The Washington times., 1902-02-09
ORGANIZED THE MANILA BANK
Business Interests of Orders
Not Extended.
LARGE INTEREST RATES.
AGgptiOn of United states Money
Would Disturb Trade Relations
Coinage of Philippine Peso and II
Token Ccin Advocated.

Governor Taft was heard again yesterday
by the Senate Committee on the Phiiip-
pines.
The hearing was taken up largely with
continuance of the discussion OF the status
of the friars and their immense possessions
of lands in the islands, and by Governor
Tatt's opinion on the question of the grant
ing of franchises.
In answer to Mr.. Rawlins, Governor TAFT
said that it was an exaggerated statement
to say that the frars owned three-fourths
of the property in Manila, if the statements
of the heads of the orders as made to him
were to be believed There was no doubt
that the friars bad good deal of money
and were engaged in various enterprises.
Frinrs Interested I'm Commerce.
They had helped TO organize the Spanish
Manila Bank. and had been engaged in a
hemp corner. which had failed because the
Spanish gentlemen who had the matter in
charge had duplicated warehouse receipts.
But they did not have such extended busi-
ness interests as suggested by Mr.. Raw
Inns questions.
The Governor said that If the friars
would leave the Philippines the Commits
sion would be glad to buy their house prop
e,ty in the cities as well as their lands.
Governor Taft said that the titles Of
the friars TO their property holdings are
indisputable, despite the fact. that charges
Of shady transactions has been made
against them. For instance. in Cavite
they secured hacienda. erected q water
plant. irrigated some CT their neighbors'
lands. charged them fair rent. ald then
in the course OF fifty or leo years claimed
title 10 the adjoining lands. The statute
OF limitation would prevent action to re-
store such lands to their owners.
That is similar to what we call here
watering stock, suggested Mr.. Proctor,
laughinsly.
Hawking Laws Needed.
"Do ycu feel .h7t there is need of 4
ransf-- iav 10 j-e Philippines" asked
rna.s.a1 Lodst
E-s sir V,h me aid of Mr.. Conant,
500 IS o banking ezpert. We have formu-
l5a such d .s and that there is a
shy ic- banks lnder American con-
tr.. ru4t DC 4yyarent to everybody. At
present the banking facilities are con-
Quoted by two English Institutions. They
are perfectly reliable, but banking In the
Orient is largely q means of dividing
profits. and the charges are appalling to
anyone conversant with banking in this
country"
Governor Taft stated further that in
ferest rates are as high as from 20 TO 40
per cent, and that it is very necessary
that there should be authority for grant
ing franchises to financial concerns,
which would reduce the interest charges.
As TO the coinage. Governor Taft said
that it is desirable that the gold dollar
should be established as a basis. He
also advocated token coin, which should
be exchangeablc for gold and the parity
assured by the United States. This, he
said. is the plan OF the Commission, and
me believed it wise. This plan embraced
.h. e-T1 ri THntrrira PES. aHf ~,
,.st-.sLio. .l -tr.- coin. DE- rght,
ssouIl tae Islands
Hs thouaa -hrt uulu.s ibe Commission
ras artha-zsd lc make good tn oker
n.oney ,i..., ,.oUld be trouble - it mus'
be borne in mind that the Philippine ad-
mInstration is not so strong as that Of
an established nation.
Would Disturb Relations.
Referring TO the suggestion that United
States money should be adopted. Gov
crnor Taft said if this were done it would
have the effect of increasing the value
Of the peso to the extent of 80 per cent
and this would unsettle transactions.
This plan also would have the effect OF
raising the price OF wages and disturb
ing business relations.
He urged the granting of power 10 the
: Commission to give franchises for steam
and electric railways and light plants
and also made an argument for authority
TO create a bonded debt of 81 .0OO, 900 ftr
local improvements in Manila. 1t Is, he
said. especially desirable that there
should be electric lines in that country
because of the difficulty of getting about
in a tropical climate. He thought nc
franchise should be perpetual.
He. wonld also have a wider margin
given in the matter of cutting timber
There is magnificent timber through the
islands. he said. and 1t would be bene-
fetal TO the forests to take much of II
out. The quantity which can be taken out
by one concern is limited to 100, GOO cubic
feet. He suggested that there had been
some public sensitiveness on this poin;
Philippine Lumber and Development
Company
Conditions Not Parallel.
In reply to Senator Culberson, Governor
Taft said that he would not advocate
grants of land that could hr us-' f1'
speculative purHosTs bog Ie :eit Tn". 81
world be- aecea .,w uers as H
seoul. rye l1 ad ir
saCr.- isa }cv L.a. " tf.
l1e crls-r ZOOS f.ar. .-c .r
Gfrs- fn v.a. .aug Ta " Ltr
,- .GI vs.'a .. .nat the
Ie0ri- soul" moi ~ 80 prompt in taking
u3y-lllse OF homestead law as in the
United States.
Governor Taft read the following tele-
gram, received by him yesterday from
Acting Governor Wright, on the question
of the tariff on sugar and tobacco:
with reference to your telegram OF tht
31st ult., the public session of the sugar
and tobacco interests favor a reduction
OF 80 per cent at least. a reduction o
SO per cen leaves tariff almost prohihi,
tory. Sugar prices now very low. Euro
pean market very dull on account OF over
production and low prices. Sugar planters
here have lost heavily by caribaos. ma.
chinery. and otherwise. Sugar cultiva-
tion in a bad condition. Memorials re-
frl,, N-r Acc. al. 10,