66, or at the rate of
two pesos a yard for matting which he bought in Japan at probably
less than twenty sen a yard.
There was a tremendous protest against the fluctuating currency and
the extortion which grew out of it, and we were all relieved when we
learned that Congress had adopted the so-called "Conant" system of
currency for the Islands. Mr. Conant was the expert who investigated
conditions for the Government and devised the system.
The Conant system followed the old Spanish values for coins, the new
coins being pesos, medio-pesos, pesetas, media-pesetas, nickels,
and copper cents. There was also a copped half-cent, but neither
Congress nor Mr. Conant read the Filipino aright. In two years we
had taught him to sniff at any value less than a cent. The new system
is held at a ratio of two to one by the Government's redeeming it in
the Philippine treasury at a ratio of two pesos Conant to one dollar
U.S. The importation of "Mex" is no longer permitted, and we rejoice
in a stable currency once more.
We provincials followed the newspaper talk about the new system
with no small interest. When our treasurer informed us that he had
received a consignment of the new currency, and that our next salary
cheques would be paid in "Conant," we were delighted. My cheque,
by some accident, got in ahead of those of the other employees,
and was the first presented for payment.
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