Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-07-05

currency, according to the fluctuations of
exchange, which gives them speculative
value. Merchants will not allow any more
for them in trade. although they come
hig her when you get them at the bank, but
that is the way with all new currency, espe-
cially that which has fixed value. and as
all of the accounts and salaries OF the gov,
eminent are paid in ''Conants, they VIII
soon come into circulation generally ana
drive the deprecated currency out. The
merchants ought really to be glad OF them,
and perhaps they are In secret, aithoush
they pretend that they would rather have
the old rag-tag- and-bob-tail kinds OF
money. Every dollar of 'Conant money
a merchant takes in over his counter Is
profit of about 3R per cent to him, ana
when it comes into exclusive use, as 1t soon
will, do not suppose tradesmen VIII trou-
BILE themselves to reduce prices accordingly.
Some time ago the government was put
in the attitude of repudiating its own
money. 1t was discovered that spectators
were gathering up the Conants, and bring
ing them to the treasury to be redeemed IN
gold. With the gold they went to the banks
and got Mexican dollars, which they took
around among the merchants and exchang-
ed for 'Conants,' thus making a profit of
about 311 per cent. When Commissioner
Ide. who looks after the finances OF the
government. heard of these transactions he
instructed Mr.. Brann'gan, the treasurer,
not to redeem any more "Conants' with
gold, which made the spectators indignant.
and for several days they filled the news
q
would repudiate it's own coins.
Revenues Keep Up.
Notwithstanding the depressing agricul-
tural and commercial conditions the reven-
ues of the government have kept up, and
the statistics of exports and imports show
considerable improvement over the pre-
vious year and a substantial increase in the
production and expectation of hemp and
In no ending lime
1902 the total imports were SAL ,012, IDS. but
of this IS $50 Gas was silver coin. The total
exports for the fiscal year ending June So
1902. were s21157OS7 of which the silver
coin amounted to 81. 1913 200. Excluding sill
yer coin, therefore. the total merchandise
imported for the fiscal year ending June 30
1902, amounted to $}3. 400, OS0 whereas the
total merchandise exported amounted to
$24, 10, SS7 In other words the balance of
trade against the islands that year was So.
$50 1888 For the year ending June 80, 1903,
the total imports were $50, U.9,Si2. the silver
coin in which amounted to 81 GS3, 435. The
total imp ported merchandise, therefore, for
the year ending June 80, 1903. was $53. 1866
407 or a small falling off in the entire year
of $253,673. The total exports for the year
ending June 30, 1903. amounted to S39,614,-
1923, of which s5.977, 741 was silver. leaving
a balance of merchandise exported of $685.,
COG, ST. which makes a balance of trade in
favor of the islands for the year ending
June 80, 1903, of $3.50 $50. 1t will be seen
that there is an increase of 50, S62, 100 in the
exports for the year ending June 30, 1903,
those of 1902.
The total foreign trade of the islands, ex-
Guiding coin for the year ending June 30.
1902, was $50 153 ,967: while the total for the
year ending July 80, 1903, was $G6, S62, 994, a
gain of IS, 7O9,027.
The revenues of the insular government
and the city of Manila have also kept up
well and show decided increase from the
previous year, as follows: