Arizona silver belt., 1901-01-10
SPECIAL FILIPINO COIN.
Secretary Gage Oevises a Currency Plan Which Congress is to be
 Asked to Approve.

Asked to Approve.
 A Washington, D. O., special to the Chicago Record, says:
 Secretary Gage has devised a cur rency scheme for the Philippine islands which has received the approval of the cabinet and will be recommended to congress, with request from the president for the legislation necessary to carry it into effect. Trade just now is much embarrassed because of the scarcity of Mexican silver dollars, which for many years have been the standard of value and circulating medium in all the East Indies. This scarcity is due to the presence of 75,- GOO or 80, 900 foreign soldiers in China, who have to be paid regularly Ill the money of their own countries and are compelled to change it for Mexican dollars before it is of any use to them. The Mexican government, realizing that the unusual demand for dollars will soon embarrass business in that country, has taken means to prevent further exportation, and the conse. quence is rise in their value and great scarcity everywhere.
 It IS thought best to provide spe- ciai coin for the Philippines of silver. because they have always been accus toned to use that metal exclusiVeIy and the disadvantage and difficulties that would attend an attempt to Iu troduce our own system of cuIrencJ over there are so great that lhe plan has Doen abandoned. IL Is proposed, therefore, by Mir. Gage to ASK cOngre s for authority to coin all uniImlCt C number Of Filipino dollars bearln, embiemS of lCcdi significance qua esl- uence that they We're coined by Un, United States. Each of these dUllars, or whatever the coin may be called, will contain 45 cents worth of silver bullion, and they will be furnished in unlimited quantities to those who are wiling to pay 50 cents in gold for them. They will also bs redeemable in gold at the option of the holder. The margin of , cents is to give an elasticity to the coin, which will nat uraily advance the price of silver if it Is issued in any great quantities These coins will be disbursed by the government in the payment of its regular expenses at the different army posts in the Philippines at their face value, which is 90 cents iii American coin, and it is believed that they will soon displaee the Mexican dollars, which contain little more silver, and are therefore of greater intrinsic value. At the present price of bull ion the Mexican dollar is actually worth about 52 cents, and the pro- posed dollar will be worth only 45 cents. The proposed coinage would absorb 5000, 900 or 5000, 900 worth of silver month indefinitely, and it is believed that it would eventually take the place of Mexican dollars in China and the East Indies, although the orientals are very conservative and would hesitate to adopt new form of money.
 Senator Towne of Minnesota, when asked today for an expression of opinion on the administrators propo- sition to issue silver coin for use in the Philippines, said:
 ''I do not want to express myself on that subject until I fully understand what the administ proposes, and now only feel competent to say that it is more a confession of ig- norance and incompetency than any thing else. The republicans have al- ways claimed for the gold standard that it should be adopted so that we could have a universal trading money in all parts of the world. The first chance this government has to extend the gold basis in an important com mercial way it backs out and con fesses its impotence. This may be regarded as an expedient, but, even so, it is confession of weakness. It seems to me to illustrate the necessity of establishing the ratio of value of the metals and circulating them as money side by side. It is a bungling move. l will have more to say on this subject in the senate little later.''