Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1902-04-08
Money for Inhabitants in the
Philippines.
HOW IDEA WILL WORK
Is Thought the New Coins Will Be-
come the Standard of the East and
When Circulated in China Will new.
err Come Back.
Washington, April g, 1902

committee on coinage of the Philip
pines committee of the senate rela-
tive to the coinage of a new dollar for
use in the tar east. is considered by
able statesmen in Washington to be
one OF the shrewdest and politically
far-reachins and wisest measures in
troduced into congress in many day.
This Dill Will be OF general interest
throughout the country and the world
for that matter, but it will be of par
t!cular interest to lowans. The bill
may be known as the ALLISON bill"
at any event it should be so designat-
ed. Senator Allison is chairman of
the subcommittee which for weeks
has been at work upon this PROPOSE
ton and in its every line and sentence
nay be distinguished the steady, wise
end substantial work OF Senator AL
lieon. The other members of the sub
com:cittee are Senators Beveridge
ard Dubois. Without any disparage-
rlent or reflection upon these two
1ran. it does not require a severe
stain % The i~nagiis aticn 10 picture
TIE leadin. cni,it in tho councils lead
i-g UP 70 the perfection Of this bill.
Provisions OF sili.
The bill provides for the establish
merit O. mint at Manila, in the Phil
ipHres. s''1c-e CONS shall be r,ado IN
&C. T7ri5s,g States laws.
ha coin shall be of practically the
fc.7 e size as cur silver dollar, con-
Ia u.ps- y 6 grains, nine-tenths fine
tJr2- 40 Fo'crs there shall Be in
fc.pt c. in English, Filipino and
Chncea languages, also symbols of
appropriate character and indicating
tho sovcrn!2rty Of the United States.
To- owrer OF silver bullion rlay de-
pest tho anne at the mint il tho
Philippines to be coined rs provided
wit!,cut expense, cave one ceIt for
each piece coined.
This dollar nay alco be rn,ona at
the mirt in San Francisco vD>1 re-
Guest CT the government Of the Phil
ipp:::: sc 'lpca The raTe co2dif' ~ ~
sane die being employed P,ovia~,i
hcwayer that such deposits o. silvnr
il the San Francisco mint shall BE-
confined to silver produced II the
U-ited States, ~
THO Philippine govarnne-7t MAJ al
ct noin subsidiary coirs il the de-or-
irat'on CT so cents, 20 cents and 10
carfs.
The limit in amount of coinage shall
be defe mired BY the government OF
The Philippines islands. with tue ap-
p-cval Of the secretary of war of the
Urited Statea. Spanish I7ili,ino
eoirs nay also be purchased and 70
coired under conditions to be pc
seTihed
Copper coins CT the denomination of
one-h1lf cent and nickel five cent piece
arc also authorized The gain from
sc;sriorage shall be paid into the
treasury of the Philippine Islands.
TIE subsidiary and minor coins may
he coined at the minis OF the United
Ststes at cost covering the reason
enla cost of the work.
The treasurer of the Philippine Is
lands shall be authorized to receive
deposits OF silver dollars authorized
by his act,>at the treasury of the gov
enunscnt Of the Philippines and issue
sslTa- certificates therefor, the coin to
nc ccfcred in lots of not less than $40,
ard taa same shall be retained in the
trea2rly and held for payment of such
certificates on demand and used for no
other purpose. Such silver certifl
j
pine Islands fcH customs. taxes and
I'll public dues. unless otherwise pro
yided ly law, and when so received
NAV he re-issucd
The secretary Of the treasury of the
United States is authorized to prepare
drawings and plates for the new silver
certificate.
All provisions of law in force in the
oil of
e. leaal sender after December 81
1905. es.~cr as provided IN This act
ere 2peale.
The government of the Philippines
shall have authority to make all neces
sary appropriations and regulations
for redemption and reissue and the
carrying out of the provisions of this
act.
The purpose of the trainers Of this
bill is understood to be that this sill
Yer dollar shall simply take the place
of the Mexican dollar which is now
largely current in the Philippines and
in China 1t is expected that this dol
lar will circulate very largely in
China. It's value will appear upon the
coin in Chinese characters. The coin
will be actually worth its bullion value
but 1t is understood that it will be re
deemed on the basis of two dollars fol
one gold dollar, making it's CONNER
cial value fifty cents
1t is expected that great numbers
of these coins will be circulated in the
Orient and that they will never come
back; will become the standard Of
value in these countries much as the
Bombay dollar now is in certain quar-
tiers. 1t is expected this dollar will
practically drive out the Mexican dol
lar; that is that free coinage of silver
in the Philippines will result in the
sale as bullion of practically all the
silver coin now in circulation in the
Islands.
From financial point of view this is
considered one of the biggest schemes
ever promulgated. 1t will undoubted
ly open up considerable field for the
new coin throughout the far east L
q will practically become the money O.
trade between the Philippines. India
Siam and China. 1t will be employed IL
the exploiting of new enterprises con
templated and in course of develop
ment in the Philippines in which
American capital will be largely in