The Atlanta constitution., 1900-01-01

consul at Manila, a copy of which has
been received by the treasury bureau
| of statistics 1t contains the following
statements:
Gold-The currency of the Philippine is
lands was originally gold. Spanish ''onzas
of Charles III and Ferdinand VII pre-
dominating Small gold coins. with Fill
ipinas" inscribed on them. of 81. 81 and 81.
were locally mnted at Manila and were
not current in Spain. The Manila mint was
open to the public until 1868 for the coin
ing of the above three pieces at small
charge. Coined gold principally American
double eagles) was recoined. Very Few
ingots, if any. We're used for this purpose.
the operation leaving a clear proht OF
Is to 20 per cent. This practice ceased
when exchange declined heavily and left
no profit.
SiIver-Mexiclr and old Spanish dollars.
with fractions of the latter. constituted
the silver currency. These Spanish CONS
which comprised the now rare "DeS Mum
! dos set and specimens of TSabel ii. to-
gether with the imported Mexicans. We're
frequently at premium over the gold dol
lar similar conditions also existing In the
island of Cuba. When, however. silver be-
gan to depreCiate the gold coin was rap
idly exnortcd an dreplaced by Mexican
dollers. In 1877 the gold currency was con-
sidered a failure owing tn the above rea-
sons. About this time law was passed
by the Spanish government prohlbltlng the
! importation of Mexican dollars, but ner-
mitting the circulation of those that were
already in. the island. Smuggling from
China of Mexican dollars dated previous
10 1879 was carried out during the Spanish
regime i'm many instances with the alu
and knowledge of the Spanish customs
and other officials. Gold consequently iett
Z the island completely. The dollars huc-
I inQ fn .
the fluctuation reached sometimes 10 TO
IL per cent: the smuggled importation
continued until it would drop To par.
For instance. during the export season
was money scarce. Manila rates wouir
rule as high as 10 or 10 per cent over
/ those i'm Hong Kong and China, whence
I the dollars were smuggled, which attract
I 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 smuggling coins when re-
quired.
The government NJ Madrid. it IS said.
/ endeavored TO alleviate this state or al
fairs. especially as there was DIG ue-
probation of Philippine as compared with
Spanish silver but could not act for the
want of funds.
Several millions of Mexican dollars were
rccoined I'm Manila and converted lnto
pieces of 10. 20 and 80 centS-S55 nneneSS
ne, cent on this operation. but was unable
to materially decrease the large stock of
( MfxiCans These locally minted pieces dlt-
I fcred from the Spanish since their value
was stated in fractions of peso.
thus the 20-cent piece was inscribed Ut
cent de peso" while of those in Spain the
inscription read ma peseta.
In 1897 the money question became Sc
rious. and at the commencement of the
Ihilinppine insurreCtion some six millions
of coins of 81 each. @1 fine, II grammcs,
were minted in Spain and sent To the
Philippines. They were similar To The
Spanish current dollars. but We're marked
.'Islas Filipinas. and bore the head OF
Alfonso NIII. These dollars We're per
cent under the value of the MeXicans-
Some seven or eight millions may be con
sidered as a fair estimate OF the number
4 of MeNicanS circulating in the Philippines
M tniS period. Besides this. large num-
her of half dollars was exported for use
i'm Morocco-presumably To pay part of
that cOuntry's indemnity to Spain. until
legislation 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-