The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-12-26
COINAGE OF THE PHILIPPINES
Interesting Facts About the InsuIar
Circulating Medium.

Philippine islands is discussed in a re-
port of the British vice consul at Manila,
a copy of which has been received by the
Treasury Bureau of Statistics. 1t con-
tains the following statements:
Gold-The currency of the Philippine
islands was originally gold, Spanish ION
zas" Of Charles Ill and Ferdinand VII
predominating. Small gold coins, with
'Filipinas" inscribed on them, of l dollar,
, dollars and 4 dollars, were locally mint
ed at Manila and were not current in
Spain. The Manila mint was open to the
public until 1868 for the coinage Of the
above three pieces at a small charge
Coined gold principally American double
eagles was recoined. Very few ingots, if
any. were used for this purpose the oper-
alton leaving a clear profit of IS to 20
per cent. This practice ceased when ex-
change declined heavily and left OF profit
Silver--Mexican and old Spanish dol
lars, with fractions Of the latter, con-
stituted the oliver currency. These Span
ish ccirs, which comprised the now rare
Dos MUndos" S.: and specimens of Ysa-
be- H., together with the imported Mex
leans, were frequently at a premium over
he gold collar. similar conditions also
existing in the island Of Cuba. When.
however, silver began to depreciate the
gold coin vas rapidly exported and re
placed by Mexican dollarsC In 1877 the
gold currency was considered a failure,
owing to the above reasons. About this
time a law was passed by the Spanish
government prohibiting the importation of
Mexican dollars, hut permitting the cir
culation OF those that were already in
tie island. Snug Cling from China Of
Mexican dollars dated previous to 1879
was carried out during the Spanish re-
gime, IN many Instances with the aid and
knowledge of the Spanish customs and
other officials. Cold consequently left the
island completely The dollars fiuctuated
according to the price OF silver as the
fuctuation reached sometimes 10 to Is per
cent; the smuggled Importation contin-
ued until it would drop to par" For
instance, during the export season, when
money was scarce, Manila rates would
rule as high as 10 or Is per cent over
those in Hong Kong and China, whence
the dollars were smuggled, which attract
ed contraband, while in the autumn the
exchange would fall to par on those
places, there being frequently an export
Of Mexicans at this season, to be again
replaced by smuggled coins when required.
The government at Manila, 1t is said. en-
deavored to alleviate this state Of affairs,
especially as there was a big deprecia-
% pbi1ioDira cd v-itb
ish silver, but could not act for the want
Of funds Several millions of Mexican
dollars were re-coined in Manila and con-
verified into pieces Of 10, % and so cent
.835 fineness and % grammes; the treas
ury 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
inscribed 400 cent de peso" while on those
in Spain the inscription read luna pseeta."
In 1897 the money question became serious
and at the commencement of the Philip
pine instruction some 900 coins Of
1 dollar each. 800 fine, As grammes. were
minted in Spain and sent to the Philip
pines. They were similar to the Spanish
current dollars, but were marked "Islas
Filipinas," and bore the head of Alfonso
Kill These dollars were per sent I'M
der the value Of the Mexicans. Some
100000 or S,0OO,0o0 may be considered as a
fair estimate Of the number of Mexicans
circulating in the Philippines at this
period. Besides this, large number OF
hal IN,
occo-presumably to pay part of that
cOuntry's indemnity to Spain, until legis-
lation 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 ma
tives and Cinnamon did not know the
values. The exchange of United States
gold or silver to the Philippine or Mex
lean silver is commonly accepted at one
dollar United States for two dollars Mex
lean or Philippine; but the exchange var
les at the banks and large commercial
houses according to the value of the Mex
ical 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 frac-
ton of The Mexican silver dollar having
ever been in circulation.
Notes-Notes Of 5 dollars 10 dollars, .
dollars 80 dollars and 100 dollars. and. It
is believed. some few of 200 dollars. were
issued by the Banco Espanol Filipino.
and are still current. The notes Of 200
question Of notes is problematical The
American authorities may recognize the
privileges granted by the Spanish gov
eminent to thi shank. twenty-one years of
which are still unexpired.
Copper-In the rejgns Of the latter Phil
ipS and Ferdinands. special coins Of .
and Z Quartos were minted. probably in
Spain, for use in the "Ultramaros' tprin-
cipally in the Philippines. They are now
extremely rare, and are not found in cir
The copper coins which were
current in Spain and issued by Charles
III. Philip V Ferdinands VI and VII.
and Ysahel H.. We're imported into the
islands. They consisted Of cuartos.
cuarto. i cuarto or octave" and the
"mar2vedi'' ~ quarto). The three latter
were little used. the Chi
nese retail vendors giving a counter or
token OF turned wood With a bone center.
bearing q Chinese inscription. which was
accepted in lieu OF a Cuarto. In Spain
the peso or dollar was divided into
p ''re5les" Of 5 cuartos each. while in the
reaIes of - cuartos COM
posed the dollar. The pieces q 2-cuartos,
on account Of their circulation both in
Spain and after in the Philippines. became
almost u'eEible. often appearing % be