At the time we landed in Manila "Mex" stood with gold at an even
ratio of two pesos "Mex" for one dollar gold. I innocently allowed a
bank to transfer a gold balance on a letter of credit to an account
in local currency at that ratio. A few weeks later, when I wanted to
change back and carry my account in gold, they wrote me courteously
but firmly that I would have to buy back that account at the ratio
of 2.27, and by the time that the transfer was finally effected,
gold had jumped to 2.66. We had been told by a circular from the War
Department, at the time our appointments were made, that we should be
paid in gold. I drew just one cheque in U.S. currency after reaching
the Islands. My second cheque was drawn in local currency at a ratio
of 2.27, but, by the time it had reached me at Capiz, gold had gone
to 2.46. We had to endure the evils of a fluctuating currency for
over two years. On all money sent to the States we lost heavily. So
far as our daily expenses were concerned we in the provinces had very
little inconvenience to suffer on account of "Mex"; but in Manila all
merchants fixed their prices in gold and took occasion to put them
up mercilessly. I remember trying to buy some Japanese matting which
could have been bought for twenty-five cents a yard in the States,
but which was priced at seventy-five cents in Manila. The merchant
wanted me to pay him in "Mex" at a ratio of 2.
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