The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1900-06-27

Philadelphia mint was by the same
boat, when she left for New York via
Cuba on the I'd of May.
The actual exchange of the money is
made by the banks which have for
weeks been paying out only American
money, unless the other was eSpecia ly
asked for. In this manner large depoS-
it's of the Porto Rican silver accumu-
lated in their vaults, and ii was this
money which was exchanged first. Mr..
j. y. Sample anu Mr.. w. z. Watson
are the United States treasury agents
who oversee the counting and packing
Of this coin. A Porto Rico peso is worth
about forty-seven cents as bullion, but
the United States Government is pay
ing sixty cents for each one, which was
the same rate of exchange that was es-
tablished by President Mckinley over
L year ago.
In exchange for the half-million dol
lars brought here by the Mcpherson,
she took back 1873, 1873 1-3 pesos, which
altogether weighed twenty-five and
Dne-half tons. The pesos were packed
in kegs, boxes and bags. The kegs held
$4,000 pesos each, the boxes 100000 pesos
and the sacks, of which there were 432
held 1000 pesos each. These heavy
packages were conveyed from the banks
to the steamer in government wagons,
under the guard of soldiers, and it took
several hours to make the transfer.
1t seems, according to the record. that
something over 100000 pesos were
coined; but, according to those who
ought to know. it is estimated that over
100000 pesos are now in circulation
on the island. Until August 1st these
will be redeemed at sixty cents on the
dollar, but after that date they will
only have the bullion value of forty
seven cents.
A strange feature is that Porto Rican
and coins
redeemed. although American cop
pers' are being placed in circulation.
This recalls to mind the fact that at the
time the President ordered the fixed
rate of exchange to be 166 % centavos
for an American dollar, he also provided
that the one and two centavo coins
should be received at par Pennies
soon became very scarce, although the
postoffices all had cart-loads of them.
NO one except the government would
accept them at par, and at first while
plenty Of the coins were in circulation,
IT was an easy matter to buy 166 Porto
| Rican centavos for an American dollar,
and then get 166 cents worth of stamps
| at the postOffice. This was. because of
the two rates of exchange for the same
currency. However, as the pesos are
retired, the one and two centaVo coins
viii soon come to be worth one and two
! cents each, unless they are also re-
deemed.
Much anxiety is being felt because OF
/ the general attempt on the part of the
/ Porto Ricans to charge a dollar. Ameri-
can money for what was formerly sold
| for peso, and to obtain the same rents
| in gold dollars that We're formerly paid
| in pesos. Many Porto Ricans believe
| that thi. state of affairs will come
about, and while this is impossible
! stih the exchange of money viii cause
| no erd of trouble for some time to COM
! 1t will no longer be possible for a per-
! son to make a twenty-five cent pur-
chase throw down a five-dollar bill
and receive $S.0S in Porto Rican cur
rency in change.
ORPEL A. PARKER.