New-York tribune., 1900-04-20
AFFAIRS OF PORTO RICO.
FURTHER SAFEGUARDS FOR FRAN
CHISES PROPOSED-EXCHANG
OF MONEY
IBY TELEGRAPH TO THE TRIBUNE

Washington, April 1s-The Senate to-day passed
the joint resolution TO provide for the administra-
tion of civil affairs in Porto Rico pending the ap-
pointment and qualification Of the civil officers
under the law. The resolution is to be con-
sidered a special meeting of the House Com
mittee Insular Affairs tomorrow morning.
Chairman Cooper and several other members OF
the committee In favor of amending the reso-
luton SO TO restore the safeguard against I'M
proyident granting of public franchises which was
removed by the amendment of Senator Money to
the Porto Rcan act. The provision struck out or
the bill Senator Moneys motion required the
approval of all such franchises by the President OF
the United States In order to make them valid and
operative. Some members OF the 1nsular Com
mittee as we'll as other members of the House OF
Representatives also in favor of Incorporating
in the proposed amendment. If possible provision
that all franchises for railroads. telegraph and
telephone lines. water power and eiectrlc hght
companies and other public utilities shall be cond-
toned on payment of suitable compensation INTO
the treasury of Porto Rico by the grantees. we
ought fix this matter right at the very peBih-
ming" said influential Representative to-day,
who added Il read the editorial on that subject
in The Tribune this morning, and fully agree Win
the views therein expressed
The business men of Porto Rico as we'll as those
of the United States who have dealings with them
will rejoic, to learn that the Treasury Department
has already perfected the machinery and arrange
ments for the retirement OF the Porto Rican coinage
and currency and the substitution therefor Oh
States money The total amount OF the Porto fticah
coinage is estimated at 100000 TO 100000 pesos a
large. proportion OF which is represented In the
circulation by paper currency which Of course Will
also be retired The exchange is to be made al the
rate of peso co cents of United States money
will require from s3ooooo to s36oOoO of the la-
ter The Spanish Bank holds a good deal OF the
native money as a fund for the redemption OF its
circulating notes =, So,
The work of making the exchange viii be done one
by James A. Sample. chief of division in the
Office OF Treasurer Roberts. and W. p Watson or
New aDDOnted auditor
Rico year. but compelled to relinQulsh the
Office account Of i'll health. They will proba ply
start for Porto Rico on SATURDAY CARRYING with with
them the first lnstaiment of United States money
for purposes of exchange. The shipment will con-
sst OF gold and silver coins and certificates and
subsidiary silver and minor coins The total amount
of this instament will be 100000. The Porto Rican
coins received in exchange will be brought to the
United States and recoined into United States
money 1t is not expected that the exchange will
consume much time the act under which ii Is
be effected provides that from and after three
months after the date when this act shall take
effect coins shall be legal tender In payment Of
debts thereafter contracted for any amount in Porto
Rico except those of the United States The
three months Will expire August 12 The act
also provides that all debts owing the date when
II takes effect CMay y shall be payable either in
the coins of Porto Rico In circulation in
coins Of the United States the rate co cents
q