The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1901-06-14
A MARKET FOR OUR SILVER
PLAN OF GEORGE E. ROBERTS.
Establish n Mint ut Manila ard Coin
the American SiIVer--To Make IN
Coin of Special Size-rhis Country
to Fix the Price.

Denver, June S.-The Denver Times
publishes an interview with George r.
Roberts. director of the mint, regard
ing the proposition for the establish
ment of a mint at Manila.
Il have heard nothing of the matter
since the adjournment of congress-"
said Mr.. Roberts, but | know that it
is receiving the attention of the war
department, which is obtaining all the
possible information on the subject.
Army officers seem to favor the estab-
lishment of a mint at Manila, and an
effort to substitute American coinage
for the Mexican. now in general use.
There is considerable opposition to
this proposition, as it is certain the
attempt to push the American dollar
and redeem it in gold would precipi-
tate commercial disturbances that
might result in disaster. Secretary
Gage is opposed to it, and | am in
clined to think that this plan will not
be adopted.
1.-TWO plans have been proposed. The
first of these is to establish a free
mint at Manila for the making of a
Philippine dollar interchangeable with
the Mexican dollar and redeemable at
a fixed price in gold. Under this plan
producers of silver would sell their
product to establishments having
trade relations with the east. which
would have it coined at the Manila
mint and put in circulation. This is
the plan adopted by the British gov
eminent, which coins an Indian dollar
which is circulated in the Strait set
Elements and has so far been success
full in exchanging the Mexican dollar
and rupee.
"The second plan is to coin a token
dollar about the size of the Mexican
dollar, with enough less silver to pre-
vent it from going to the melting pot
or out of the country interchangeable
with the Mexican dollar and redeem
able in gold equally with Mexican coin.
This is the plan that at the present
time is most in favor among those
who have made a special study Of the
situation.
Secretary Gage favors the token
dollar as do many others who have
given the subject attention, and some
of it's features are certainly attractive
! But. whatever may be the plan adopt
: ed, it is certain that the establishment
of a mint at Manila and the coinage
of dollar which will not disturb the
commercial relations of the country
will have a most important effect upon
the market for American silver. There
is no doubt whatever that the develop
ment of the islands will open an enor
> nous field for commerce. The cur
rency of the east will constantly in
crease. and there seems little if any
u doubt that some plan will be devised
whereby the American will very large
ly replace the Mexican coins.
another important consideration il
the situation is that eventually the sill
- yer market will be removed from Lon
don to this country. London has the
fixing of the price today, because En-
gland has control of the trade to tn,
. Orient, and naturally supplies the
greater portion of the circulating med
= ium. But the trade with this countr!
- is increasing with great rapidity, ant
, the time will certainly come when
= large proportion, if not the create
" portion, of the silver shipments of thu
y world will be made from San Fran
" cisco.