St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1903-07-01
Filipino Currency.

A representative of the CALEDoNIAN
recently interviewed Hon. H. c. Ide in
regard to the new currency to be put into
circulation in the Philippines, and elected
the following interesting facts: The
present system of currency in the Philip
pine Islands was introduced by the
Spaniards, with the Mexican dollar as
the basis Of coinage, and also a limited
silver currency of the Philippines own
manufacture. Owing to depreciation
this money has a far less value than
formerly, and there has been great
demand for steady currency. The cir
culation of the new coins will not depend
On the market value OF silver.
Judge Ide recommended new system
two years ago, which was adopted last
November by the Philippine Commission,
and brought to the attention of congress.
Charles A. Conant, an expert in cur
rency matters, was sent to the islands to
investigate the system. and approved OF
it and the same was finally adopted at
the last session of congress.
The new act authorized congress to
have coined rs million pesos, and the
pieces to be coined are pesos, half pesos,
one-fith pesos or 20 centavo pieces, 10
centavo, five centavo, and one-half cen
tavo pieces. These new coins are to be
receivable for all public dues, customs.
revenues, etc, and their relative value to
our money will be two pesos for one
United States silver dollar so they will
have a definite ratio to United States
money. The fluctuations in the silver
market will not affect their value. for
their relation to United States money is
fixed. The silver dollar will be of the
same size as the United States dollar and
will also have the same fneness. but
passes for only so cents of our money:
one cent of the Philippine money will
have the value OF United States money.
ETC. This is system the Filipinos are
familiar with, so no inconvenience will
be caused in it's adoption.
Six or seven million pesos have already
been coined in the different minis in the
United States and are in Manila or on
the way, and the coinage is still going
OH. Silver is being bought for this coin.
age and will continue to be until a suffi-
Gent amount is placed in circulation.
Paper money will be issued upon a
deposit in form of silver certificates. like
the system in the Ubited States, but will
be redeemable in pesos.
The new system is to be inaugurated
September l at which time Judge Ide ex.
poets to be again in the Philippines. The
new coins are attractive, with skilfullv
designs by native artists.
which have been accepted by the Philip.
pine commission. Judge Ide has recently |
received complete proof set of the coins. |
which were the first struck off. On one
side is the figure of Filipino woman
with hammer and anvil in the distance
is represented volcano located in the
province OF Albay at the top OF 1.-THE
peso are the words zone peso" and at
the bottom "Philopinas." On the re-
verse side in the center are the eagle and
shield with background of stars; on
The top is the word America" and at
the bottom the date 1908. All of the
coins in the set are from similar dies ex-
,ept the nickel, five centavo, which has
The figure of Filipino man instead of a
are also two copper
coins, the one centavo and one-half |
,entavo, which have the same design as
The nickel FIVE centavo.
The new system has already produced
a beneficial effect and Manila merchants
are not looking for any more trouble
from depreciation OF money.