The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-17
Should "Stay Put. .

ing the Philippine currency bill which.
with the appropriation for the relief of the
disaster stricken people of Luzon, will GER
tainly tend to compose the discomfort in
commercial and agricultural circles.
o. course, the senate bill has to go into
conference, for the house last month
adopted bill providing for the institution
of our American currency system, the
dollar. valued at 100 cents gold, to be sub
stituted for the silver peso Of Sc to SO cents
gold valuation, as the money of account
There are good reasons why the house
should agree to the senate measure The
latter is in accordance with the expressed
wishes of the. business community and of
Governor Taft and the members of the
Philippine commission, who perfectly COM
prehend the situation and the needs of the
people The senate bill, in fact was
shaped by amendment to fit the situation
The proposition in December to make
the American dollar the unit of value and
full legal tender, and coin a silver full
weight peso to be valued at half a dollar
sold, and limited as to legal tender quail
ity, was antagonized by the business COM
munty in Manila The senate bill, as
passed. meets the insular views. In brief,
the unit Of value Is the gold peso, and
one American gold dollar is to equal two
gold pesos, the latter to contain each one
half the gold contained in our gold dollar.
Further provision is made for the coin
age of a, new silver peso, maintained at
full legal tendeg with the gold peso by
f,,,, 81
Subsidiary coinages IS also provided for,
together with a limited issue of certif-
Gates of Indebtedness. This arrangement
will impart the much needed stability to
the insuar currency.
1t is to be regretted that Mexican dol
lars and Spanish coins are made receiva-
bic for public dues at a. rate fixed by the
civil authority but as preference is given
to the. proposed coins and currency, the
old currency will disappear. Obviously
it is the duty of the house to abandon it's
bill and adopt the currency acceptable to
the people of the islands, who are most
deeply interested in obtaining a stable,
gold-based circulation. 20. '''.' '.
The senate bill was passed With the
Patterson amendment providing for an
international conference to arrange a
tiexed ratio of exchange between the gold
standard and silver-usng countries. This
proposed conference is not needed The sill
Yer men think that they can, through such
international congress, STIR up another
discussion of bimetallism and free coin
age of silver, WHICH would be waste of
breath and energy. The request of China
and Mexico to our government to aid in
devising means to check the fluctuations
in the relative value of the money metals
may be answered by reference to the prin
ciples Of the bill passed by the senate
Mexico does not wish to adapt a pure gold
currency, but, as her finance ministe,
says, she wants to stop the depreciation
of her silver currency by raising the ex-
change value Of the Mexican dollar from
81 to So cents to so cents. AS Mr.. Creel
the Wel-known Mexican banker and mem.
Der of the Mexican monetary commission
says; Mexico desires to fix a gold value tt
the silver currency used in silver-usins
countries, that the currency may have
known and permanent value in gold no
on the principles OF bimetallism, but with
in the lines of the gold standard system.
1t would certainly appear that the prin
ciples embodied lin the Philippine currenc,
bill would meet the Mexican preference TO
ample provision is made for the continue,
use of silver, while the danger and incon
venience of fluctuations of the relatv
value of the two metals and of exchang
value between gold and silver using coun
tries are elm mated. "a t*...-
The Minnesota house yesterday spanke
its railway committee to a deserved pink
ness. The house evidently has some re
gard for its reputation, even if the mem