New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-28
GOLD STANDARD NEEDED
PHILIPPINE CURRENCY DEMORALIZED
BY DECLINE IN PRICE OF SILVER.
ENORMOUS LOSSES TO THE INsULAR GOV
ERNMENT- EARLY REMEDIAL IAtGls-
LATION URGED UPON CONGRESS.

10y TELEGRAPH To TUE TEIRrNE.l
Washington. Nov. 27.-Yesterday' sensational
decline il the price of silver to the lowest point
in the history OF the world has impressed on
officials of The administration and on Senators
and Representatives the imperative necessity
for early action by Congress in establishing the
gold standard in the Philippines.
This necessity is the more pressing because
it is feared that still further declines may occur
and that the losses to the insular government,
which have already been enormous, may 10
much greater. unless it abandons all Efforts +"
maintain fixed ratio between United states
currency and the Mexican dollars and other
silver in the Philippines, and allows The ineVi-
table loss and confusion attendant on n depreci-
ating and fuctIating currency to fail ON the
people of the islands.
At the last session Of Congress the House of
Representatives proposed to provide for spe-
cial Filipino silver coinage, to he maintained
at a fixed relation with the American gold doila~
which would have established the gold standard
with silver circulating medium. In the Sen
ate a substitute was adopted which did not eT-
plicitly provide for tho relation between the
proposed silver coins and gold. This became
law, but the Philippine government has not car
ried it out, and has recommended tho establish
Tent of the gold standard
General Luke f. Wright since he has been in
Washington has impressed on all the Sena tors
and Representatives with whom he has come in
contact the Importance of immediate action,
and Representative Cooper, Of Wisconsin, caair-
man of the House Committee on the Philippines,
who has discussed the matter with the Presi-
dent, intends to introduce a bill Immediately
after the beginning of the session which viii
embody practically the same provisions which
were contained in last years House bill. and
will provide for a limited coinage of Filipino
pesos containing slightly less silver than the
Mexican dollar, TO be receivable for 20 cents in
United States money. Its fixed value and linn
tied coinage will prevent fuctuation 1t is he
lieved that this bill pass both houses
of Congress- as the fact that the Philippine Gov
eminent has lost more than S1,OO0,0O0 through
the depreciation in silver has impressed some of
the Senators who voted against the gold stand
ard last year with the unwisdom Of their ac-
ton.
While this plan would be a great improvement
over present conditions and would afford a
stable currency for the islands. it is probable
that 1t will be opposed by a proposition simply
to extend the monetary system Of the United
States to the Philippine Islands and fix a date
in the future when American money viii
he legal tender in the archipelago. This would
be accomplished by provision for the coinage OF
one-half cent pieces so as 10 supply a coin FOR
small transactions, and provisions for the set
Element Of existing contracts made on the silver
basis. This plan Is supported by Mr.. Roberts,
the director of the mint who last year was an
advocate of the plan now advanced by Mr.
Cooper. Speedy action Will be urged on Con
Eress to anticipate, If possible, the adop-
ton of the gold standard by any Of the countries
now using silver and the further decline in the
price Of the white metal which would he certain
to follow. Senior Limantour. the Mexican Min
lister Of Finance Is now understood to he matur-
ing plans to put Mexico a gold basis, and
such action il is believed would be followed by
a still further decline in the price Of silver.