The Washington times., 1902-03-23
PHILIPPINE DOLLAR TO
PASS SATBULLION VALUE

/ gether with convenient subsidiary coir
! OF the same character
Mr.. Conant's proposition had the en-
/ doTseInent of Secretary of the Treas
! ury Gage, and ii is understood that the
| present Secretary is equally favorable TO
| the idea of establishing the gold stand
ard in the Philippines. Many members
/ OF the House, too, including those who
are members of the Insular Affairs Com
mittee, which has before it a bill SINH
! lar to that which is being considered in
! the Senate Committee on the Philippines.
believe that gold should be the standard
I in the Philippines. well in the
| United States. The House committee
7 have practically decided to incorporate
the Conant plan in their report.
1t is not thought that the controversy
over the subject between the two houses
will be serious. in view of the fact that
the members of the Senate committee are
practically a unit in supporting the plan
now being drawn up by Senator Allison.
and that the President and Secretary
Root and the leading Senators on both
sides of the chamber have come to the
conclusion that it will be impracticable
TO force a change of the monetary stand
ard upon the Filipino people
Unwise to Disturb Conditions.
Moreover. it is thought that it would be
unwise to do this. owing TO the fact that
silver is the standard of value in the
Orient generally, and that it is to the
advantage of the United States to allow
the present monetary system to stand
while seeking to extend its oriental COM
merce.
The bill. when the Alliscn-Teller pro-
vision is incorporated, will provide for
the coinage of silver dollar of the same
weight as the Mexican and British Indian
dollar-415 grains-and will be 900 fine
Fractional coins consisting of halves,
qarters and eighths will also be minted.
They are to circulate at their bullion
value. which at the present price of silver
would be worth something like 49 cents
for the dollar.
The diverse of the coins is to bear the
emblems of the United States, and on the
reverse sides inscriptions and perhaps
emblems distinctly Philippine. The details
of the design, however, have not been de-
cided on.
The coins are intended to circulate not
only in the Philippines. but in the orient
generally, and to take the place of the
Mexican and British dollar now used
there. The enc great objection to the Mex
Is
circulation in the Philippines. is the poor
mintage of the pieces and the variation
not only in the weight but in the fineness,
which makes it necessary to weigh IL in
all transactions.
The new dollar. which will, of course,
he accurate in weight and purity, would
pass at a standard value.
To Provide for Demand.
While the exact extent of the coinage
of these dollars mas not yet been de-
termined. provision will be made in the
bill for supplying all demands for the cur
rency. Some restriction may be placed
upon the amount so that il shall not go
beyond that limit.
Although there is a mint at Manila, its
machinery is rather antiquated. Fer the
present at least, ;he Philippine coinage
would be executed at the San Francisco
and Denver mints.
In addition to providing a currency for
the archipelago. it is the purpose of the
plan to create an additional demand for
American silver and at the same time
make the American emblems better
known in the Orient through the circula |
tion of the coins
Although Special Agent Conant's report |
the establishment of a gold |
standard with the addition of silver token |
and he was heard by the COM !
mittee at some length in advocacy of his !
plan. the committee were satisfied from /
the otner evidence that, however desira-
rIe that might be, it would be unwse and
impracticable to put it in operation at /
present. s.ai |
Two Expert Witnesses.
What influenced the committee proba 1
bly, more than anything else was the evil /
Gence given by two men Of long business /
experience in the Orient. who strongly I
advised against any radical change in
CONTINUED on Fourteenth Page)