The times., 1900-12-25
A NEW .INSULAR CURRENCY.
4 Question Congress Has Been Asked
to Deal With.

When Congress reconvenes after the
holiday recess it will have two questions
relating to the Philippines come before it
( tor action. In his annual report Secre-
tary Root called attention to the need of
| Congressional legislation on the currency
| question, and providing for the construc-
tlon of a railroad to the mountains of
Benguet, in the island of Luzon. Refer
ring TO reports that President Taft. of the
Fhlippine Commission, had recommended
TO the War Department. that the laws re-
| latlng to the coinage of money in the
United states be applied to the Philip
| pines, secretary Root in his report said:
Much embarrassment has been caused
| Dy the condition of the currency of the
lslaLus. Under Spanish control the bust
ness OF the Islands was transacted almost
entirely by the use of the Mexican silver
dollar Of 3T17 plus grains. The people
OF the country practically know no other
currency. and it is impossible to transact
BUSINESS generally with American cur
rency among people to whom its value
IS unknown. Our soldiers who receive
thelr pay In American currency, and wish
10 spend 1t in the islands. our quarter
masters and commissaries who wish TO
purchase supplies, and all other persons
VINO come into the possession of Ameri-
can money which they desire to use In. the
Islands are obliged to purchase Mexican
dollars. These are worth in the neigh
borhood of so cents American money. but
their price continually fiuctuates with the
market price of silver
Two remedies have been suggested.
One that We should ourselves coin dol
lar for use in the islands of the same
Weight and hneness as the Mexican dollar.
winch snail be permitted equally with that
coin to take its chances with the f,lctua-
ton Of the market but which woul6 re-
lieye us from an embarrassment caused by
limited supply of coin bearing the Mexi-
can stamp. The other suggestion is that
we should coin an insular dollar. which
we shall undertake to redeem in gold at
% cents, and which, being substantially
the same In value and appearance as the
mexican dollar, would pass current in the
Islands. and would as rapidly as il became
the medium Of exchange bring the islands
to gold basis. This matter has been the
subject OF much correspondence and con-
ference, and the Secretary of the Treasury
mas kindly furnished a memorandum upon |
the SUBJECT | urgently recommend that |
Congress shall give authority to follow |
one of The two courses mentioned"
Secretary Root explained that the Sec /
retary OF the Treasury was inclined to |
favor the second remedy and in this he |
concurred
The second legislative act of the Phil
lppine Commission after reaching Manila |
was to appropriate s.. 600 (Mexican) for a
survey of railroad to the mountains of
Benguet, in the island of Luzon Refer
ring to this matter in his report Secretary
Root said:
The proposed railroad, about forty-fve
miles in length. extending from the Manila
and Dagupan road. near the Gulf of Ling
ayen. to the interior will open. at a dis
tance of about 10 miles from Manila. a
high tabieland exceedingly healthy, well
wooded with pine and oak, comparatively
dry and cool. and where the mercury is
said to range at nights i'll the hottest sea
son OF the year between 80 degrees and
go degrees Fahrenheit. The value of such
a place for the recuperation Of troops and
foreign residents will be very great 1t is
he intention of the Secretary of War to
urge upon Congress the early considera-
lion Of these subjects and as soon as the
Army bill Is disposed OF, he will probably
transmit to Congress memoranda from
he Philippine Commission bearing on the
luesticps. He has received a number of
letters from Judge Taft relating to the
money. question, and a statement of the
leed Of currency legislation in the Phil
ppines VIII soon be prepared at the War