Abstract

The Philippine Currency Bill

U.S. Senator Henry Cabot Lodge has reported from the committee on the Philippines a bill to regulate the currency of the islands. It provides that the gold coins of the United States legal tender in the Philippines at the rate of one dollar for two pesos. The effect of this measure is to establish in the Philippines what is called the "limping standard," a phrase applied to countries, which have the gold standard nominally, but also have a large amount of silver of full legal tender. In devising a new monetary system for the Philippines, the simplest plan is the best. The gold standard, as provided in the bill, with a silver subsidiary coinage of the kind provided in the act passed by the U.S. Congress last year, is quite sufficient.