Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-06-07
WANT A STABLE MONEY
PANAMAN CURRENCY SUBJECT
OF DISCUSSION.
Isthmian Canal Commissioners Want
Value Fixed Before Engaging
In Contracts.

mot until the Panaman government has
the Isthmian canal commission feel secure
in making arrangements for construction
work on the canal"
This statement was made to a reporter
for The Star this afternoon by Admiral
Walker, chairman of the isthmian canal
commission.
Il have my personal idea as to what a
safe currency is. and it should be based
on a purely gold standard" continued Ad-
miral Walker, land, although I have not
so far been able to have my ideas carried
out, 1 trust We may soon be able to have
stable currency in the new republic. Mr.
John Barrett. the minister to Panama, will
have a consultation with US this afternoon
on the subject, and / expect he will shortly
leave for the tsthmus to take the matter
up with the Fanaman officials, with, l sim
cerely trust ultimate success. An uncer-
tain currency would cause US no end OF
trouble"
Talked With officials.
In answer to a summons from the State
Department Mr.. Barrett came to Washing
ton today and had a conference with the
President, Secretary Hay and Assistant
Secretary Loomis. each with reference to
rency proposition. 1t appears from advices
received this morning that final action by
the Panama legislature is expected today
and in the event the decision Is adverse to
the adoption of the gold standard, some &C.
ton will be required Immediately on the
part of the United States government.
1t developed that, although indirect, the
interests of the United States in the adop-
ton of the gold standard by Panama is no
less than $25 100000. This is based on the
wi a fin nd a
currency in Panama, closely interviewer as
1t certainly will be with the isthmian canal
strip population the contractors who must
dig the canal will be obliged, to make
themselves safe, to add at least 25 per cent
to their bids in order to guard against such
radical changes in the cost of labor and
supplies. which must be obtained from the
surrounding country, are always Incl
dent to curf encies not placed on the gold
standard
Panaman Minister Coming.
So II the decision of the Panaman legis-
lature promises to be adverse to gold the
United States government will seek to Sc
cure postponement of the final proclama-
ton of that decision. Meanwhile Minister
Barrett will arrange for a meeting with
Minister Obaldia of Panama, who Is ex-
pected to arrive In New York today on his
way to Washington. and the two fiscal
agents of Panama. who are now In New
York. with the purpose of securing an
agreement to make the Panaman currency
uniform with that to be employed on the
canal strip.
The ideal system which will be brought
to the attention of the Panamans is that
employed in the Philippines SO successfully
for the past two years, namely, a gold dol
lar unit with a silver peso worth 80 cents,
gold. as a common circulating medium.
Such coin the peso is regarded as abb
solutely necessary where a vast amount OF
crude, unskilled and cheap labor is to be
employed as In the canal work. The aver
age wage will be less than one gold dollar
per diem. and such labor is used to the
peso as a fair compensation for one day 8
work. In the absence CT peso 1t would
probably demand a dollar gold, and the
cost of canal construction would be double,
while the price of all food supplies and the
like being correspondingly raised. the labor
er would be no better off than with the peso
would be no better off than with the peso
standard. These were some of the consid-
erations brought to the attention of the
canal commission this morning.