The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-11-29

nual growth OF these forests is estimated
at 1.s00,o00.00 cubic feet. about three times
the cut lumber for 1909 in the entire United
States. A [ present more than 80 per cent. OF
this annual growth is going to waste. With
proper treatment il may be made an mex
haustible source of wealth.
The forestry bureau was accordingly or
ganized by the military Governor on the
18th of April. 1900, and placed under the d.
rectiOn OF Capt. George Z. Ahern, of the
Ninth United States Infantry, an officer OF
experience and extensive study in forestry
matters. n small force OF foresters and
rangers was employed, and a careful study
Of the forests was entered upon. On the
9th of June. 1900, the Spanish regulations
were re-enacted with such amendments as
were necessary 10 adjust them TO the
changed conditions, in a general order of
the military Governor, known as general
order No. 90. which went into effect on the
1st of July, 1900, and the issue of licenses
for the cutting of marked trees of full
growth and down timber for firewood and
for lumber, under the regulations and SUI
pervisiOn of the officers Of the forestry bu-
reau, was continued.
CURRENCY AND BANKING.
II beg to call attention to the statements
made in my last report upon the urgent
need of reforming the currency of the Phil
ippines, which is in as bad a condition as is
possible. Time has confirmed the opinion
in which then concurred with the secre-
81 VI NA0 AO0o0A NhoN NHN "A1O -
to coin and pay out for government uses
pesos of a little less than the weight and
fineness Of the Mexican pesos of 377.17- i
grains of pure silver, at the rate of two
silver pesos for one gold dollar, the ratio
now maintained in the islands between
Mexican dollars and American gold dollars,
and TO maintain that same relation between
the new coins and gold by exchanging gold
for them at that rate. L am satisfied that
such coins, being substantially Identical in
size and exchange value with the coins TO
which the people are accustomed, will pass
into circulation, and that as rapidly as this
is accomplished the business of the coun-
try will come upon a gold-standard basis
representing a fixed relation betWeen the
There is urgent need for greater bank
ing facilities in the Philippines. There are
no American banks there, and there Is no
power to create any banking corporation.
The effect of this Is that the banking es-
Establishments which were established under
Spanish rule still monopolize the field,
while American capital is excluded. | rec
oTnmend the extension of the national bank
ing act to the Philippines, with such modi-
f~ications as the circumstances demand.
so urgent is the Importance of action
upon this subject of banking and currency
that I felt justified in sending Mr.. Charles
A. Conant, secretary OF the executive COM
mittee of the recent Indianapolis monetary
conference, TO the Philippines as a special
commissioner to investigate and study the
subject upon the ground, In order that
upon his return he might be able to present
the facts to the committees of Congress
and answer their oral inquiries in a manner
possibly more satisfactory than could be
accomplished by any written or printed
statement. Bills designed to give effect to
the views above expressed, and concurred
IL by the commission. have been prepared
and will be submitted to Congress-.
THE revenues of the Philippine govern
ment during the fiscal year 1901 amounted
to $10,S SIT, 662. 81, as against S6,723. S52.lS dur
ing the fiscal wear 1900, The total eXpendi-
lures during the fiscal year 1901 amounted
to So, 763, S21. 6S, as against $5,21S. SS1.12 in 1900,
making an increase of revenues of over
$4,W0.O00, and an increase of expenditures
of about 81, 500, 900, and a surplus of revenues
over expenditure of $4,053, $40. SO, as against
a surplus Of 81, sos, 471.06 for the preceding
year. OF course the great expenditures
which have been undertaken for public
works, education, insular constabulary, ex-
tension of the judicial system, etc., will
rapidly dispose of this surplus"