OCR Text |
Show WILL BUY SILVER FOR PHILIPPINES Treasury Will Purchase Only at tha Market Value, and in Quantities Quanti-ties as Hay Be Needed. WASHINGTON, March 25. It Is said that the insular division of the War Department De-partment has requested the ; Secretary Secre-tary of the. Treasury to, purchase the necessary silver and execute the coinage coin-age of the Philippine pesos authorized by the Philippine currency act. . Although 1 this act authorizes the coinage of cot to exceed 75,000,000 pesos, including recolnage of . Mexican and Philippine coins, it is not contemplated, at present to coin more than 20,000,000 pesos, at about the rate of 2,000,000 a month. The silver for these coins will be purchased pur-chased in the United States, but under what conditions has not yet been determined. de-termined. The treasury. It is understood, under-stood, will purchase only at the market value, in such quantities as may be needed as the coinage progresses. It is 6ald that the department will not submit to an advance In the price of silver if it possibly can be secured at the ruling rate. SSBBSaSSBBMSSMMSBSaBSaSakSSSSSBSSaBJBSSMSsaMSSSSBBSaSfl |