The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-25

States have heard a great deal in the past
four years The business of the archi-
pelago. it appears. has long been trans
acted on the basis Of the Mexican doilar,
The people OF the islands know no other
currency, and the Americans dollar mas
not the attraction for them that has
for those for whom it was originally
coined. Persons receiving American money
are compelled to purchase Mexican col
lars, which IRE worth about ~ Genus III
the money OF the. United States. Mexican
dollars are becoming very scarce IN the
archipelago, and it is probable that lcgis-
lation by Congress will be necessary to
prevent financial strinsency ana distress
in the islands. Under the circumstances,
the Secretary of the Treasury Is OF the
opinion that the simplest and most erect.
i've remedy is the coinage by the United
States OF an 'insular dollar" OF the same
value nnd appearance as the Mexican DOL
lar. Such coin, he is conhdent' would
prove acceptable to the Fllpinos, ana
would, as fast as it became the medium OIL
exchange, bring the islands to a solu DR.
sis The Philippine Commission urges
early action by Congress, and as Presl-
dent Mckinley and his Cabinet are con-
WINGED that steps must be taken III ac-
cordnnce with the commissions recon-
mendations, it is likely that our minis
will soon be set to work coming genuine
"50-cent dollars" In view OF secretary
Cages well-known antipathy TO such
coins, it is to be regretted that the eNi-
gences of our colonial administrator re-
uuire the adoption of a tinancial polcy
which must be very distastelui 10 MN
and to other officials Of the government
Baltimore Sun.
1t seems to us that our free silver friends
might study these facts to their proilt.
The Light is still firing at Northa.np-
tons officers for not publishing the county
expenses This is rather q popular re-
quest that the Light is making. There is
no doubt that the officers are eXpending
the county funds judiciously, but it is
generally a source OF considerable salts
faction to the people to know just now
the taxes are applied.-Farmer and Fisher
man.
Quite so. Let the Light continue to
shine.
.srhree bills have been introduced in the
New York Assembly," says the Evening
Post (which have the Governors support,
to change the tax laws of the State. Ihey
are, first, a bill taxing corporations gen
orally at the rnte of II per cent. annu-
ally on the maximum OF capital stock en-
ployed; second, a bill taxing insurance
companies of all kinds / per cent. on all
capital. surplus, or reserve fund, in adj
dition to the tax now imposed OF five
tenths of per cent. on the gross amounts
of premiums; and third, bill taxing
savings banks per cent. on their surplus
1t is believed that the three bills. II en-
acted, would add s5,7o0,000 to the State
revenue Two other measures IRE in con-
temptation, one to tax trust companies l
per cent. on their surplus, and the other
to tax banks other than savings banks at
the same rate on their surplus. 1t Is sud
that If these five bill are passed, and II
the Governors recommendations for re-
ducing expenses are carried out, the state
will have sufficient revenue to dispense
with the general property tax. winch IS
mostly tax on real estate, and can adopt
the rule of local option. This means that
the counties will no longer be required
to contribute a lump sum to the State, as
fixed by the Board Of Equalization, but
that each county can adopt such system
us it chooses to raise its local revenues
provided the same is not in conflict with
the laws of the State.