Modern Currency Reforms, a History and Discussion of Recent Currency Reforms in India, Straits Settlements and Mexico

Modern Currency Reforms, a History and Discussion of Recent Currency Reforms in India, Straits Settlements and Mexico

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916 edition. Excerpt: ...appears not to have gained but actually to have lost by the rise in the gold value of the peso. In the language of Wall Street the Government found itself again on the wrong side of the market. How it happened will be seen from the following facts gleaned from the annual report of the Philippine Auditor for 1903: 1 As a slight offset to these two losses there was a gain on exchange of about $37,000. Rep. Phil. Com., 1902, Part II, p. 762. 2 Ibid., p. 763. 3 Ibid., p. 701. 4 Ibid., p. 701. 1 Of course when the rate was 2.66 the purchasing power of the peso over goods imported from gold standard countries was considerably lower than when the rate was 2.00. 2 In his 1902 Report the Auditor for the Philippine Islands said: " Salaries of officers, clerks, and employees in the insular service were necessarily paid in local currency at the ratio at which the money was appropriated. This resulted in loss to the recipients of this currency, which was not equal in commercial value to the United States currency represented by the obligation. This was more especially true in Manila than in some of the provinces, where local currency continued to circulate in small amounts at even the old rate of two to one.... Many complaints, both written and oral, were made to the Auditor, but as the accounts were settled according to law, this office was without further jurisdiction in the matter." Ibid., p. 764. The Government's cash balances in United States currency and in local currency, at the beginning of each month of the fiscal year, and the Government's monthly customs receipts--by far the largest item of revenue--in round numbers, were as follows:2 The Treasurer's cash balance at the end of the fiscal year 1903 consisted of $10,853,803 in United States...show more

Product details

  • Paperback | 176 pages
  • 189 x 246 x 10mm | 327g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236496744
  • 9781236496744