The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-06
SILVER FOR THE PHILIPPINES.
Secretary Gage Proposes Coinage Of
a Special Dollar.

CHICAGO. Jap< 5-w. E. Curtis. the
WASHINGTON correspondent Of the Record,
says; Secretary Gage has devised a cur
rency scheme for the Philippine islands
which has received the approval of the
Cabinet and will be recommended to Con-
gress, With request from the President
Tor Tie legislation necessary to carry 1t
fEt0/ effect Trade just now is much en-
hsxrrassed because of the scarcity of Mex
lean silver dollars, which for many years
have been the standard of value and cir
culating medium in all the East Indies.
This scarcity is due to the presence of
1900 or $4,000 foreign soldiers in China.
who have to be paid regularly in the money
OF their own countries and are compelled
70 change it for Mexican dollars before it
is OF any use 10 them. The Mexican gov
eminent, realizing that the unusual de-
ruand for dollars will soon embarrass bust
ness in that country. has taken means to
prevent further expectation, and the con-
sequence Is rise IN their value and a
great scarcity everywhere.
Ii Is thought best to provide a special
coin for the Philippines or silver. because
they have always been accustomed 10 use
that metal exclusively, and the disadvan-
tages and difficulties that would attend
attempt TO introduce our own system of
currency over there are so great that the
plan has been abandoned. II is proposed,
authority 70 coin an unlimited number Of
Filipino dollars bearing emblens of local
signfficance and evidence that they were
coined by the United States. Each of these
dollars or whatever the coin may be called,
will contain 40 cents worth of silver bull
lion. and they will be furnished in unlirn-
tied quantities TO those who willing to
pay 80 cents in gold for them. They will
also be redeemable In gold at the option
of the holder The margin of cents is TO
give elasticity TO the coin, which will
naturally advance. the price of silver if it
fE " hos
coins will be disbyrsed by the government
"a the payment Of its regular expenses at
the different army posts in the Philippines
at their face value which is 50 cents in
American coin, and il is believed that they
Will soon displace the Mexican dollars.
which contain little more silver. and are
therefore of greater intrinsic value. Al the
present prise of bullion the Mexican dollar
proposed dollar will be worth only - cents.
The proposed coinage would absorb 81 0O0,-
Ol0 or 100000 worth of silver a month in
definitely, and II is believed that it would
eventually take the place OF Mexican dol
lars in China and the East Indies although
the Orientals are very conservative and
would hesitate 10 adopt new form of
money.
Senator Towne. Of Minnesota. when asked
to-day for an expression of opinion on the
administrations proposition TO issue a sill
Yer coin for use in the Philippines, said:
Il do not want 10 express myself on that
subject until j fully understand what the
administration proposes, and now only feel
competent 10 say that IL is more a confess
sion OF ignorance and incornpetency than
anything else. The Republicans have al
ways claimed for the gold standard that il
should he adopted so that we could have
a universal trading money in all parts of
the world The first chance this govern
ment has 70 extend the gold basis I'm an i'm
portant commercial way IL backs out and
confesses its impotence This may be re-
garded expedient. but. even so. it is
confession OF weakness 1t seems 10 me TO
illustrate the necessity of establishing the
ratio OF value Of the metals and circulating
them as money side by side. Ii is a bung-
ling move. J will have more to say on this
subject IN the Senate a little later