Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1906-02-05


entirely due to the falling off in i'm
portations of rice, the principal ar
ticle of food of the people. More than
$4,000000 less was expended for rice
than the year previous. This simple
statement tells its own story. The
prospect for the next rice crop is I'M
usually good, and it is confidently ex-
pected that, unless some unforeseen
disaster occurs, a still further de-
crease in rice importations will be
made the coming year. The ordinary
American pillow, reaper, harrow, and
hoe are gradually being introduced,
and the Filipinos readily appreciate
the difference between their crude ag-
ricultural implements and those en-
ployed by us.
Currency.
The new currency upon gold basis
has already taken the place of the old
fluctuating Mexican, Spanish-Filipino,
Chinese, and other foreign coins pre-
viously prevailing in the islands, and
commercial contracts, importing, ex-
the islands are now all upon a UNI
form basis and a fixed, known stand
ard, and the whole public and the gov
eminent are able to forecast results,
so far as such results depend upon
the kind of money to be paid or re-
ceived, as the case may be. During
the year 100000 certificates of in
debtedness have been retired and only
100000 issued IN their place, which
leaves only $1,500,000 worth of these
certificates outstanding Ga reduction
of $4,500,000 during the year,, which
is ample and sufficient to meet all re-
quirements and to maintain the parity
of Philippine currency with gold.
These certificates were sold at a pre-
MUM and the proceeds deposited
the gold standard fund and has earned
interest at the rate of not less than
215 per cent, so that the maintenance
of this fund has been on the whole
source of profit to the insular govern
ment instead of a loss. I other words,
the government has made money by
borrowing and issuing these certifi-
Gates, and has maintained a fund for
the purpose of the gold standard with
out any cost whatever.
The total amount of the new cur
rency down to June 80, 1905, was 81,
955,520 pesos, of which 28,160,667
pesos were in actual circulation, in
Guiding in this latter statement such
pesos as were represented in actual
circulation by silver certificates, of
which there was 1O,450,00O pesos in
circulation.
Congress has authorized the issue
of larger denominations of silver GER
tificates, which will probably increase
circulation of these certificates to
more than 100000 pesos in the not
distant future. Silver pesos must now
be deposited and retained in the treas
ury of the islands for the payment of
each certificate to it's full amount,
and the facilities of the treasury for
the storage of these silver pesos have
already been taxed to the utmost and
they have had to be stored in other
buildings where the cost of rental and
guarding is considerable, and an ap
preparation of $4,000 has been re-
quested for the construction of addi-
tional vaults to furnish more storage
space 1t is deemed undesirable to
incur this expense if it can be reason
ably avoided, the silver pesos thus
deposited are idle and unremunerative
and a constant source of expense to
the insular government, and the sys-
tenn is inelastic.
The commission believes that great
relief, combined with entire safety,
might be secured if congress would
authorize the use of United States
gold coin in part as a reserve for the
silver certificates, such gold coin
being full legal tender money in the
Philippine islands. The government
could then purchase silver when the
market is low and abstain from pur-
chasing same when the price of silver
is high. A portion of the gold coin
consisting of this reserve against the
certificates might be deposited in the
United States in authorized deposito-
ries where it would draw interest,
which would make a substantial in
come for the benefit of the gold
standard fund and the construction of
new vaults would be unnecessary. In
this connection attention is invited to
the fact that there is Immediately
available in the insular treasury vault
upward of 100000 in United States
gold coin and that as the transfers of
funds from the treasury of the United
States to the Philippine islands for
the army and other purposes are
mainly made through the insular
treasury by deposits in New York, an
indefinite amount Of gold coin could
thus be deposited in New York to the
credit of the treasurer of the Philip
pine islands, the equivalent being
placed to the credit of the treasurer