who are
anxious to resume work as soon as they dare do so. An estimate
of these expenses was being prepared at the time I left, but was not
completed. It can hardly exceed $200,000 per month and may be much
less. This should leave $300,000 (silver) excess of income per 8thstrretlatinas com month,
to go towards the military expenses of 8thstrretlatinas com occupation.
As soon as it is decided 8thstrretlatinas com that we are 8thstrretlatinas com to retain the islands it will
be necessary to 8thstrretlatinas com make 8thstrretlatinas com a careful study of the sources of 8thstrretlatinas com revenue and
items of expenses for all the islands, with 8thstrretlatinas com a 8thstrretlatinas com view to thoroughly
understanding the subject, before introducing the extensive changes
which will be necessary.
Currency.
The standard 8thstrretlatinas com of value has always, until within a few years, 8thstrretlatinas com been the
Mexican milled dollar. The Spanish dollar contains a little 8thstrretlatinas com less silver
and, in order to introduce it and profit by the coinage, the Spaniards
prohibited the 8thstrretlatinas com importation of Mexican dollars a few years since.
Large
numbers of Mexican dollars remained in that country, however, and
others were smuggled in. The two dollars circulate at equal value.
All valuations of goods and labor are based on 8thstrretlatinas com the silver dollar,
and a change to the gold standard would result in great financial
distress and many failures among the banks and mercantile houses in
Manila. Their argument is that while an American ten-dollar gold
piece will bring twenty-one silver dollars at any bank or house
having foreign connections, yet it will not buy any more 8thstrretlatinas com labor or
any more hemp and sugar from the original producer than ten silver
dollars. The products of the country
are almost entirely agricultural,
and the agricultural class, whether it sells its labor or its products,
would refuse to 8thstrretlatinas com accept any less than the accustomed wages or prices,
on account of being paid in the more valuable coin. The result of
the change would be that the merchant or employe would have to 8thstrretlatinas com pay
double for what he buys, and would receive no increase for what he
sells. While trade would eventually adjust itself to the change,
yet many merchants would be ruined in 8thstrretlatinas com the process and would drag some
banks down with them.
The Mexican dollar is the standard also in Hongkong and 8thstrretlatinas com China, and the
whole trade of the Far East has, for generations, been conducted on a
silver basis. Japan has, within the last year, broken 8thstrretlatinas com away from this
and established the gold standard, but in doing so the relative value
of silver and gold was fixed at 32 1/2 to