New-York tribune., 1903-01-30
PHILIPPINE INDUSTRIAL CRISIS.
Three Immediate Legislative Needs of the
Islands.

Brewster Cameron. in The North American Re-
fcan dollar which is now the unit Of value, huctu-
ates in price every day The Philippine govern
in The fluctuations of the Mexican dollar. In ad-
dition 20 this. the indirect losses 10 the govern
s25oas. And these losses. large as they are. are
sustained bv the business and commercial interests
through that cause.
When the government changed the ratio between
the Mexican dollar and the gold dollar from to
10 the ratio Of 21e and later 22 to the merchants
suffered great losses on goods previously sold 20
ihe Philippine government, TO be paid for in Mex
an silver s the official ratio at time Of delivery OF
tinueG losses to merchants compelled them TO
private customers beyond ali reasona bic profits
in anticipation of the further great depreciation of
silver. that all of the business Of the archipelago
excepting the transactions that be completed
on the very day, must he done on a gambling
The result is that no goods are now being i'm
IN hand. The conservative business houses that
formerly carried large stocks Of goods have been
telLng iheri run lower ana lower. Prlces nave
been advancing accordingly, under the inevitable
the fy +eJief Fro,o NE 5en1orsbe a,it;nr of
HfaiTs which il being misconstrued by the natives
res "a Of e f f 70 increase the cost Of the naees
AS a concrete example of fnnurnerable individual
losses prominent lunbernan and contractor in
Manila took contract to build hospital for a
rhc completion OF the work During the time neces-
tr1y occupied I'm the construction of the building
that he lost S22.oOa Mexican
The facts in this case, which is not extreme
fairly illustrate the peril that besetS every
hllsiness in the Philippines to-day. through 1uctu
ating currency. We need the gold standard Is
1here amy reason why We should not have it? What
possible advantage can come TO the people Of the
nf fho Philiprines any longer TO The perils and
losses tlIat are incident to fuctuatng currency?
business and commercial interests of the islands.
through the fluctuations Of the currency. been
from s5.ooaeeO s0OO0ooe, But this is nGs IRE only
nor perhalS The greatest damase that viii result
at Mexican silver The poor natives in the
inces who engaged in agricultural pursuits. the
l'eopie upon Whose contentInent and prosperity the
welfare Of the islands depends arc unable TO recon-
Sress. which Governor Taft has proclaimed through
ont the islands. with financial policy that has
l,5i,ing them of the rewards Of their toll They
argue that even the Spanish Government did not
1nzintained fairly stable currency
temporary iesnction Of the bineiHT farfff' This
reduction is nc asked for on the ground that the
Islands are an American possession. hut on the
higher plea ca humanity and mercy. This appeal
is now being made 10 Congress because millions
pf The Filipinos have recently been visited with
one OF the greatest Affections that have ever be
] e enE Ma2fi5i6e pfGPG Rs %
'nore tragic is small in comparison with the mis-
The poor natives who live by agricultural labor If
Congress should deny this prayer 20 the Filipino
Owing 10 the iisastsr that have befallen the
h.r Il, re ' l9rns e, pasne ana m mpendins
proposed in the bill which has passed the House OF
cent of the Dingley duties. During the next four
9ears the Philippine planters grow but little.
that the Utmost production during that time
could not materially affect any article grown in the
Tinted States. The chief gain TO the islands in
the reduction Of the DinEley tariff would be
jn the announcement il would give TO planters
10 make whatever sacrifice might be necessary to
1rstock their plantations. thus providing labor for
thousands Of suffering people who. within the last
wear. have been thrown out Of work the planta-
fitns bv thu wholesale destruction of the carabao,
o. Philippine OK. through the rindcrpest plague.
Unless this reduction Of fhe tariff IS now made
thase WHO most familiar with the present de-
forable agricultural conditions In the Philippines
apprehsnd great distress If not actual famine
To encourage the agricultural and industrial de-
Nelopnlent Of the Philippines the tariff should be
Immediately removed from all American machinery
imported into the islands for those purposes.
The tIlId need is the immediate repeal OF certain
provisions of the Philippine
The present law limits tl4e ownership OF land by
corporations 20 800 acres. 1t is known TO every
who has ade even superficial study OF the
business that 2.5e9acre plantation will fur
,iisf enough 10 operate economically a mod
orn sugar milling plant. Under the operations Of
this unfortunate law. men who are rich in lands.
hut without money. have been unable TO get corpo-
interests to equip their plantations with mod
ern sugar plants. Thus II viii be seen that this