Omaha daily bee., 1902-04-01
COINAGE OF THE PHILIPPINES
New silver American Disc IA IN Tale
the Place of the Familiar
Mexican Peso.

"Ao1l>HlON, March 3l.-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 Asiatic archipelago.
The proposition is to provide a silver eoin
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 trafic 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 nve years of
the hrst permanent foothold of the white
man on the North American continent.
About the year 1925 a coin known as
the "hoRRe money" on account of that
animal being stamped on 1t. was issued by
the English crown in shIllings and six
pences for circulation by the Virginia com
pany. But 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 interss..
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 81, 1862, in
denominations OF shilling, sixpence and
threepence. and known as the pine tree
money" 1t continued until 1853, when the
mint master, John Hull, died, and the
mintage ended confidently. Lord Baltimore
had shilltngs, s~ixpence and pennies coined
In England for his Maryland colony in
America In 1861.
A monopoly for coming tokens" fer
America was granted by England in 1922.
They were OF a mixed metal.
brass, known as the rose Amt ricana"
coinage or Woods money" William of that
name OF Northampton. England. hayIrR
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 1874 provided
for the coinage Of a trade" dollar OF 400
grains OF standard silver. not intended for
circulation In the United States. bur for
use'in trade with China and the East. II
was practically simply an ingot Of a par
ticular weight and fneness. The cost OF
coinage was met by the person br.nR.nz
the bullion TO the minis for coinage. IN
Intentionally. however, It became a legal
tender in the United States to the amount
OF IS, with other subsidiary CONS of The
country.
In 1876, through the depreciation OF sill
yer, the 420 grains in the trade dollar fell
below 81 in gold. which made its cIrcula-
tion 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 22. 1876.
In 1877 the trade dollar in the East
shared the fate Of that in the West by be-
coming worth less than 81 in currency.
which was the circulating medium OF thai
section, which necessitated the discontinu-
anee Of the further coinage by order of the
secretary Of the treasury. To this time
S35, $50, $50 had been coined. Most OF thes.
trade dollars had been exported. but large
numbers were also in circulation in different
parts OF the United States, The act OF
March 8, 1857, which became a law without
President Cleveland's signature. provided
Tor the redemption at par OF all trade dol
lars presented within six months. OF the
whole sum coined. S7,eS9,0S 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.
TIL conditions which embarrassed the
circulation OF the trade dollar In ls74-S
have ceased TO exist, SO far as the Phil