Omaha daily bee., 1902-03-31
COINAGE OF THE PHILIPPINES
New silver American Disc L. 20 Take
the Place of the Familiar
Mexican Peso.

ENHOs
WASHINGTON, March 3o.-In view of
the prominence in congress Of the subject
Of a circulating medium in the Philippine
islands. the division Of insular AFFAIRS, De-
partment Of War. has prepared the follow
ing interesting account OF the existing
coins in our Asiatlc archipelago.
The proposition is to provide a silver coin
for the Philippines to take the place Of the
Mexican peso, which for years has had an
exclusive hold as the coin Of account in
the current trade and traf1c transactions
OF the mainland and archipelagoes of east
ern Asia.
The idea OF special coins for colonial de-
Tendencies distinct from those Of the
realm is bv no means new. In fact, 1t is as
old as the colonial system of Great Britain
In the now United States Of America and
apparently originated for use right here
on our own soil within about Ave years of
the first permanent foothold Of the white
man on the North American continent.
About the year 1612-15 a coin known as
the "hogge money" on account Of that
animal being stamped on It. was issued by
the English crown in shlllings and six
pences for circulation by the Virginia com
pany. Blu two Of the former and one Of
the latter coins are known to have sur
vived the lapse Of nearly three centuries
and are priceless in historical interest.
Nor was this the only instance Of a colonial
coinage provided by the mother country
for circulation among Its American sub
iects.
The first mint in the now United States
was established by the general court Of
Massachusetts, at Boston. May 27, 1862, in
1 communication NJ aINlINH@ ~ -
threepence. and known as the pine tree
money" 1t continued until 1888, when the
mint master. John Hull, died, and the
mintage ended coincidently. Lord Baltimore
had shillings, sixpence and pennies coined
in England for his Maryland colony in
America in 1861.
A monopoly for coming tokens for
America was granted by England in 1922.
They were OF a mixed metal, resembling
brass, known as the rose Americana"
coinage or Woods money" William Of that
name Of Northampton, England, having
a corner on the coinage, which had a wide
circulation.
As a commercial transaction the United
States instituted an invasion of the field
Of the Mexican peso. with the following
result: The coinage act Of 1873 provided
for the coinage OF a trade" dollar Of 42O
grains of standard silver, not intended for
circulation in the United States, but for
use in trade with China and the East. It
was practically simply an ingot OF a par
ticular weight and f1neness. The cost OF
coinage was met by the person bringing
the bullion to the mints for coinage. I'm
Intentionally. however, 1t became a legal
tender in the United States to the amount
Of IS. with other subsidiary coins Of the
country. .Eas
In 1876, through the depreciation of sill
yer, the AGO grains in. the trade dollar fell
below 81 in gold, which made its circula-
tlon on the Pacific coast a source OF profit.
This compelled the taking away Of the
legal tender quality Of the trade dollar by
act Of July 20. 1875. %.
In 1877 the trade dollar In the East
shared the fate OF hat in the West by be-
coming worth less than 81 In currency,
which was the circulating medium of that
section, which necessitated the discontinue
ance Of the further coinage by order of the
secretary Of the treasury. To this time
$S5, 1888, $3.50 had been coined. Most Of these
trade dollars had been exported, but large
numbers were also in circulation in different
parts of the United States. The act OF
March 3, 1887, which became a law without
President Cleveland's signature, provided
" u I6uculpllOH dL par Oh dl TRADE QOl-
lars presented within six months. OF the
whole sum coined, 1868, OSs was presented
and redeemed. OF these a great number
had been reimported from China in expec>
tation of this climax OF the government.
These were melted and converted into sill
YER coin and standard silver dollars.
Thu conditions which embarrassed the
circulation Of the trade dollar in 1915
have ceased to exist, so far as the Phil
ippines are concerned, as the United States
has now the power to Ak the value and the
legal tender quality OF whatever coins IL
may see At within its own jurisdiction, with
the logical result Of ultimate acceptance
as coins Of account in the regions not dom-
mated by a western nation.
The chief medium Of exchange In the
Philippine islands is the Mexican silver
dollar (peso) Of 416 grains Of silver Of the
oneness of 902-1000.
In 1897 the Spanish government issued a
distinctive Filipino peso. which has cir
culated side by side with the Mexican sill
YER dollar. The Filipino peso, containing
less pure silver than the Mexican dollar,
Is still In circulation. but constitutes only
a small percentage OF the amount Of silver
in use in the island. The exchange value
of the Mexican dollar fixed by the Philip
pine commission was formerly 80 cents, and
is now at the rate Of s2.1o for 500 gold.
The coins In current circulation in the
Philippines are: Spanish Filipino silver
peso; Mexican dollar; Filipino silver half
dollar; Filipino silver peseta, 20 cents;
Filipino silver half peseta. 10 cents; Fill
pino copper cuartos and centavos. A cen.
tavo is 1 cent and a cuarto 1-160 OF a dol
lar; l cuarto is 0 OF rs Of a dollar; 20
cuartos are / real Tor 1914 cents); s reals
or 100 eentavos. or 100 cuartos are l peso
or duro.
The value Of foreign coins In occasional
use, not including rates Of exchange, is: 1
Haikwan (China) tael, January 1. 1902.
s0.6s. United States; 1 rupee (silver) In
dia. S0.S2.4. United States; / yen. Japan,
$0.49.s. United States. The British doll
lar" has the same legal value as the Next
can dollar In Hong Kong. the Straits set
Elements and Lauban. The sovereign is the
standar coin in India. but the rupee is
the money OF account. In Japan the gold
standard was adopted October /. 1897. The
Netherlands form in the Dutch Indies
Java. etc.,) nuetuated up to the year 1880,
when It became fixed at 4O.2 cents United
States coin. A local silver coin In use in
the Philippine islands and still familiar to
the people Is the salapi (broadly meaning
money! the Tasalog word for a $3.50 Span
ish coin.
The local names In trade for subdivisions