The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-12-24

accept deposits both in the money = tn
United States and in Mexican or local
currency. and TO repay such deposits by
checks or otherwise in The kind of money
in which they were made but guarding
the banks against being required to ac-
eept small and improbable deposits in
any currency This act, although unsat-
fsfactoTy to the banks and by them caIled
to the attention Of the War Department,
VAS approved by the War Department as
q useful regulation of banking institu-
tons and has furnished great relief 10
all business men in the islands Nor is
it any hardship upon the banks. 1t simply
depriyes them of a kind of profit which
it was unjust for them to reap, in view
Of the fact that they were gaining 1t by
a discrimination against the money of
the sovereign power in the islands
4 staple Currency Secured.
The effect of the military order re-
ferred to in the former report, authoriz-
ing the exchange of > pesos of local cur
rency for 81 of money of the United
States, coupled with the legislation re-
ferred TO. 10 secure equal facilities for the
deposit and payment OF both curFencies
in the local banks, and the payment of
sums due from the fnsuiar Government
to employees and others mainly in money
of the United States, has been to secure
an entirely stable currency throughout
the islands since the 18th day OF August,
1900, down to the date OF this report, and
il is considered that the securing of this
result has been of very great advantage
TO all the people of the islands At the
present time the value Of Mexican dol
lars as compared with gold is such that
a dollar of money of the United States
is worth something more than pesos
Of local currency; but 1t has been con-
sidered Of such Importance to maintain
I a uniform ratio between the two Temporal
riIy, until Congress shall act upon the
currencg question, that the civil governor
/ has fixed By proclamation the ratio Of
! > to I between the two currencies for
| the ensuing quarter, commencing the LIST
day Of October, 1901
Effect of the Order.
THE effect of this order Will probably
| be that importers and others having taxes
! to pay to the Government will meet those
payments almost wholly in local currency.
/ and thereby The insular Government viii
sustain certain less; that is, it viii
| receive less intrinsic value Than II would
/ if the payments were all required to be
made il gold or if the ratio Of $2-02 or
! $2.04. insUlar currency, to 81. money Of the
! United States had been fixed But Il is
! the opinion of the commission that the
I maintenance of d stable, uniform ratio for
q few months longer viii be of value to
/ the business interests more than sufficient
/ TO compensate for the loss
IF the scheme OF recoinage hereinafter
recommended shall be adopted, the Mezi-
can dollars in the treasury viii be avail
able for Tecoinage. and . large seignioT-
age viii accrue as profit to the treasury
from the transaction, the Mexican dol
lars being available for that purpose.
There has been considerable complaint
that the United States paper currency IN
circulation il the Islands was soiled and
tern. and il was an embarrassment to
collecting officers to receive the currency
and then be unable &c dispose OF it IL
settlement Of their balances with the in
suIar treasury. To remedy this difficulty
and 10 keep the cUrTeley fresh and clean,
and thus render It more wholesome and
likewise more satisfactory to the people
Of the islands. act No 149 VAS passed on
June %, 1901 prov iding that it should be
the duty OF the insular treasurer to hold
rnuJiIated or wcrn-cut notes that came
into his possession and forward them to
the United states Treasury for redemp-
ton in new notes fit for use. and the
treasurer and other officials receiving
money were authorized to receive WON
public dues and 10 receive credit for the
same with the insular treasurer, who
should forward them for renewal, as above
stated.
Proposed New Coinage
Upon the general subject Of currency
for the islands the Commission, after sub
gtantiaIIy .one years further consideration
and study Of the situation. and confer
ences with business men. Tenews the rec
oTnmendation made in its former report
for the coinage of a United States-Fiii-
pIno peso of the value Of half dollar
money o fthe United States. containing q
small percentage less silver than tht
( Mexican dollar the percentage being stIcf
that It's intrinsic value would not at AM
time warrant its export from the island
for bullion with a provision for its con
vertibility into money of the United
States Filipino pesos for 81 in money o.
the United States, together with con
venient subsidiary coins In consIdera-
ton of the details Of such a coinage sys-
ten. the Commission has had the bene-
fit of the advice and assistance of Mr.
Charles A Conant an expert upon th'
subject of banking and finance who came
10 the islands, under your direction, foi
the purpose of aiding the Commission II
formulating a plan fer providing stable
E ana UNIFORM CuIi 1JA li-N l94SA4lf-7- -'--
CoranL's assistance has been of grea
value upon both subjects, banking ans
/ currency
1T is not desirable in our opinion tC
! ATTEMPT TO introduce American gold cur
rency At the present time as the eXeIu-
sfye money Of the Philippines. Such {
course would produce serious disturb
ances in prices and wages Substantially
all the benefits anticipated from the in
/ PRODUCTION of American gold money car
be obtained for the commerce Of tbs
United States and that Of other gold
standard countries by. establishing def
mite relationship between The proposed
silver coin and the American gold dollar
MORE LooTING IN NEW YORK.
Comptroller CoIer Likely TO Have