Elbert County tribune and Elbert County banner., 1921-09-02
PHILIPPINE INDEBTEDNESS
(By Jose P. MelencioN

otner country. Ordinarily no at
tention would be paid to the Philip
pine situation but would instead ne
taken as an inevitable outcome of
the worldwide depression. The
fact, however. that the Filipiros
are clamoring for independence has
made their case totally different
from that of the other nations. They
are assailed, now, as finacial incorl-
petents. not deserving of their indie
pendence.
Now. there is absolutely nothing
limit of Philippine Indebtedness in
creased from $15.O00,OOO to $780,
100000. The need for that i'll
crease is not a sudden need 1t
has long been felt that the limit Of
SIS, 100000 set by an act of Con-
gress years ago was too inadequate
for the needs of the Archipelago.
General Mcintyre. Chief of the l.
reau of Insular Affairs, testified
that the increase now sought has
been requested by every Governor
America has ever sent out there"
THE extension which is asked
for In this BILL" declared Honorable
Horace NJ. Towner. of Iowa, on the
floor of the House, would be per-
foctly justified merely in the ordn-
airy course because the business Of
the Philippine Islands, the progress
and development of their commercial
interests. the increase of the wealth
of the Isalnds, would make SIS,
100000 as a limitation altogether
too small an amount
That the Government of the Phil
ippine Islands can afford this in
crease of Indebtedness cannot be
disputed: In 1919. the revenues
46159 The estimated revenues
for this year will be about $42,00O.-
600 The assessed value of the
taxable property in the Islands was,
for the last year Ps02,952, 2,6S4-in
American money, s401, ,47s,342. The
present condition of the Philippine
revenues, therefore, as well as The
present value of the taxable proper
ty would warrant a far greater ex-
tension of the limit of the indebted
ness than is now requested 1t
will be remembered that at the close
of the civil war the United States
had a total Indebtedness of $1,000
100000, while Canada, with pop
ulation less than that of the philip
pines, has a present Indebtedness OF
S2.OOO,OOO, 900 and is now increas-
ing it in order to take care of ner
soldiers.
In fact. the present Indebtedness
of the Philippines is much less than
the Indebtedness of almost all Of
the small Independent countries o.
the world. 1t is less than that Of
Argentina, that of Belgium, Bul-
garia. Bolivia, Chile and Denmark
Ecuador, Norway. Peru and Sweden
also have greater Indebtedness than
the Philippine Islands.
The trouble is not with the Phil
ippinos. Their warehouses are
filled with grain. Merchants
shelves are crowded with clothing
shoes. and other manufactured
goods. They have all the mechan-
ical power they need and all the Ia
Dor they want. Transportation
and communication facilities are
functioning normally. AS regards
the National Bank, ii has a super
fluffy of assets, but these are "froz-
en''-there is no way to liquidate
collaterals. Encouraged by the
tremendous prosperity experienced
soon after the signing of the armis-
tice this semi-governmental institu-
tion carried on an extensive banking
business, extending credits freely
to private commercial enterprise
and lending money to cocoanut oi
concerns. copra producers, sugar
producers and many others. Tho
depression ensuing found it's funds
tied up. In only the war boom
could be revived the difficulties now
felt would dwindle or even disap-
pear. World industries, however,
, seem to have come to a stop. In
ternational transshipments of goods
have ceased. The machinery Of
| exchange and credit is clogged and
does not function as usual. Con-
sumption of goods even called neces-
stiles has decreased
Nevertheless the general business