New-York tribune., 1903-01-30
PHILIPPINE NEEDS.

The urgent desirability that the two houses OF
Congress shall get together and enact proper
currency law for the Philippines is set forth IN
the current North American Review by Brew
ster Cameron, the official representative in this
country of the Allied Chambers of Commerce
of the Philippines He writes, in an article
which we quote in another column of the in
dustrial crisis in those islands and its remedy,
and discusses other needs than that of currency
reform. Thus, he argues for a temporary re-
duction of the Dingley tariff, and, in view or
the disastrous ravages of the cattle plague, OF
the repeal of some provisions of the Phlllpplne
act which. however well meant and benehcent
in some directions. now prevent the rehabilita-
ton of agricultural interests in the islands The
first and greatest need of the Philippines, how
ever he declares to be a stable currency.
How marked this need is ought to be able
to realize from our memories of the evils
of deprecated silver in this country. In the
Philippines those evils are obviously much
greater proportionately than they were here
Mr. Cameron tells us that the Philippine Gov
ernment has already lost directly more than
81 900 000 and indirectly from 100000 to $780,
600 more, through the fluctuations Of the Mexi
can dollar, which is now the standard of value
The losses to business and commerce are much
greater, men estimating them at from S5,O00OO0
to $10000,000. Such sums might seem trif1ing
in this Millionaire land, but in the Philippines,
still suffering from the ravages and prostration
of war, they grave. Moreover, the uncer-
tainty as to what the silver dollar will be worth
tomorrow or next week causes all business
save such transactions as can be completed in
a single day-to be done on q gambling basis.
The result is that conservative business men
live in a hand to mouth fashion. They import
goods in the smallest possible quantities. The
supply scarcely equals the demand. Prices are
enhanced. The cost of living is increased to
the people, and the people not unnaturally MUIR
muir against the system under which they thus
suffer, saying that Spain at least gave them
stable currency.
Such a state of affairs in the Philippines is
moral reproach to the United States, such as
should not be tolerated an hour longer than the
time necessary for remedying it. 1t would be
shameful for US to fasten upon the Philippines
the evils from which in two memorable cam
paigns we have freed ourselves, evils which
even the much blamed Spanish administration
did not impose upon those islands. In addition
for the sake of those if there be any. 10 whom
profit appeals more directly than principle-it
would be particularly stupid to persist in
policy which so greatly restricts and discour-
ages Philippine purchases from the United
States. The Washington administration, the
Governor and other commissioners of the Philip
pines. and the bankers merchants and business
men generally of those islands, are fully agreed
upon the desirability of the currency reform
measure which has already been described in
our columns and which is now before Congress
1t is to be hoped that that measure, despite
some recent extraordinary occurrences in the
House. will speedily be taken up and enacted
into law