The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-12-26
MONEY OF THE PHILIPPINES
Discussed in the Report of the Brit
ish Consular Agent at Manila.

by liiG 6IlAlSH VICE tOiioOt At 4hhiA4ief a
copy of which has been received by the
treasury bureau of statistics. 1t contains
the following Statements
Gold. The currency of the Philippine
Islands was originally gold, Spanish 'on-
zas' of Charles III and Ferdinand VII
predominating. Small gold coins, with
'Filipinas" inscribed on them. of Idol,
2-dol., and 4-dol. were locally minted at
Manila. and were moi current in Spain. The
Manila mint was open to the public until
1868 for the coming of the above three
pieces at a small charge. Coined gold
principally American double-eagles) was
recoined. Very few ingots, IL any, were
used for this purpose, the operation leav-
ing a clear profit of Is TO 20 per cent. This
practice ceased when exchange declined
heavily and left no profit.
"Silver. Mexican and old Spanish dol
lars, with fractions of the latter, consti-
tuted the silver currency. These Spanish
coins. which comprised the now rare Dos
Mundos" set and specimens of Ysabel II,
together with the imported MeXicans, were
frequently at a premium over the gold dol
lar, similar conditions also existing in the
Island of Cuba. When, however, silver be-
gan to depreciate the gold coin was rap dly
exported and replaced by Mexican dollars.
In 1877 1.-THE goldcurrency was considered
this time a law was passed by the Span
ish government prohibiting the importa-
lion of Mexican dollars, but permitting the
circulation of those that were already in
The island Smuggling from China of Mex
lean dollars dated previous TO 1879 was
carried out during the Spanish regime in
many instances with the aid and knowl-
edge of the Spanish customs and other
officials, Gold consequently left the Island
completely. The dollars fluctuated accord
ing the price of silver as the fiuctuation
reached sometimes 10 to 10 per cent, the
smuggied importation continued until ii
would drop TO par" For instance, during
the export season was money scarce,
Manila rates would rule as high as 10 or
Is per cent over those in Hong Kong and
China, whence the dollars were struggled,
which attracted contraband, while i'm the
autumn the exchange would fall 10 par on
those places, there being frequently an ex-
port of Mexicans at this season to be
again, replaced by smuggled coins when
required.
The government at Madrid il is said. en-
deavored to alleviate this state of affairs,
especially as there was big depreciation
of Philippine as compared with Spanish
silver. but could not act for the want of
funds.
were recoined in Manila and converted
into pieces of 10. 2 0and 50 cents-SS5 fine
ness and % grammes; the treasury gained
10 per cent on this operation, but was
unable TO materially decrease the large
stock of Mexicans. These locally minted
pieces Differed from the Spanish since
their value was stated in fractions of a
peso" thus the 20-cent-piece was in
scribed 40 cent. de peso" while of those
in Spain the inscription read luna peseta"
In 1897 the money question became Sc
rious. and at the commencement of the
Philippine instruction some 100000 of
coins of one dollar EACH 900 fine As
grammes, We're minted in Spain and sent
to the Philippines They were similar to
the Spanish current dollars but were
marked 'Islas Filipinas," and bore the
head of Alfonso XIII. These dollars were
per cent. under the value of the Next
cans Some 100000 or 5000 900 may be
considered as fair estimate of the num-
Der of Mexican circulating in the Philip
pines at this period. Besides this a large
number of half dollars was exported for
use in Morocco-preSumably to pay part
of that country's indemnity to Spain, UNI
ill legilation put an end to the business
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
silver to the Philippine or Mexican silver
- NpilihioiHg dtItBNtu at 81 United STATES
for 81 Mexican or Philippine; but the ex-
change varies at the banks and large
commercial houses according to the value
of the Mexican dollar in London and San
Francisco Mexican dollars. irrespective
of dates, have been recently imported
through the banks in large quantities
There Is a shortage of subsidiary coinage
no fraction of the Mexican silver dollar
having ever been in circulation.
"Notes-Notes of IS, $40, $25, $50 and 800.
and it is believed some few $500 We're is
sued by the Banco Espanol Filipino, and
are still current The notes of 5000 are
now being recalled. This question of notes
is problematical. The American authori-
ties may recognize the privileges granted
by the Spanish government to this bank.
twenty-one years of which are still unex-
PRED
"Copper-In the reigns of the later
Philips and Ferdinands special coins of
2, and y quartos were minted. probably
in Spain, for use in the "ultramaros'
principally in the Philippines. They are
now extremely rare, and are not found in
circulation. The copper coins which We're
current in Spain and issued by Charles III.
Philip V, Ferdinands VI and VII. and
Ysabel ii, were imported into the islands,
They consisted of 2 cuartos. ] cuarto p
euarto or octave" and the 'maravedi'
"a cuarto). The three latter denomina-
tons were Titled used, the Chinese retail
vendors giving counter or token of
turned wood with a bone center, bearing
a Chinese inscription, which was accepted
in lieu of cuartO. In Spain the peso"
or dollar was divided into 20 "reales" Of
s cuartos each, while in the Philippines s
reaies of 70 cuartos composed the. dollar
The pieces of 2-cuartos on account Of
their circulation, both in Spain and after
in the Philippines became almost inegible
often appearing 10 be only round pieces Of
copper. Most of these coins have now
been exported TO Spain or China, to be
used as Old copper q cent and ls-cent of
a peso similar to those now current in
Spain. were imported. Most OF It's ship
ment has gore inland, a small amount re-
manning IN the treasury Small quauti-
ties have also found their way back 10
Spain; as these coins are still current here
they afford the only means OF taking
money 10 the peninsula without losing on
the exchange. Some United States copper
cents, valued at 2 cents local are to be
seem Cents from Hong Kong, Straits