Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1903-09-18
FLUCTUATIONS OF SILVER.
May Interfere Seriously With Philip.
pine Currency Plan.


pine Currency Plan.
The rising price Of silver, says
Washington dispatch, is beginning to
fill treasury and Philippine :officials
with a fear that the Philippine coins
now being turned out by the mints OF
this country may become so valuable
in a short time as to be taken up and
sold for their bullion, thereby draining
the Philippines of their silver and
necessitating a renovation Of the f1nan-
cial system adopted for the islands by
congress at it's last session and now be-
ing put into force and effect.
The directors of the mint last week
bought 100000 ounces Of silver bullion
for the continuation Of the coinage OF
the Philippine peso and other colns'
and paid the sum Of 5S.27 per ounce,
the market price in London being
5S.19. The advance over the London
price was paid for the delivery OF the
metal in San Francisco. But for this
the silver would have to be transported
across the continent for shipment af-
terward if the bullion was delivered at
the Philadelphia or New Orleans mints
In the last three or four months the
director of the mint has bought for
the Philippine account a total of about
| 8, 100000 ounces Of silver and since the
announcement that there was to be
considerable coinage for the islands the
price Of silver has been on the in
crease. The first purchase was at
4910 per ounce, and even that price
was all advance of several cents an
ounce over what the price had been
few months before. There has, conse-
quently, been a rise In price In sew
eral months of more than nine cents
an ounce, and in year of considera-
bly, more than 10 cents an ounce.
1t is estimated that should silver ad-
vance to a fraction of cent above
64.10 cents the silver in Philippine
peso would be more valuable than the
face value of the coin, and the chances
would be favorable to the expectation
of the money to Hong Kong to be
melted for silver. A sudden rise In
the price of silver Of five cents more
an ounce would drive every peso out OF
the islands, unless radical steps should
be taken to prevent. Consequently the
situation will be watched with keen in
terest by the Philippine government,
and by the director Of the mint, who
is the agent of that government In this
country in the purchase Of silver and
the turning of the bullion into coins.
Under the existing monetary system
in the Philippines the Mexican dollars
and other silver coins that have been
circulating in the islands will cease to
be legal tender at the close Of the pres
ent year, and there will be no legal ten
der coin except that now being put In
to circulation. With the law expelling
the Mexican dollars and the price Of
silver making the new coins more val
liable for bullion than for money, the
financial system Of the Philippines Is
in a fair way to give it's promoters
some trouble.
The suggestion Is made that under
the circumstances congress might be
disposed to carry out the bill proposd
at the last session, that the financial
system of the United States be ex-
tended to the islands. If this was con-
sidered impracticable, the new coinage
for the islands might be called in. and
greater amount Of alloy added to 1t,
so that it's bullion value would not be
50 great as at present.