Middletown transcript., 1905-04-22
OUR WASHINGTON LETTER

, thO Soi piHS carp, DIS lIle
" President is fond OF saying, the ad
| ministration is daily demonstrating, in a
quiet and unobstructive manner, the
benefits which this country can, and has,
and will continue to bestow on the Philip.
pines, not out of pure philanthropy, OF
course, but as result of determination
to deal fairly with ''the little brown man.
and because of the long experience and
superior wisdom of the United States.
The experience which the American
colonies, the early Federation and the
infant Republic gained at high cost, the
little Filipino is profting by now. In
time he will enjoy all the prosperity of
this country and will not have paid half
the price, no, not tithe OF that which
the sturdy American was compelled to
pay before he knew as much about gov
ernment and economies as he does now.
| *x*
| For the first time in their history the
Philippines enjoy staple currency, on
the metric system, and they have made
money acquiring it. Under the fatherly
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 p! p!emium on these bonds has amount
ed to from $1.1S to $25I 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 were issued to purchase the
Friars' lands which will now be opened
| to private settlement. Bonds were issued
to raise the purchase price of these lands
and on the total issue of 100000 the
premium was S7.57 on every 500. When
the lands are sold to private parties, in
small areas, the purchase price will be
segregated to pay off the bonds and it is
probable that the purchase price will con-
siderably exceed the total bond issue.
The last issue of Philippine bonds, made
March 10th, amounted to s., 800, 900, was
many times oversubscribed and brought
the highest recorded premium, $906 on
every 500. The proceeds of this issue
will be devoted to such public improve
ments as port and harbor works, bridges,
school buildings, court houses, penal in
stitutions, 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 treas
ury it will be expended under the super
vision OF the best men this country can
afford, men whose long experience in
contracting for public improvements will
insure to the Filipinos the full value of
every dollar of public funds expended.
This affords another sharp contrast to the
usual course followed in new and weak
Republics.
~
During the last session of Congress a
bill of the utmost importance to the
Philippines was enacted. Its most i'm
portant provision authorized the Philip
pine government to guarantee per cent.
interest on bonds to be issued by COM
panies which will construct railways in
the Archipelago, such bonds being limited
to the actual amounts invested in railway
construction When the bill authorizing
this guarantee had passed the House and
been favorably reported to the Senate, 1t
contained certain loop-holes by which
the Filipinos might have been swindled
numerically by unscrupulous railway
promoters, but just before it was placed
on passage, Senator Spooner, than whom
there is no more capable lawyer in the
country, and whose early experience as
attorney for and receiver of great rail-
road rendered him familiar with the prac-
tices of promoters, redrafted the railroad
section of the bill and put it in the form
in which it passed. Now, Secretary Taft,
a lawyer of exceptional ability, Senator
Bailey, also an able attorney, and Attor-
General Knox assert that no stronger
passed and that the interests of the Fill
pinos are safeguarded in every conceiv-
able manner If such measure had been
left to the tender menates OF Filipino
Senate is it likely that there would have
been Spooner to safeguard the interests
of the people?
In one respect Congress has perhaps
fo;lod to do iuctico tn tho PhilinOinns as
vet. But progress has been made and
the proper legislation will probably be
enacted next session. This is in regard
to the tariff. The Philippines deserve
free trade with the United States, such is
now enjoyed by Porto Rico, Hawaii, etc.
Hearings on bill providing for admis
pine products except sugar and tobacco
free of duty and OH these duty of %
per cent. have been held and the bill is
expected to pass next session, while
eventually entire free trade will be ac-
States is bound by treaty with Spain to
at as low duty as is accorded any other
country, and SO duty of about 20 per
cent. is collected on all imports into the
islands. This pledge holds good until
1909, after which free trade will doubtless
be accorded. Meanwhile, the duty af-
fords revenue to the Philippines and all
the duties collected on imports from the
Philippines, entering the United States,
is returned to the Philippine treasury, so
that the islands fare very we'll under the
existing arrangement.
WASHINGTON, D. c., April 18th, 1905.