinas,"
and bore the head of Alfonso MIL These
dollars were per cent under the value of
the MeXicans. Some seven or eight millions
may be considered fair estimate of the
number of MeXicans circulating in the Phil
ippines at this period. Besides this, a large
number Of half dollars exported for
use in Morocco-preSumably to pay part of
that country's indemnity to Spain, until
legislation put an end TO the business,
American Gold.
On the arrival of the Americans a large
amount Of United States gold was brought
by the military. Some difficulty was ex-
perienced at the beginning, as the natives
and Cinnamon did not know the values.
The exchange Of United States gold or ST.
yer to the Philippine or Mexican silver is
commonly accepted at one dollar United
States for two dollars Mexican or Philip
and large commercial houses according to
the value of the Mexican dollar in London
and San Francisco. Mexican dollars ire
Spective of dates, have been recently i'm
ported through the banks in large utlanti-
ties. There is a shortage of subsidiary
coinage, no fraction of the Mexican silver
dollar having ever been in circulation.
Notes.
Notes of dollars, 10 dollars % dollars,
30 dollars and 100 dollars and ii is be-
lieved, some few 200 dollars, were issued bv
the Banco Espanol Filipino, and are still
current. The notes of 200 dollars are now
being recalled. This question Of notes is
probematical. The American authorities
may recognize the privileges granted by lue
Spanish government TO this bank. twenty
one years of which are still unexpired.
Copper.
In the reigns of the later Philips and Fer
dinands special coins of .. / and u quartos
were minted probably in Spain, for use in
the "Ultramaros'' principally in the Philip
Pines. They are now extremely rare, and |
are not found in circulation. The copper
coins which We're current in Spain and is |
sued by Charles III, Philip V, Ferdinands |
vi ana VIZ and Ysabei II We're imported |
INTO the Islands. Tney consisted of , GUAR
tos, cuarto, y cuartO, or Octave" and |
The "maraveai" q Cuarto), The three lat |
ter denominations We're little used the Chi |
neSe retail vendors giving Il counter or |
token of turned wood with a bone center, |
bearing a Chinese inscription, which was |
accepted in lieu of a cuarto.
In Spain the peso, or dollar, was di- |
vided into % 'reaes'' of cuartos each. |
while in the Philippines reales of % Guar |
tos composed the dollar. The pieces of . !
cuartos, on account of their circulation, |
both in Spain and afterward in the Philip |
pines became almost illegible, often APP |
pearing to be only round pieces of copper. |
Most of these coins have now been export |
ed to Spain or China to be used as old cop |
per. A short time before the late war five !
laos of dollars in copper coins q cent and Il |
cent of a peso), similar to those now cur |
rent in Spain. were imported. Most of this |
shipment has gone inland, a small amount !
remaining in the treasury. Small auanti- !
ties have also found their way back to |
Spain. AS these coins are stiu current |
there, they afford the only means Of taking |
money to the peninsula without losing on |
the exchange. Some United States COPPER
cents, valued at . cents local, are. to be |
seen. Cents from Hong Kong, Straits Set |
tlement and adjoining British possessions |
are also to be met with, owing to lack of |