The independent. [volume] (Lincoln, Neb.) 1902-1907, 1905-11-23
MUST CHANGE RATIO
SILVER IN PESO WORTH MORE
THAN COINS FACE VALUE
GoIdbugs Thought Thirty-two to One
. Would Be About Right, But it Has
Lasted Only Few Years in Spite
Of Favoritism for Gold

Washington, ID. C., NOV. 10
Silver has increased in price of late
to such an extent that the ratio OF
80 to / fixed by the international
monetary commission is now decided
ly out of joint, and the peso, which
is the standard of value, is actually
worth more as bullion than as coin.
There is great danger that it will
| be driven out of circulation and into
| the melting pot of the Chinese.
Price of Bullion Rising
1t has been found necessary to pro-
hibit it's expectation from the islands,
and congress is to be appealed to at
this session literally to debase the
coinage of the Philippines by reducing
the amount of silver in the peso. 1t
has become absolutely necessary to
| to take such action, and when the mat
ter is brought up here a heated de-
bate on the old time financial issue,
which the world has thought to be
settled, surely will be precipitated.
For year the price OF silver bull
lion steadily has risen. The recent
production of gold has added vastly
to the supply of the more precious
metal and this has resulted, of course,
in the steady appreciation of the bull
lion price of silver.
| China has undertaken a reorganiZa-
ton of its currency system and this
has produced an enormous demand
for silver. The operations of the Rus
sian and Japanese armies in Man
churia also are said to have neces-
STATED a large increase in the active
use of the white metal.
Besides this there has been an un-
usual demand for silver in the arts.
Continued prosperity in the United
States and elsewhere has started the
public buying silver plate and artistic
articles of the same metal and this
had added to the bullion price.
When it was found necessary tC
create a new currency system for the
Philippines and get rid of the ole
Spanish and Mexican coins, an inter
national monetary commission was
created which was made of Hugh H
Hanna of Indianapolis, Charles A.
Conant of New York, and Prof. ]. w
lJenks of Cornell
Sought to Depreciate Silver
They visited every country in Ell
rope. in addition to making an eS
. Ihaustive examination into the finan
. cial situation of the orient. Whel
+ they concluded their labors they in
5 SISTED that ratio of 80 to / for tn
= silver currency of the Philippine
would be entirely safe. AT least tw
of the commission were radical gol
linen and their natural tendency wa
1 to make the ratio as high as possible
Z so as to depreciate the relative valu
of silver.
When 1t was decided to coin th
\ peso, which corresponds with our ha
dollar, 1t was determined that the col
should be made of the weight of Al
grain OF fine silver.
This was on the 80 to basis. an
the coins circulated In satisfactor
Z manner until silver began to 20 u
= In price. and then there was troubl
in the Philippines, which now hl
eliminated In the executive order 10
bidding the expectation OF the pes
] No executive order. however. can 10
: bid melting down. and the present Il
dications are that the Chinese spec
llators and merchants already hav
begun to take advantage OF the situ
!. ton. W
II they continue 10 convert the coir
-LI