New-York tribune., 1902-04-14
ANOTHER TRADE DOLLAR.
THE FREE COINAGE OF SILVER FOR THE
PHILIPPINES a SERIOUS MISTAKE.

ecter But in Washington another 1rade ooIlar
with free coinage Of silver is now considered fore
o,a conc,usion and will in all probability be
rtbortzed within sixty days unless the voice Of the
people is heard
The neope Of the United states want no secession
Froro the gold standard, no dsunion of United
states money anywhere in the republic. no MeXi-
c9nization of monetary relations with the
philippines. In the report accompanying Dill
temporarily TO provide for the administration OF
the affairs Of civil government in the PhlIpplhe
Islands. and for other purposes" the Senate COM
7nittee on the Philippines says the coinage clauses
leave untouched the silver standard now existing
II, The islands and simply provide that there shall
he coined bullion dollar OF 4ls grains nne-tenths
sne The committee believes that this dollar, of
superior mintage and bearing rhe stamp OF the
I-rIred states will displace the Mexican dollar,
and like the British Bombay dollar. will enter
largely into the Chinese trade ana do much 10 pro-
mote American interests in that great market At
The hearings before the subcommittee which pre-
-ared the coinage clauses. it distinctly under
stood and stated that the new dollar would be
trade dollar.
AS the printed hearings show. the committee ul-
derstands that the new coinage is put squarely on
the silver standard" and that the gold standard is
abandoned to that extent. The committee Gisunies
our money, setting up two standards and TWO diner
ent dollars. instead Of maintaining one standard and
single dollar throughout all the regions over which
1he American flag floats. The money is. in
general an imitation Of the Mexican. The idea is
10 establish relations between the Philippine cur
rency and our currency in America similar TO those
existing between ours and the Mexican. The Phil
ippine dollar is to vary in value as the Mexican
does This system is said TO be of great advantage
70 Mexico. bat no one pretends il IS beneficial 10
the American States OF the Union. and probably II
would not be TO tie Philippines.
: New-York importer OF teas who appeared be-
fore the subcommittee gave this interesting testi-
ony: In buying teas OF course. we get the cheap
est money We can find" He wants this bullion dollar
which will be 4 very cheap thng-worth about 20
cents in gold II is good enough TO pay 10 our fel-
low citizens in the Philippines But suppose some
heather there in ignorance or disregard Of our
wishes, pays in our own coin? The bill makes
these cheap dollars legal tender in the Philippine
Islands You hold somebody's note for $1,000 He
takes Up his residence in Manila. You present the
note there maturity. He pays you ten thousand
United States Filipino silver dollars You renon-
strate. He blandy inquiries is ii provided by law
expressly stipulated in the note that 1 may not
tender these dollars? Were they not coined
for use? Are they not dollars? Does not each
piece bear the word dollar in three language
English, Filipino and Chinese? Shall ! pay you.
then s22O 900 for a debt OF s1e00o7'
Here dollar has two different meanings: 22.222
dollars worth 45 cents each III gold equal TO
10000 worth 100 cents each in gold; or. the other
way % 22 worth 100 each in silver are equal
1000 worth 222 cents each in silver Dollar has
distinct meaning in all existing contracts, though
the money consideration is expressed without stipu
lstion to the dollar intended. To introduce in
any case, another definition cutting the value in
halves would be a fraud Such fraud can be pre-
vented in the Philippines By giving the coin an
other name. calling il peso instead OF dollar
There is nothing in the bill to forbid or prevent
the circulation OF these cheap dollars in any part
OF the United States. They trade dollars, and
experience teaches that millions Of United States
trade dollars will enter into circulation when
ever il is profitable 10 introduce them. As these
proposed trade dollars would cost about 10 cents
In the Philippines there would be over 100 per cent
of profit on them. if anybody bought or received
them there and put them into circulation dollars
here. To prevent all such fraud the pieces should
express in plain English what the government will
take them for. The most convenient sum would be
60 cents. If a fixed sum like 30 cents is stamped
upon them they would circulate in the Philippines
for peso and here for 50 cents; but then there
could be free coinage of silver. The gold stand
ard would have TO be established and maintained
in the Philippines as il ought to be.
The trade dollars Of the United States coined IN
der the act of 1873 were made redeemable at par
for six months by the act Of March g. 1887 Their
coinage had ceased in 1875, except few specimens
II took nine years TO secure their redemption. In
1857. shortly before the passage Of the redeening
published, The Voice Of NeW-York," the
views of three hundred banks, merchants and
others in the State of New-York the repudia-
ton OF trade dollars Some Of these opinions will
now De quoted, that the voice Of the people mays
be heard the subject Of United States trade dol
lars which the government is to coin for anybody
and receive from nobody in the United States out
side Of the Philippine Islands:
Bank Of HornellsviIle-The creation Of the trade
dollar was grave mistake. as time has demon
Bank Of worcester-The word dollar implies one
hundred cents to the minds Of the American peo-
First National Bank Of Aurora-What the gov;
ernent pays out TO the people for dollars should
estly.
Bank Of skaneateles-Governrlent has moral
porting to be dollar without making provision to
wholesale grocer Of New-York-The class of
esoe with whom we deal & DO not s wateh the pro-
TIE coin bearing United States Of America
First National Bank of Glens FallsLThe duty OF
never made such stuff, and its present duty is to
nc the country Of il as soon as possible
"A Aew-York brewer-Ihe government, su1erlng
The trade dollar TO become an imposition upon the
Palmyra bankers-As they were issued and put
should redeem them and nut them out of existence
should DC redeemed at face value. inasmueh as the
holders thought them a bona fde government
First National Bank Of Yonkers-They came to
US as a government coin; otherwise we should not
J. Harsen Rhoades-Can them in at their face
Esiue Sue and melt them into bullion. Give an honest
Adams National Bank-Redeem1 every piece of
sqs m god on which they gos have @ SAD ne ao
iis- i Redeem them by all means. dollar for dol
.,Keesevine National Bank-It is disgrace that
shs government should refuse to receive at par
country with III oars Of Pe only s eS grans Il is
George S Goethe trade dollars contain ~
grains Of silver more than the standard legal
rns-, silver dollars in our OPINION the govern
s.sS s.sSnsneing them for the current silver coins ~or
Delaware National Bank of Delhi-The plea that
we're ISSUED for certain purpose IS no excuse
neither the tine @ pe mems 70 InTesfigste the
ssnaS terms Of the act under which they were