New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-08-05
NOW ON A GOLD BASIS.
vICIssITUDEs OF SAN DOMINGO CUR
RENCY-CONFUsING COINAGE.

RENCH-CONFUSING COINAGE.
San Domingo July u (speciaD-The National
Congress OF San Domingo has at last adopted
gold basis, after much discussion. in which there
were agtated advocates OF Mexican silver The
act which has just become law hxes the value of
the national coin now in circua ton There is no
provision for the redemption of the coin. and the
dollar contains only nine cents worth of silver
Notwithstanding this fact the dollar commands
price of 2l2 cents which Is 2iz cents more than
the law declares its value 10 be This anomaly In
finance, wherein neither the bullion value nor the
decree of bankrupt government keep the
dollar down. is due to the peculiar conditions ex-
isting- There are no banks in the republic few
roads and only two short railroads. Exchange or
commerce between the cities is impossible. AS
result difficult to get together any amount OF
national silver The larger merchants conduct
transactions in American money, and 40 not &C
cumulate Dominican money, The natives, on the
other hand, use the national money almost eX-
cusively and keep II well scattered. In the sugar
grinding large sums are required weekly for
the payment of labor. and the natives will take
nothing but national silver there is demand for
II in large quantities, the sugar planters must
pay what is asked The grinding season is now
over, and there is every indication that the money
viii approximate its bullion value. The act is as
follows:
Whereas 1t is necessary for the Republic Of san
Domingo 10 settle definitely the value OF the ma
tional money, the end that il shall circulate as
fraction Of the gold money ana.
Article / All business transactions and all pay
ments shall be effected on the one basis Of gold
money, taken at the basis at which gold is current
Article II After the publication of this decree it
shall be IN full force and effect, and the term one
dollar" shan mean one dollar american gold
there will be kept in circulation the silver money,
and for the smaller transactions nickel and copper
in circulation shall be follows:
"a The piece of silver Of the issue of 1881 stamped
) francs shall be worth 40 cents gold and the
fracti0ns thereot IN proportion. 90 +e5
dollar shall be worth 20 cents gold and the
fractions thereof IN proportion
denomination of 21z cents shall be worth L cent
gold, and the coin stamped IA cents shall be worth
4 cent gold.
Id The piece Of copper of the issue of 1891 which
is stamped 10 cents Of a franc shall be worth
cent gold and the coin stamped cents OF franc
shall be worth Z &c II gold
Article Y. Payments made in national, proVlnclaii
and city offices and in individual transactions ana
obligations in writing and in accordance WITH Win Jt
dicial DEGREES shall be made in American golo 10
the extent Of 70 per and 80 per cent in ma
and OF This 30 per cent 50 per cent shall be accept
able in nickel copper at the ratio pI escrlheo,
in payments exceeding so more than 50 per cent IN
national money or American silver, except oy pre-
Article VII This decree shall not affect contracts
made prior to its passage All laws inconsistent
with this act are hereby repealed
This legislation gives some stability to the cur
rency but other remedies are necessary. The Sill
yer dollar Of full size and weight may drop TO It's
bullion value OF cents, and even II II should
remain at % cents II is entirely bulky for 20
cent piece. The Dominican 10 cent piece and the
% cent piece are identical in size, weight and
color. and this is confusing. The dime has less
than cents worth of silver in it, and the 22 cent
piece contains almost no nickel AT all. Both have
The alloy. and il is hard to distinguish one
from the other There a 40 cent piece and a %
cent piece that identified only by close eAtili
nation ard the CoDDer money is OF the size and
weight Of the old American COppers PROBABLY the
worst feature Of the dollar is that II was lssue5
under concessions to leading business houses, anu
ideas differed TO the quantity or silver SILVER
dollar ought TO contain
The issue of 1897 was made through concessions
four business houses, Wnlcn pun IeSpeCL,HciSs
& Q and 10 cents worth of silver in the dollar
so that if that coin should drop 10 bullion value
II would still be uncertain quantity rms act
- co1grass viii nroba bIv suggest other measures
correcting these irregularities. The United StaIeS
money is in general circulation. driving out she
il has some vicissitudes. The fluctuations OF Ihe
national money naturally affiict the ignorant ana
they attribute the cause TO the Instantly 81 amer
lean gold, and refuse IL some one star d
panic in American silver ceFtlhcates. WIN tiIe
statement that they were not legal tender IN the
United States and that they clrculateu oniy al .
r1er cent discount. An Arabian pedler at MaCorls
accepted new American cent FOR & % golCFN mere
was a great demand for one cent pieces until the
The people assumed that they were bogus, ana
went o the other extreme ana refused lHein'
NIra0uaIIS c4t u TTT,jrs5
The report OF reciprocity treaty Win the CilIvu
States was received the capital with manifesto
tons approval quite surprising considering me
general anti-American sentiment; ne I-lslIl
Diario the leading daily. says that the Govern
rnent is 70 be congratulated on forming close com
rnercial compacts with the United states, ana eA-
amicab Bile and mutually prohtabl The treaty as
outlined however. is not calculated 10 give san
Domingo substantial boom; a. tne arm r.
siOus are not sufficient materially TO encourage the
principal industries, and foreign capta Is $40" III
0Deuinz I'D more profitable enterprises. sucn a.
cotton. for which there Is practcally 1ree huro-