New-York tribune., 1902-12-04
PHILIPPINE LEGISLATION
GOLD STANDARD BILL INTRODUCED IN
CONGRESS.
GOOD PROSPECTS FOR ACTION AT THIS
SESSION.
IsT TELEGRAPH TO THE TRIBUNE }
SESSION


NINA o,,ee+,o, will arouse any of the bitterness
which characterized the discussions last VIM
fer The campaign settled the fact that the
wa is over Reconstruction has begun ana
while the Philippine Act of last session was
long step in the right direction. there are still
two things that the Philippine Commission, rep
resenting the wishes of the Filipino people,
earnestly desires These financial legisla-
ton and reduction of the United States tarlf
on the products OF the islands
II is admitted On all sides that the provisions
of the act of July l. 1907 relative to subsidiary
coin was ill advised. il not absolutely imprac-
ticable II provided for the coinage of frac-
tionaI currency. and declared that the same
when coined should be legal tender TO the amount
of SO The commission decided not to avail
itself Of this authority. because, although there
is pressing need Of more fractional currency yet
there was no way of determining what sort OF
a dollar the fractional currency would he parts
of No standard was established, and neither
the gold dollar. the Mexican peso nor anything
else was to be divided into parts, so the authori-
ties were compelled to get along with the little
change they had rather than further compicate
the situation by issuing topsy" halves without
knowing to what they would be related
They still urge. as they have urged all along
that the gold standard be established, With
silver peso coined which would have the value
of 10 cents in gold, and eXchangeable THEREFOR
and then the fractional currency would De all
quot parts of that silver peso This Is the COM
missions recommendation which is being urged
bv tbe Secretary of War II is the plan recon-
rnended bv Charles A. Conant in his report
transmitted to the last session of Congress ana
IT also has the unqualified Endorsement of
Professor J. ". jerks in his recent report on
economic conditions in the Orient The huctuat-
shn
currency in circulation, with bankers ana
money changers clipping at every turn, mas
nroved p discouraging obstacle both to the
transaction of business and the development OF
the country, and, besides. is source OF con-
slant loss to the government of the ISLANDS
Governor Wright who is here from the
Philippines is thoroughly informed on thls
question and will appear before the Senate anu
House committees to explain the actual Con-
ditions in the islands and the desires OF 'ie
commission, although the latter we'll known,
as il has in its reports and correspondence
and in the testimony of Governor Taft con-
stantly urged the gold basis Being on the
ground and better acquainted with the con-
ditions than any person in the United states
could possibly be, they willing and eager TO
venture their judgment on this question
THE GOLD STANDARD BILL.
The exact terms Of the proposed law, which
has been drawn by the War Department au-
tho,.ities in conference with Vice-Governor
Wright are shown in the bill introduced in the
Senate to-day by Senator Lodge, chairman OF
the Committee the Philippines.
1t provides that the currency of the United
States shall be legal tender in the islands, and
makes the gold dollar the unit of value but it
authorizes the coinage of a silver peso of 416
grains, which is to be paid in sums of less than
hundred pesos when demanded. The peso
is also to be received for all dues 70 the islands
unless specific legal provision is made TO the
contrary. The Philippine Government is
thorized to take such measures It considers
necessary to maintain the parity of the peso
with the currency of the United States at the
rate of two pesos for 81. Authority is also given
for the issuance of certificates on the peso. The
Mexican and Spanish pesos to go out of ex-
istence by December ], 1903; meanwhile their
value is TO be fixed by the Governor of the
Philippines
Yesterday Senator Lodge introduced the other
important bin, which amends the act of July
TO admit Philippine products into the
United States at one-fourth of the tariff rates
imposed by the Dingley law, in place of re-
duction of % per cent, provided in the bill
formerly passed The chief articles of export
from the Philippines are hemp, copra, tobacco
ready on the free list and enter without the
payment of duty. The possible exports of to-
hacco and sugar small that even their
free entry would work possible harm to any
industry in the United States but with the
conservatism that characterizes all tariff modi-
hcations, free trade is not asked for between
the two countries
BRIGHT FUTURE FOR ISLANDS.
With the passa ge of these two measures Con-
gress will have done about all that can be done
at the present time for the Philippines. All
handicaps will thus be removed confidence will
be restored. and the new possessions will be
attractive field for investment Capital will
flow into the country. improvements will be
made. the income of the government will in
crease and enable 1t to plan larger benefits, and
the blessings of free liberal government, hon.
estiy administered, will be object lesson in
the Orient that will produce results beyond the
power OF statesmen TO see or realize.
Arthur w. Ferguson. executive secretary of
the Philippine Commission. returned to Wash
ington tonight after absence in the archi-
pelago Of about two years. He came by the
Suez route. When he left Washington two
years ago his hair and mustache were black,
while now they are gray. He is in first rate
health.
The most pressing need of the Philippines
when / came away gold standard, and
after that reduction of the Dingley tariff
exports to this country said he When left
81 in gold worth about 81 40 in Filipino
silver. Get the currency a solid bas sis and
a lot of attendant evils will disappear. There
four kinds of silver in circulation
there-MeXican, Hong Kong, Spanish and Fill
pino. II is constant embarrassment to do
business with the mixed currency. The Dingley
tariff exports from the Philippines to this
country reduced 25 per cent. That is not
enough. 1t should be reduced altogether 75 per
cent. The exports have not increased appre-
ciably under the Dngley law"
Representative Cooper Of Wisconsin. intro
duced a bill to-day to promote the efficiency of
the Philippine constabuary. 1t provides that
officers OF the army may be detailed for service
as chief and assistant chiefs OF the constabu-