New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-25
PHILIPPINE MONEY.
A pIsoRDERED CURRENCY LEFT IN THE
ISLANDS BY THE sPANIARDs

ISLANDS BY THE sPANIARDs
Washington, Dec. "a (SpecIaD.-The money Of the
pb,,npine Islands IL discussed IN a report by tbs
pr,,sh Vice-Consul at Manila. copy OF which
has bcen received by the Treasury Bureau OF Sta.
tlstIcs 1t contains the following statements:
Gold-The currency Of the Philippine Islands vas
and FerdInand VII predominating Small gold coins
with 'FiiipInas' inscribed on them OF one dollar,
Two dollars and four dollars, were locally minted
at Manila and were not current in Spain. The
Manila mint was open to the public until 1853 FOR
e easEss was reco5ed Very few ngos Il any we're
used for this purpose the leaving clear
%hen Exchange declined heavily and ie no proi
SILVER DIFFICULTIES
silver-Mexican and old Spanish dollars with
fractions OF the latter, constituted the silver cur
now rare DOS Mundos" set and specimens o;
Ysabel IT, together with the imported Mexcans.
similar conditions also existing in the island OK
Cuba. When. however silver began to depreciate
by Mexican dollars. In 1871 the gold currency was
considered n failure owing to ths above reasons
About this time a law was passed by the spanish
Government prohibiting the importation Of Mexican
dollars, but permitting the circulation OF those that
Of Mexican dollars dated previous to i7s) ', wa
carried during the Spanish regime. in many
is6 customs M't and other oicias " span
Gold consequently left the island completely. The
the fuctuation reached sometimes 10 TO 10 per cen,
the smusgled importation continued until Il would
season when money scarce, Manila rates would
rule high as 10 or 10 per cent over those In Hong
which attracted contraband. while in the autumn
the exchange would fail to par those places
there being frequently an export OF Mexcans AZ
this season, to be again replaced by smugged coins
when required. The Government Madrid II Is
especially as there was big depreciation OF Pbnie
pine as compared with Spanish silver. but could
Several millions OF Mexican dollars were re,oned
In Manila and converted into pieces Of TO- p and
80 cents.s35 fneness and Is grammes. The treasury
gained 10 per cent on this operation but was IN
able materially TO decrease the large stock OF Mex.
the Spanish since their value stated in ffac-
Gps Of q isn thus tie While cent ont Pse N H.
the inscription read una peseta"
THE MONEY QUESTION BECOMES SERIOUS
In 1897 the money question became serious and
at the beginning OF the Philippine insurrection
grammes. were minted in Spain and sent to the
Philippines; They were similar to the Spanish
and bore the head OF Alfonso XIII. These dollar.
were per cent under the value OF the Mexicans
a fair estimate OF the number OF Mexicans circu.
lating in the Philippines at this period. Besides
for use In MorOcco-presumaby TO pay part Of that
countrys indemnity TO Spain. until legislation put
Americans large amount OF United States gold
was brought by the military. Some difficulty wa:
Cinnamon did not know the values The exchange
Of United States gold or silver for the Philippine
or Mexican silver Is commonly accepted at 81 United
States for 81 Mexican or Philippine: but the ex-
change varies at the banks and large commercial
houses according 70 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 "a a
shortage OF subsidiary coinage. no fraction Of the
Mexican silver dollar having been in circula-
ton.
Notes-Notes OF S. So s25 $50 and 500. and I. Is
believed some few 1900 were issued by the Banco
Sna1 al and cffI
OF 5000 are now being recalled This question OF
notes is problematical The American authorities
may recognize the privileges granted by the Span
ish Government to this bank, twenty-one years
OF which still unexpired.