Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-11-18
Manila Correspondence.

Pine islands from the sixteenth centur
conditions of Spanish rule to those o
modern progressive commercial coun
tries will be recommended to congress
ty the Philippine commission III thei
annual report to the war department.
The commission is now holding dali
sessions, perfecting recommendations T.
De made, both in regard to a stable gov
nent ard the measures regarding coin
age, banking and granting of franchises
which are essential to economic prog
fess. There is some question whether
complete form of civil government vii
be recommended at the present time
me commission has succeeded SO well
with the aid of the three Filipino mem
bers recently appointed, and there is 81
much which calls for radical action, tina
the present form of government ma!
prove most effective and desirable 70
several years to come 1t is possible
however, that a definite promise of ;
popular assembly will be recommended
to congress, with date fixed on which
TIE new institutions shall be put in oper
/ alton. The people are far from ready
for independent political action. The in
surrection has derived its support no
Itpfll lUe cOnNICllci VI lHQISl I'D
tives that the islands should be indie
pendent but from the leadership of one
or two men in each hostile locality
whose word has been law to their vii
lagos. The conception of individual pc.
! lititical action and the initiative in pub.
/ lie measures is far removed from the
mind of the mass of the natives. Many
/ OF them could not tell the difference be-
tween independence and dependence II
they We're asked.
/ 1t was the mission Of Governor Taft
! and his associates in their tour thru the
| provinces during the spring and sum-
4 mer to convince the leading men that
! the United States proposed to establish
/ here 4 reign of justice and liberality
| toward the people, as we'll as reign OF
/ law. The governor and his associates
succeeded remarkably well in their pur-
! lose and the masses confidently followed
| the suggestions of their leaders. How
| far these leaders shall be admitted to
| share in the government is problem
| which the commission Is considering.
| .-key are willing to go just as far as the
| requirements of stable and honest gov
eminent will permit, and definite as
| surance of some step in this direction
will probably be recommended to con-
6ress.
Among the most important economic
problems which will be submitted to the
discussion of congress are coinage,
banking and the granting of franchises
te corporations. The reliance upon the
Mexican silver dollar as the tool of ex-
change has not proved satisfactory
Dollars were drained away when the
forces of the powers We're massed IN
China a year ago, and they have floWed
back now that the dollar has fallen be-
low so cents in American gold. me
project outlined by the commission last
wear will undoubtedly be recommended
again with more careful consideration
OF details and of the means OF making
the plan work. This project involved
the coinage of a distinctive Filipino sill
iver dollar 10 be maintained at the fixed
rate of so cents in American currency.
II Is not thought desirable TO introduce
American currency exclusively. now
ever. because of the effect 1t would nave
on prices and wages. especially OUTSIDE
Of Manila. Here in the city American
money circulates freely and the most IL
norant newsboy or cabman understands
that an American 10-cent piece Is worth
exactly the same as the big Spanish Pc
s.ta. which was once worth 20 cents. Inc
nroposed Filipino dollar could ready be
maintained at .he rate fixed for the gov
eminent by the two methods of limiting
the coinage and setting up gold re-
serve. Most of the bankers and business
men here favor such plan. few, like
Mr.. Dram, of the Hong Kong Shanghai
Rank. prefer that the nints shall be
eren to free coinage of the new ooilar,
aud that the country shall remain on
silver basis.
The Americans believe for the most
part that limited coinage by the gov
eminent. which would keep the pro-
posed dollar UP to fixed value III goid'
would tend to promote American trade,
because of the simplicity OF the reia-
ton between the two kinds of currency.
A gold reserve is not likely to cost any
thing to the Philippine treasury, pc
cause is can be derived from the seig-
norage on the coinage of silver puiilon
or on the coinage of some OF tne
Mexican dollars which are afloat here.
If the experience of Japan, Russia ana
british india are of any value the adop-
tion of the bold standard will afford a |
strong inducement to outside capltal TO
enter the country The certainty that
debts will be discharged In the money
of civilized countries and that the re-
turr upon a given investment can be
collected with certainty, so far as the
standard is concerned, will induce m
yestments which would not be MADE
while the investor was uncertain Whelh-
err he would not lose by the ran Oh sii-
Yer more than he made by the apparent
profit on given investment. me mint
here will probably be put to work IL
congress approves the plan OF ne COM
mission. but will hardly be equal To an
the coinage required at the beginning OF
the new system
The banking facilities here are not
sufficient or convenient from an Amerl-
can point of view. The business OF the
snanish bank of the Philippines con-
tinues to be largely with Spaniaras anu
with Spain The branches OF the two
big English banks--the Hong Kong anu
Shanghai Banking corporation ana the
Bank of India, Australia ana
rhina-deal chiefly in foreign exchange.
rhey do not discount domestic paper,
and they are quite willing that II an
American business grows up IL small pe !
handled by the American banks. Inc ;
altitude taken Ny the Spanish bank ana ,
he other bankers toward the commits ,
inn has been extremely courteous and {
.onciliatory They have furnisheu an {
he information desired, and the Span I
.yA1l hl az.