The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1899-12-01

DO NOT WANT GOLD.
The Merchants and Bankers Of Manila Prefer
the Silver Standard.
The White Metal Does All the Bushes;
OF the Islands-RePOrt Of Edward
W. Harden, Special Commits
sioner Of United States.

Edward ". Harden, special cOmmls-
sioner of the United States, who was in
Manila for several months investigating
the industrial, commercial and fnan-
cial conditions of the Philippine islands,
in a recently published report to the
secretary of the treasury, gives the fol
lowing as representing the sentiment
Of bankers and business men Of the
islands on currency laws:
Currency Laws.
One of the important questions to be
decided in framing laws for the gov
eminent Of the Philippine islands will
be that of its currency. In talking
with business men there was not one
who expressed himself as favOring the
immediate adoption of a gold standard
to take the place of the present cur
rency Of the islands. Several of the
most prominent business men in
Manila, including bankers, gave their
views on this subject, which are sum-
married. as follows:
IL unhesitatingly favor a silver
currency and the free entry Of Mexican
dollars as a necessity. The country at
present is not advanced or civilized
enough for a gold currency. The chief
wants Of the native are grown and sup
piled in the country, and he would find
himself in a very critical situation
we're he to receive in hard cash half
what is now being paid, as though same
were a gold coin; he would still be IN
able to buy more necessities with It, as
his needs are not being supplied by
imports from gOld-using countries. In
a few years, when the natives are more
civilized and in a position to take ad-
vantage OF the cheap prices a gold dol
lar would give to imported goods, some
gradual change to a gold currency
might be discussed, as has been attem-
pied in Great Britain's Indian colonies.
Any sudden change to q gold currency
is not to be thought Of. It would bring
with it a serious dislocatiOn Of trade,
and a heavy reduction in the exports
Of the islands for some years would be
inevitable, as it would be years before
the native could reduce cost Of prOduc-
ton to a price which would allow him
to sell his produce on the basis Of a
gold dollar. Also immense improve
ments would have to be made and CAPT
tai invested in improved labOr-saving
machinery, to enable him to so improve
the produce Of his estates that the in
creased price he could obtain in Europe
for a superior article would recOmpense
him to some extent for the enhanced
cost Of labor and living.
I've consider it would be most
disastrous to agriculturists. The price
of sugar, for example, would drop one
half in value, and render cultivation
impossible on account Of extra cost, as
labOrers, ETC., would insist on getting
their wages paid in gold, and as the
planter could not get more than the
market price for the sugar, he would
be ruined.
3-The huctuatiOn of exchange has
been the result Of a greater demand for
q metallic currency at certain periods
Of the year, at time when the banks
were not authorized to import Mexican
coin, and the mint was not In operation.
To remedy this trouble, it viii be nee
essary to know previously what VIII be
the currency Of the country; If Mexican,
as this is the currency which circulates
in China and the greater part Of the
Orient, its free importation into the