By Lellis C., Muller S.
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S. silver coins, perceptively called “conants” by the Filipinos, were made up to look very much like the cherished old Mexican coins. S. money) were the dominant currency in the Philippines. S. 44 44 See Rosenberg, “Foundations,” pp. 177–81. Other economists and social scientists helping to administer imperialism in the Philippines 60 The Origins of the Federal Reserve By 1903, the currency reformers felt emboldened enough to move against the Mexican silver dollar throughout the world. S. industrialists who wanted to invest there pressured the Mexicans to shift from silver to gold, and they found an ally in Mexico’s powerful finance minister, Jose Limantour.
S. S. economic interests existed on the other side of the currency reform question. Indeed, by World War I, American investments in Cuban sugar reached the sum of $95 million. S. governor of Cuba, Charles Magoon, who raised the problem of a gold-based standard crippling the sugar planters. 46 The Mexican shift from silver to gold was more gratifying to Conant, but here the reform was effected by Foreign Minister Limantour and his indigenous technicians, with the CIE taking a back seat. However, the success of this shift, in the Mexican Currency Reform Act of 1905, was assured by a world rise in the price of silver, starting the following year, which made gold coins cheaper than silver, with Gresham’s Law bringing about a successful gold-coin currency in Mexico.
Finally, the tireless lobbying, and the mixture of bribery and threats by Conant, paid off: Congress passed the Philippine Currency Bill in March 1903. In the Philippines, however, the United States could not simply duplicate the Puerto Rican example and coerce the conversion of the old for the new silver coinage. The Mexican silver coin was a dominant coin not only in the Far East but throughout the world, and the coerced conversion would have been endless. S. S. coins be used for taxes, government salaries, and other government payments.