New-York tribune., 1903-02-10
DEMOCRATS MAY KILL 1T.
CLINGING TO SILVER.
Philippine Currency Bill Threatened
uith Defeat an Senate. =
TBY TELEGRAPH TO THE rR1BUNE.I


Washington. Feb S.-DemOcratfc Senators,
still clnging to Bryanism and the lost cause of
Is to /, threaten to talk the Philippine Coin
age bill to death, and thus permit their abject
idolatry of the silver fetch to prolong and aug
ment the financial distress in the Philippines,
caused by the lack of a stable currency. 80
urgent are the needs of the Philippines and SO
admirably calculated to meet them is the cur
rency plan outlined by Secretary Root and IN
corporated in the Lodge bill, that not only
would a large majority of the Senate gladly
vote for the measure, but the leaders OF
the House have given assurances to Sen
ator Lodge of their willingness to accept the
Senate bill which the Philippine Committee
recently substituted for the minority measure
passed hv the Ho Use some weeks ago.
Until within the last few days everything
looked favorable for the prompt passage OF the
Senate bill and it's acceptance by the House
conferrees Then Senator Teller returned from
Denver and Immediately circulated the PROPOSE
ton that the Lodge bill was a last attack on
silver a final demonetization of his beloved
metal Immediately there f1ocked to his stand
ard all the Populistic, Fusionist Democrats in
the chamber and to-day they gave informal
notice that when the Philippine bill was called
up in the Senate they would feel compelled to
debate its provisions at length which at this
late date is tantamount TO saying that they are
prepared to talk it to death.
AN APPEAL FROM GOVERNOR TAFT
The Tribune has already published the en-
phatic protest against the House bill cabled to
Senator Lodge by the bankers and commercial
orga nizatons of Manila. To-day Secretary ROOT
forwarded to the Senate a cable dispatch just
received from Governor Taft urging in the
strongest terms the necessity for legislation at
this session of Congress. Governor Taft says:
Official ratio Mexican dollars to United States
currency now 81 90 to ST. total direct net loss
to insular treasury from depreciation silver
since January 1. 1902, $1,2lI.91-
All business suffering greatly from f1uctuation
and depreciation insular treasury; immense
losses to merchants WHO have soy on credit
Failure to furnish relief at thi4 session OF
Congress would create CONSERVATION through
out the islands; added to prevaNlng hnanclai
depression, loss animals by rinderpest and
other conta agious diseases. and resulting hesH-
tuition the political situation would hecome more
difficult.
The adoption of American money would en-.
hance prices greatly and derange every form OF
business. Legislation making gold peso equai niI
half American dollar as unit of value, peso ana
subsidiary minor coinage recelVapl7 Iot an
public dues at the rate of % cents American
money for one peso, with provision for issuance
silver certificates based on deposit OF new pesos
would furnish a currency as good as AiheTlcdls
money and much better adapted to neeus OF
the islands. The Philippine commissioners are
unanimous in these views
The deplorable financial situation in which the
PhiIippines will be left if the Lodge bill Is pre-
vented from becoming a law is well appreciated
by the Democrats. and some OF the more coI-
scientious OF their number are opposed to con-
tributing to further suffering in the islands,
even for the political gain which they imagine
will accrue from their antag gonism and the con-
seuuent embarrassment of the adminlstratlon'
hut the silver element in the party is not amehd-
BILE to reason, and no consideration has thus lar
hsd the slightest weight with them
Under different circumstances the Philippine
Coinage bill could be passed. despite their op-
nosition but after the long Statehood blockade
to which they have so largely contributed. and
with the session drawing rapidly to a close, II
will not be difficult for a few long winded silver
advocates so to proOng a debate as TO render
impossible the passage of the bill SO essential
n the welfare of the Philippine Islands
Referring TO the administration measure to-
dav leading Senators spoke of its merits having
anpealed to foreign countries even before the
hill was enacted in proof of which they called
attention to the fact that China and Mexico
had appreciated the correctness of the principle
IN which if was based and had already en-
doayored 10 enlist the sympathy of the United
etatos in an effort to apply the same system
throughout the silver using countries of the
world.
The editorial elucidation of this principle in
The Tribune of last Saturday has attracted
wide attention. and contributed materially TO
better understanding of the project, 10 the end
that the Republican Senators are more than
ever anxious that the United States should take
the initatorv step involved in the eSta blfshment
of this system of coinage in the Philippines
The defeat of the bill would be regarded as
calamity n graVeSt moment