agents to the
United States in the Philippines. [298]

In 1904 the position of the "Banco Espanol-Filipino" (_vide_ p. 258)
was officially discussed. This bank, the oldest established in Manila,
holds a charter from the Spanish Government, the validity of which was
recognized. The Insular Government sought to reduce the amount of its
paper currency, which was alleged to be three times the amount of its
cash capital. Meanwhile, the notes in circulation, representing the
old Philippine medium, ceased to be legal tender, and were exchanged
for "Conant" peso-value notes at the current rate of exchange.

For a short period there existed an establishment entitled the
"American Bank," which did not prosper and was placed in liquidation
on May 18, 1905, by order of the Gov.-General, pursuant to Philippine
Commission Act No. 52 as amended by Act No. 556.

In February, 1909, the terms of Article 4 of the Treaty of Paris
(_vide_ p. 479) will lapse, leaving America a freer hand to determine
the commercial future of the Philippines. It remains to be seen
whether the "Philippines for the Filipinos" policy, promoted by the
first Civil Governor, or the "Equal opportunities for all" doctrine,
propounded by the first Gov.-General, will be the one then adopted
by America. Present indications point to the former merging into the
latter, almost of necessity, if it is desired to encourage American
capitalists to invest in the Islands. The advocate of the former
policy is the present responsible minister for Philippine affairs,
whilst, on this work going to press, the propounder of the latter
doctrine has been justly rewarded, for his honest efforts to govern
well, with the appointment of first American Ambassador to Japan.

Trade Statistics

Total Import and Export Values (exclusive of Silver and Gold)

Period. Imports. Exports. Total Import Excess Excess
and of Imports. of Exports.
Export Trade.
Annual
Average. Gold $. Gold $. Gold $. Gold $. Gold $.

1880-84 19,500,274 20,838,325 40,338,599 -- 1,338,051
1885-89 15,789,165 20,991,265 36,780,430 -- 5,202,100
1890-94 15,827,694 19,751,293 35,578,987 -- 3,923,599

Year.
1899 13,113,010 12,306,912 25,479,922 746,098 --
1900 20,601,436 19,