Milford chronicle., 1905-04-21


guidance of the bureau Of Insular affairs,
which directs all things Philippine, bonds
were issued to maintain the parity be-
tween the Filipino coinage and gold and
the premium on these bonds has
amounted to from Sl.lS to $251 cents on
each 500 Of every issue. As the first two
issues were refunded, the premium was
nearly doubled so that the entire trans
action has in itself proved very profitable.
Then bonds we're issued TO purchase the
Friar's lands which will now be opened
to private settlement. Bonds were is
sued to raise the purchase price of these
lands and on the total issue of $7,000,-
600 the premium was S7.37 on every Sl00.
When the lands are sold to private par
ties, in small areas, the purchase price
will be aggregated to pay off the bonds,
and it is probable that the purchase price
will considerably exceed the total bond
issue. The last issue of Philippine bonds,
made on March 10, amounted to $780,,
OOO was many times Oversubscribed and
brought the highest recorded premium,
S9.O6 on every SlU0. The proceeds of
this issue will be devoted to such public
improvements as port and harbor works,
bridges, school buildings, court houses, !
penal institutions, etc.
Not only has the Philippine govern |
ment been able to sell its bonds at a pre- |
MUM, because, of course, of the credit |
of the United States, and in marked con-
trast with those little Republics in South .
America, for instance where the money
lenders exact ruinOus discounts, but now
that the money is in the Philippine
treasury it will be expended under the
supervision of the best men this country
can afford, men whose long experience
in contracting for public improvements
will insure to the kilipinOs the full value {
ot every dollar ofpublic funds expended.
This affords another sharp contrast to
The usual course followed in new and I
weak Republics. !,
During the last session of Congress a
Dill OF the utmost importance to the Phil {
ppines was enacted. Its most important I
PROVISION authorized the Philippine gov b
rnment to guarantee per cent interest
n bonds to beissued bv companies which
viii construct railways in the Archipe-
60, such bonds being limited to the ac-
nal amounts invested in railway con-
.TuctiOn. When the bill authorizing
MS guarantee had passed the House and
cen favorably reported to the Senate, it
,ntained certain loop-hOles by which the a
ilipinOs might have been swindled un- Il
ercltully by unscrupulous railway pro-
oters, but just before it was placed on
lssage, Senator Spooner, than whom K
ere is no more capable lawyer in the tt
untry, and whose early experience as
torney for and receiver of great rail-
ad rendered him familiar with the prac. in
,es of promoters, redrafted the railroad ST
ctlon of the bill and put it in the form
which it passed. Now, Secretary TAFT.
lawyer of exceptional ability, Senator VI
.iley, also an able attorney. and Attor- ola
y-General Moody and ex-Attorney- Of
neral Knox assert that no stronger
zee OF railway legislation was ever
ssed and that the interests of the Fill go
ios are safeguarded in every conceiva- is
/, manner. If such a measure had been III,
to the tender mercies of a Filipino
nate Is 1t likely that there would have
IN Spooner to safeguard the interests Ke
the people? 90,
n one respect Congress has perhaps 81 81,
ed TO DO justice to the Philippines, as eN
. But progress has been made and I
proper legislation will probably be she
lcted next session. This is in regard a.
the tariff. The Philippines deserve y"
trade with the United States, such is II ,
v enjoyed by Porto Rico, Hawaii, etc. G
arlngs on a bill providing for admis-
to the United States Of all Philippine ."
ducts except sugar and tobacco free of farl
y and on these duty of 25 per cent. TIL,
e been held and the bill is expected ver
Ass next session, While eventually en-
free trade will be accorded to the J'
lds. Now the United States is bound owl
treaty with Spain to admit Spanish of h
accorded % anv dtber conntr q, IS 10" az dusy by
Ity OF about 20 per cent. is collected this
all imports into the islands. This p
ge holds good until 1909, after which =.
trade will doubtless be accorded. ueai
nwhile, the duty affords revenue to bull
philippines and all the duties col trac
y oii illi P1Lts l5o5l te fhllilpplnes, old
Philippine treasury, so that the ISL Nj
fare very well under the existing neie
| ls'.lS.. ,geluenIi n. 8. l.- cOun
szuelan case, involving the Interests Ie"
le New York and Bermudez Asphalt motl
pany, popularity known as "The As TL
Trust" Is a closed incident. In
+ words, the United States will ac- hoou
without protest President Castro's Del,
al to sSbmit the case to arbitration will
e it is pending in the Venezuelan the q
s and all sensational reports to the ~
airy, which will doubtless appear Ste
time to time in the daily press, may smitI
cepted as without warrant. OF course Ed "a,
itro perpetrates some Overtact against
.merican citizen the vengeance of teu d
United States will follow swiftly and the
y, but as long as Castro confines his frien
e merely to prolonging the pending ent n
ton this country will attempt no re-
Is. Ri
GREENWOOD c eoun