Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-01-17
URGES GOLD STANDARD.
conant Makes Argument for Distinc
tive COINAGE for tho Philippines.


Washington, Jan. 16.-A vigorous ar
gument in favor of distinctive COIN
age for the Philippine islands, based
upon the gold standard, was made be-
fore the house committee in insuldr af-
fairs by Mr. Charles A. Conant, of Bos-
ton. Mr.. Conant was the special com
mission sent by Secretary Root TO the
Philippines last summer to study the
coinage and banking problem there, and
he fortified. by argument and illustra-
ton, the recommendations made in his
special report. There was full attend
ance of leading members of the commit
tee including Representative Payne, Of
New York, the republican leader on the
floor; Mr.. Moody, of Massachusetts, Col
Hepburn, of Iowa, chairman of the
committee on interstate commerce. and
several of the leading democratic mem
bers Mr.. Cooper, of Wisconsin, chair
man of the committee, put the leading
questions regarding the relative merits
of the proposed coinage project and the
adoption of American currency.
Mr.. Conant declared that Infinite
trouble resulted in retai, and in official
transactions from the silver standard
now in force. and read recent dispatch
from Gen Chaffee to Secretary Root.
setting forth the confusion caused by
the fluctuations in exchange. He OPP
posed the introduction of purely Ameri-
can currency upon the ground that it
would cause violent revolution in the
customs of the natives and upset prices
and wages He read several letters
from Porto Rico, showing that this had
been the tendency of the change of
standard there. and declared that the
situation would be much worse in the
Philippines, because of their greater
area, the larger number of natives to
be dealt with and their less friendly
feeling toward American rule. He
pointed out also that the danger of
counterfeiting would be great if Ameri-
can silver dollars came into general
USE containing only AZ cents worth of
bullion.
One Of the chief reasons for distinc-
tive coinage, Mr.. Conant declared. was
the low scale of wages and prices in the
Philippines. which made the natives de-
sirious of the lower unit than the cent
and the dollar. He recommended a
silver coin of nearly the size of the dol
lar, but passing for 80 cents in gold. The
gold value of the coin, 1t was pointed
out, could be maintained by placing the
quantity of the output under the con-
troll of the Philippine government and
providing gold reserve from the seig-
norage on the bullion which was en-
ployed in the coinage This seignior-
age. in view of the weight of the pro-
posed coins, would amount to from Is
m Of hot vol a
would afford sufficient gold fund. with
the other measures provided, to fully
maintain the parity of the proposed
coins. The coins would not end to any
great extent to leave the islands. as
was the case with the Mexican silver
dollars in the summer of 1900, because
they would have less bullion value
than their exchange value at Manila.
Several OF the members of the COM
mittee asked questions directed to the
adoption of a half cent as the minimum
limit in the Philippines, with the en-
ployment Of American currency. but
Mr. Conant declared that this would not
prevent great confusion in retail prices
and wages under system differing so
widely from that to which the islands
have been accustomed. He deprecated
a radical change in the unit of value
while unrest prevailed among the ma
tives ard declared that the system rec
mended would easily blend with ulti
mate adoption OF American currency II
this proved to be desirable solution Of
conditions in the islands. Mr.. Conant
was asked to appear tomorrow before
the committee to discuss the banking
features OF his report to Secretary
Root.