New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-03-22
PHILIPPINE COINAGE.
.SH YER STANDARD LIKELY
TO BE ESTABLISHED.
An IMPORTANT FEATURE OF THE
CIVIL GOVERNMENT PLAN PRAC-
TICALLY DECIDED UPON.
,BT TELEGRAPH To THE TRIBUNE,

LBT TEJEGRAPH To TIRE TBIRrNEl
Washington. March 21.-Although tho Senate
Philippine Committee will probably not be ready
for TWO or three weeks to report the bill now
urde- preparation establishing complete civil
government for the archipelago it is known
that one Of the most important and far reach
lng. features Of that measure has already been
virtually decided upon This feature relates TO
the establishment Of distinct coinage system
for the Philippine Islands by Congress. and in
wolves the responsibility Of this government
placing the coinage Of the islands on ar Ameri-
can silver basis. The subcommittee having
tfs vork in charge-Nessrs. Allison and Bev-
er.dge Gepublcans) and Dubois (Democrat)-bas
about completed its task which has been care
fully and cautiously prosecuted. None OF them
viii talk about the matter in detail although
they do not deny that they have about reached
an agreement and are ready to report the result
Of their ls5ors 10 the fun committee.
Senator Lodge. chairman of the committee
says he feels certain that the subcommittee
recommendation viii he accepted. and It Is
therefore safe to assert that the silver standard
will be established hy this government in the
Philippines In the rough draft Of a civil gov
ernment hill which Mr. Lodge drew for the
guidance Of the committee, he embodied the
recommendation for the establishment Of the
gold standard i'm the Philippines which
made by Charles \. Conant the expert sent
over to me islands last summer by the Treasury
officials 70 look into the coinage question there.
But now that the subcommittee TO which this
coinage question was referred for settlement. is
known % favor the silver standard instead Of
the system recommended by Mr.. Conant, Sen
stor Lodge will make change in his civil gov
ernment bill in accordance with the sub-com-
mttees report There is little doubt that this
the Senate than any other portion Of the meas
uIe. and that il will he adopted.
LIKELY TO STIR FINANCIAL CIRCLES.
The proposition will probably stir up good
Ceal cf discussion in banking and financial cir
cles generally in the United States when II be
comes known Il is expected that the silver
rnine interests will hail it with joy. it prom
isss u open a new market for American silver
ard probably viii run Up the price of that
commodity N all the exchanges Of the country
Net until the amount Of the metal that will be
needed to meet the demands in the Philippines
IS definitely known, however. can it be expected
that the silver market will take an upward
furry. This is = point on which every member
O. the Philippine Committee Is maintaining
strict reticence. Il is generally believed, how
eve-, that the issue authorized at first viii not
ce less han S100000.0Go The system will be pat
termed largely after the silver coinage maintained
by Great Britain IN india the unit or basis Of
vH.ch Is what is known IS the Bombay English
collar The English Government has now in
circulation throughout the Orient about 110-
Fbeo of these silver dollars and there is talk
# re Issue being considera bly, increased within
i1a .eXt six months in order 10 meet the con
f'aGriy growing demand on this most con-
Fr9ie~- and stable form Of currency II is ar
---- &c
ne F-st for a larger issue Of the Bombay Eng
tsh dollar the coinage which it is proposed that
i1.S go"ernment shall establish in the Philip
pine soon would he absorbed If limited to
H-''"poco. and that there would be an almost
immediate demand for an increase Of the issue
= DRIVE OFT THE MEXICAN DOLLAR
+ Is Tot Doubted by experts that the Mexican
FlT-~ dollar which at present is practically
IL so.@ circulating medium Of the Philippines
would soon he driven out Of the islands by the
American Philippine dollar. and that thus in
comparatively short time this coin would find
Us way into China and would carry the name
a74 credit Of the United States into the vast
commerce # the Celestial Empire as no other
MEDIUM could Co. The Mexican silver dollar as
Is E@l known. circulates IN the Philippines usu-
atiE ~ value not 10 exceed 20 cents The
American Philippine dollar, which it is pro
can dollar would. like its English prototype in
lEdts he worth its face value all through the
Orient This would give to # an advantage
which 4 is argued. would almost Immediately
ofFe the discredited and unsupported Mexican
collar out If circulation in the East. where in
al large transactions the Mexican coin circu-
is'eS by weight and not by count or the market
fslle n the silver as attested on the face Of
TIE coin.
The popularity Of silver as the circulating
medium throughout the Far East over all other
,'!Hz n money IS demonstrated by the repeated
4a-lL ss that have followed all attempts TO es-
= allsN The gold standard in every part of that
quarter NJ the globe except Japan. Great
h'ilaln II is pointed out. finally has abandoned
rs sGcrt, and Is now content TO lend her credit
u sustain The face value Of the Bombay English
collar This. in effect. is what the United States
VII have n do when the American Philippine
ecl-ar Is issued by authority of Congress. That
- ne ful credit Of this government will he be
hihd that dollar. and also behind all the subsid-
Ky coins based on ii.
n