| Show PHILIPPINE P H I LIPPI NE FINANCES Fl NAN CES Situation Causes Alarm and an am Con Congressional Congressional gressional Action to Relieve p I Conditions is Asked Manila Dec Dee 1 The financial situa situation situation tion in the Philippine islands is caw cans causing cawI lug ing I much alarm In an interview pub published published fished in Manila lIa ila Henry C Ide chief c el of Qt the department of finance and justice just referred to the probable enforcement of or oran an alteration in the immediate future of the present government nt parity of two Mexican dollars for one gold dol dollar lar 1 The United States po here bere now refuses except to government em employees employees to issue money monet orders in ex exchange exchange change for tor Mexican sliver silver The banks of Manila have been making from 6 f to toS toS toS S tel per er cent nt on exchange ge Merchants and others are aTe forced to carry their ac accounts accounts accounts counts in Mexican silver The com coin commercial mercial community had bad relied upon the United States Philippine commission to continue the parity of two Mexican dollars for one gold gokl dollar which the commission Itself created The com corn commission mission is unable un Ie to act In the matter without the authority a of congress This authorisation th on his has been requested by I special commission commissioner er of the Ute war department to investigate Investigate investigate gate the state of coinage coln e and banking in hi the Philippines and report to the secretary of war wai recommendations for remedial legislation who is now in Washington was the bearer of the commissions views on this matter The stores of Manila are compelled to accept the two Mexican dollars for forone forone one gold dollar while Chinese ChlDe e speculators speculators are prying paying as 88 high as a 8 I per pet cent premium p Ium in American paper for Amer Amern Amerin tean in n gold Local bankers say that if the sal salaries I aries of all ail insular employees were paid in the he local or Mexican currency curre cy Independently of or the fluctuations of this currency and if the government had not attempted to enforce a rate of exchange e the present financial situa situation situation tion would wold never have arisen |
