they would cease to be legal
tender. In 1885 decimal bronze coins were introduced. In July, 1886,
a decree was published calling in all foreign and Chinese chop dollars
[124] within six months, after which date the introducer of such coin
into the Colony would be subject to the penalty of a fine equal to
20 per cent. of the value imported, the obligation to immediately
re-export the coin, and civil action for the misdemeanour. At the
expiration of the six months the Treasury was not in a position to
effect the conversion of the foreign medium in private hands prior
to the publication of the decree. The term was extended, but in time
the measure became practically void, so far as the legal tender was
concerned. However, the importation of Mexican dollars was still
prohibited; but, as they remained current in Manila at par value,
whilst in Hong-Kong and Singapore they could be bought for 8 to 12
per cent, (and in 1894 25 per cent.) less than Manila dollars, large
quantities were smuggled into the Colony. It is estimated that in the
year 1887 the clandestine introduction of Mexican dollars into Manila
averaged about P150,000 per month. I remember a Chinaman was caught in
September, 1887, with P164,000, imported in cases declared to contain
matches. In 1890 there was a "boom" in the silver market. Owing to
the action of the American Silverites, the Washington Treasury called
for a monthly supply of 4,000,000 of silver dollars; consequently
sight rate on London in Hong-Kong touched 3s. 10 1/4d., and in Manila
rose to 3s. 10 1/2d., but a rapid reaction set in when the Treasury
demand ceased. In 1895 we heard in Manila that the Government were
about to coin Philippine pesos and absolutely demonetize Mexicans
as a medium in the Islands. But this measure was never carried out,
probably because the Government had not the necessary cash with
which to effect the conversion. Some few Philippine peso pieces were,
however, put into circulation concurrently with the Mexican pesos.

In June, 1903, the ss. _Don Juan_, owned by Francisco L. Rojas, of
Manila, took on board in Hong-Kong about $400,000 Mexicans (i.e.,
pesos) for the purpose of smuggling them into Manila. On board there
were also, as passengers, a Senor Rodoreda and a crowd of Chinese
coolies. The vessel caught fire off the west coast of Luzon. The
captain, the crew, and the Spanish passenger abandoned the ship in
boats, leaving the Chinese to their awful fate. A steam launch