The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1906-02-02

these certificates. and has maintained
a fund for the purpose Of the gold
standard without any cost whatever.
The total amount of the new cur
rency down to June 30, 1905, was 81
955,52O pesos. OF which % ,16O,667 pesos
were In actual circulation, including
In this latter statement such pesos as
were represented in actual circulation
by silver certificates, of which there
was lO,45O,O00 pesos in circulation.
Congress has authorized the issue OF
larger denominations of silver certifi-
Gates. which will probably increase
circulation of these certificates to
more than 20,000,000 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 its full amount, and
the facilities Of the treasury for the
storage of these silver pesos have al
ready 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 in
cur this expense il it can be reasona-
bly, avoided, the silver pesos thus de-
posted are idle and unremunerative
and constant source of expense to
the insular government, and the sys-
TEN is inelastic.
The Commission believes that, great
relief, combined with entire safety,
might be secured ii 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 purchasing 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 repositories
where it would draw interest, which
would make substantial income for
the benefit of the gold-standard fund
and the construction of new vaults
would be unnecessary In this connec-
ton attention is invited to the fact that
there is Immediately available in the
insular treasury vault upward of 49,
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 de-
posts in New York, an indefinite
amount of gold coin could thus be de-
posted in New York to the credit Of
the treasurer of the Philippine Islands,
the equivalent being placed to the
credit of the treasurer of the United
States at Manila, SO that no actual
transfer of money and consequent ex-
pense would be necessary.
The following amendment to the
present law is recommended by the
Commission:
1t is recommended that Congress be
requested so to amend that portion Of
section 10 of the act of Congress APP
pproVed March s, 1906, which Is marked
sec. g." that the treasurer of the Phil
ceive either standard silver Philippine
pesos or gold coin Of the United States
az the treasury in sums of not less than
P2o Philippine currency, or $40 United
Gates therefor in denominations already
authorized by law, provided that the
amount of gold con held in such re-
serve snail not at any time exceed 60
per cent Of the total amount of certi-
ther. that the goln coin SO held in re-
serve may be deposited by the treas
urer or the Philippine Islands in au-
tnorized repositories Of the funds of tho
the United States on such security as
may be approved by the Secretary of.
War. Should 60 per cent be deemed too
large portion OF the reserve to be held