New-York tribune., 1902-06-23
COINAGE FOR THE PHILIPPINES.
\ SUGGESTION FAvoRING THE USE OF
GUARANTEED SILVER DOLLAR
nr nf The Tribune.

To the Editor of The Tribune
Sir. In The Tribune OF June 10 there IS an article
on Currency for the Philippines. which speaks o.
a poSstbIe Congressional deadlock over the silver
zoI1arz m he coined for circulation in our insular
rossessions: and while this subject is again mo-
mentariIy brought to the attention OF the puohe
would like offer suggestion ~hlch pos7iD-3 may
he Of some value. not only III the working uuC o.
1t ,ea -, rrobIeu as it is related TO the Philip
nine Islands but in the creation OF more sene'si
demand for cur silver dollars and Hehee tor SILVER
bullion
"a, -.,,s il, value between any silver dollar that
i rIaca5 in circulation with its value resting eX-
cusiveIy upon its bullion price ana 'He 7o'- uoaF
soon becomes known Il its price fuctuates or
if il remains fairly permanent. hut in value oeo"
the gold dollar either fact is at once widely re-
rorref II is evident therefore, that such a com
can never inspire any very great respect II ma
he given and taken in exchange -'F HeFIlI'i.'-<7
az "a matter of necessity but it Will be cast aside
as soon a.. - coin possessing equal physical al.'a"-
,,gs- and greater equality with the gold coiar
appearS Assuming that it is desirable 10 MAKE ll7
monetary system in new possessions slIli.a'
To our own and TO effect such result as 500" "9
r,ossibIe my suggestion Is as follows
T 81 the United States and disourSe IN all o.
its new dependencies silver coin il-ia grains n
weight l'the silver dollar OF our iat1ers - ea--
coin having stamped upon OF its sides or races
these words: 'Redeemabe in p SO grains o. Soo.
The hulk and weight this coin already widely
known 1t is certainly very convenient. ana unler
these conditions its coinage and circulation "oud
n, very desirable and acceptable in the PhlIppine
Islands Its present and future equality o. Va4He
with our gold dollar would thus not only be as
sIred but so publicly announced ds 10 inspire e'-l-
fdence and respect both Tor the coin itself ana lor
the people and the government issuing it
While 1t may be the present policy OF our GOV
ernrnant 10 redeem all of its outstanding silver
obligations n gold. sill policy IS something tA''
al any time may be changed. and not only cur own
neopIe but especially foreign peoples, viii have
8. -, +,., cont rfrrrIq- q-.> "a
of this policy il the words I have specified are
IesibIy stamped upon each silver coin that IS placed
in circua ton. Such coin would be received Win
favor not only by the people OF the Pnluppine
Islands. but many Of the other Eastern H~i''7
of trade accustomed to the use Of silver money
There are many people within the United states,
and there are mulJitudes in Central America and
10 carry with il a gold dollars purchasing vaiIs,
would come as blessing. IL NoL9I i{ ~ and Tlis
are very desirable for those who haI-ile c'LSt-5- ]
tb5E -e" allt "a and ID bnT a few bills to put i. he
rough. and ne wants a coin that ne an see 80 ~
injured if soed BY also issuing % the Ph'lRLlH%s pc
iSanaeTs a SUs ,I ib ne3rIs yyoIII soon be made
familiar with our entire monetary system o.,
tb % l3r5 thing as the free coinage OF silver tor
Crtiisra granted TO every holder oi silver
bullion while this plan confines the PTlVNt5e-f
the government. We use paper bills 70 convey 5Ds
tS do the same thing the gold value being dstinci%
indicated upon their faces the same as III o-,-S
T{sfUeen the government and its payee an! tlis
people at large the transactions would be per-f.z
rouira bile and lust The payee would not ne o0i-sI
10 take this silver money. he would tdhe i So
when ne preferred to take IL. but as us puioLt
value would not represent gold value. 20 WhlLu
every payee Is entitled, it Is no hardship 20 ,i;s
Treasury to redeem them, because II Woid % "Ll-s
payfng out at a later day what the paXee VS. a.
FIRST entitled TO. il being assumed Jhat t4s
ment ALWAYS intends 10 pay out either gold do-LaFS
or their equivalent. s ,.r+ 10
confined 10 our insular possessions believe t14I
il would ultimately obtain much WIDER ClISSuLi
tion and thus afford a and popular use O. our
silver bullion II sometimes seems TO me ll4l - .
have wasted upon the fruIJleSS attempts 20
silver coins at par with gold under any zee eOt.
I are system had been spent attempt 10 nl4h1e
the silver dollars honest ones through the plltI.5S
of reIempt0u. well advertised the prlce OF sltNSL
bullion would have been several points I{tlST SAA
"A present L w 81 Ls' ESQ.,
New York. June q. 1907