The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-31
MONEY Of PHILIPPINES.
GOLD LEFT TEN ISLAND COM
PLnTnLr AND SILVER USED.
Mexican silver Dsllnrs Formed .
Large Percentage Of the Coinage.
Even when IL HAD 70 he snug-
glsd - Anerfcans Carried Colo.

Special Dispatch to the Post-Intelligence
WASHINGTON, December 30. The
money Of the Philippine islands II dis
cussed In report by the British vice con-
sui at Manila, copy OF which has been
received by the treasury bureau Of stalls
tics. 1t contains the following statement:
"Gpld-The currency of the Philippine
Islands was originally gold, Spanish ,'onzas'
Of Charles III. and Ferdinand VII pre-
dominating. Small gold coins, with Fill
pinas' inscribed on them, Of 81. n ana H.
were locally minted It Manila and were
not current in Spain.
1.-THE Manila mint was open to the public
until 1855. for the coming of the above
three pieces, at q small charge. Coined
gold principally American double eagies)
was recoined, Very few ingots, II any.
were used for this purposs. the operation
s sa clear Of bs y to 3 pss
clined heavily and left no profit.
Geld Left the Island.
''Silver-Mexican and old Spanish doll
lars, with fractions OF the latter, constt-
tuted the silver currency. These Spanish
coins, which comprised the now rare 'Des
Mundos set and specimens OF Ysabel H..
together with tho imported Mexicans,
were frequently at a premium over the
gold dollars, similar conditions also exist
ing In the island Of Cuba. When, however.
silver began to dcpreciate the gold coin
was rapidly exported and replaced by
Mexican dollars. In 1877 the gold currency
above reasons. About this time a law was
paused by the Spanish government pro-
hibiting the importation Of Mexican doll
iars but permitting the circulation Of
Smuggling from China of Mexican dol
lars dated previous to 1879 was carried
out during the Spanish regime. in many
instances with the aid and knowledge Of
the Spanish customs and other officials
Gold consequently left the island COM
pletely. The dollars fluctuated according
to the price of silver a. the fiuctuatIon
smuggled importation continued until it
would drop to par For instance, during
the export season money was scarce, Ma
per cent over those in Honskong ana
China, whence the dollars were smugRicd,
which attracted .contraband, while in tho
autumn an mn. the Eek. exchange would faIl to par
an export Of Mexicans at this season, to
be again replaced by smuSgled coins when
"The government at Madrid. II IL said. en-
deavored to alleviate this state Of affairs,
especially a. there was big depreciation
OF philippine as compared with Spanish
funds. y
= Recoined Mexican Dollars.
Several millions Of Mexican dollars were
PIECES Of 10 % and 50 cents. ss5 fineness
cent. on this operation, but was unable to
materially decrease the large stock Of
Mexicans. These locally minted pieces DIFF
fered from the Spanish since their value
was stated In fractions Of peso thus
the oo-cent piece was inscribed Decent de
peso while of those in Spain the inscrip-
ton read una peseta.'
I'm 1887 the money question became seri-
Gus, and at the commencement OF the
Philippine instruction some 100000 OF
coins Of 81 each, 900 fine, Is grammes were
minted In Spain and sent to the Philip
pines. They were similar to the Spanish