Salt Lake Herald | 1901-11-30 | Page 1 | Philippines to Have Silver Coin

PHILIPPINES TO HAVE SILVER COIN Washington Nov NOY 29 Accompanying the annual report of Secretary Root Boot Rooth h Is Is a report made by Special Commis Commissioner r Charles A Conant who was wa wd walent trent sent to the Philippines to investigate Inv the thO currency situation His recommend recommendations recommendations are submitted to congress foi tOI its action The most moot important are ue That there should be a distinctively Philippine coin of silver which shall be legal tender for 50 58 cents in gold to tob tobe b be called the peso and to contain grammes of ot silver Sliver The coir coin is to be issued In such quantities as trade requires and sustained a at ai a parity with gold by limitation of ot the amount coined The Mexican silver dollar doHr and other coins snail shall cease to tobe tobe tobe be legal tender after a certain date It also is recommended that national banks in both the Philippines and the United States should have authority TO establish branches throughout the islands and in the United States Power to issue notes should not be extended to any bank having a capital of less le than Mortgage banks with a capital of not less than are recommended to make loans on real estate It is recommended that the treasurer of the United States be authorise to te receive deposits from the government nt of 0 the islands and that the theof theof of the Philippine islands ISland and a ud that the thebe be 6 designated by bv the secretary of war as a legal depository of public money