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THE PHILIPPINE CURRENCY SYSTEM DURING THE AMERICAN COLONIAL PERIOD: TRANSFORMATION FROM THE GOLD EXCHANGE STANDARD TO THE DOLLAR EXCHANGE STANDARD*

Published online by Cambridge University Press:  13 January 2010

Yoshiko Nagano
Yoshiko Nagano
Affiliation:
Kanagawa University E-mail ynagano@s3.dion.ne.jp
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Abstract

This article describes the transformation of the Philippine currency system from a gold exchange standard to a dollar exchange standard during the first half of the twentieth century. During the American colonial period, Philippine foreign trade was closely bound to the United States. In terms of domestic investment, however, it was domestic Filipino or Spanish entrepreneurs and landowners who dominated primary commodity production in the Philippines, rather than American investors. How were both this US-dependent trade structure and the unique production structure of domestic primary commodities reflected in the management of the Philippine currency system? To answer this question, this article first discusses the introduction of the gold standard system in the Philippines in the early twentieth century. Second, the de facto conversion of the Philippine currency system from the gold standard to the dollar exchange standard in the 1920s is described, together with the mismanagement of the currency reserves and the debacle of the Philippine National Bank that functioned as the government depository of the currency reserves in the United States. Third, the formal introduction of the dollar exchange standard during the Great Depression is outlined, a clear example of the dependency of the Philippine currency system on the US in the 1930s.

Type
Research Article
Information
International Journal of Asian Studies , Volume 7 , Issue 1 , January 2010 , pp. 29 - 50
Copyright
Copyright © Cambridge University Press 2010

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References

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“Act No. 2612.” Official Gazette, vol. 14, no. 24 (14 June 1916), pp. 1097–1102 (Manila).Google Scholar
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“Act No. 3058.” Official Gazette, vol. 20, no. 87 (22 July 1922), pp. 1543–48 (Manila).Google Scholar
“Act No. 4199.” Official Gazette, vol. 30, no. 42 (6 April 1935), pp. 737–38 (Manila).Google Scholar
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Philippine Islands, Bureau of Treasury. Annual Report of the Treasurer of the Philippine Islands, 1919. Manila: Bureau of Printing, 1920.Google Scholar
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United States Congress, Senate, Committee on the Philippines. Currency in the Philippines: Hearing before the Subcommittee on the Philippines … March 24, 1902. Statement of Charles A. Conant. Washington: Government Printing Office, 1902.Google Scholar
United States War Department, Bureau of Insular Affairs. Report of the Philippine Commission for the Period from December 1, 1900 to October 15, 1901. Washington: Government Printing Office, 1901.Google Scholar
Baba 1961 Keinosuke, Baba 馬場啓之助 ed. Firipin no kin'yū to shihon keisei フィリピンの金融と資本形成 (“Finance and Capital Formation in the Philippines”). Tokyo: Institute of Developing Economies, 1961.Google Scholar
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Beckhart 1972 Beckhart, Benjamin Haggott. Federal Reserve System. New York: Columbia University Press, 1972.Google Scholar
Conant 1901 Conant, Charles A. A Special Report on Coinage and Banking in the Philippine Islands Made to the Secretary of War. Washington: Government Printing Office, 1901.Google Scholar
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Corpuz 1999 Corpuz, Arturo G. The Colonial Iron Horse: Railroads and Regional Development in the Philippines, 1875–1935.Quezon City: University of the Philippines Press, 1999.Google Scholar
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Edwards 1900 Edwards, Clarence R. Memorandum on Currency and Exchange in the Philippine Islands. Washington: Government Printing Office, 1900.Google Scholar
Elliott 1968 Elliott, Charles Burke. The Philippines: to the End of the Commission Government; a Study in Tropical Democracy. New York: Greenwood Press, 1968 [1st edn, 1917].Google Scholar
Forbes 1928 Forbes, W. Cameron. The Philippine Islands. Boston and New York: Houghton Mifflin, 1928.Google Scholar
Golay 1984 Golay, Frank H. “The Search for Revenues.” In Reappraising an Empire: New Perspectives on Philippine-American History, ed. Stanley, Peter W.. Cambridge, MA: Harvard University Press, 1984.Google Scholar
Golay 1998 Golay, Frank H. Face of Empire: United States–Philippine Relations, 1898–1946. Quezon City: Ateneo de Manila University Press, 1998.Google Scholar
Hanna et al. 1904 Hanna, Hugh H., Conant, Charles A. and Jenks, Jeremiah W.. Gold Standard in International Trade: Report on the Introduction of the Gold-Exchange Standard into China, the Philippine Islands, Panama, and Other Silver-Using Countries and on the Stability of Exchange. Washington: Government Printing Office, 1904.Google Scholar
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Hernandez 1937 Hernandez, Jaime. Philippine Currency Legislation Reform. San Juan, Rizal: Oriental Commercial Co., 1937.Google Scholar
Hutchcroft 1998 Hutchcroft, Paul D. Booty Capitalism: the Politics of Banking in the Philippines. Ithaca, NY: Cornell University Press, 1998.CrossRefGoogle Scholar
Inoue 1995 Tatsumi, Inoue 井上巽. Kin'yū to teikoku: Igirisu teikoku keizaishi 金融と帝国：イギリス帝国経済史 (“Finance and Imperialism: a Study of the Economic History of the British Empire”). Nagoya: Nagoya University Press, 1995.Google Scholar
Kalaw 1921 Kalaw, Maximo M. The Present Government of the Philippines. Manila, 1921.Google Scholar
Kemmerer 1905 Kemmerer, Edwin W. “The Establishment of the Gold Exchange Standard in the Philippines.” Quarterly Journal of Economics 19 (1905), pp. 585–609.CrossRefGoogle Scholar
Kemmerer 1905 Kemmerer, Edwin W. “Two Years of Gold Exchange Standard in the Philippines.” Journal of the American Asiatic Association 5:10 (November, 1905), pp. 302–04.Google Scholar
Kemmerer 1916 Kemmerer, Edwin W. Modern Currency Reform: a History and Discussion of Recent Currency Reforms in India, Porto Rico, Philippine Islands, Straits Settlements and Mexico. New York: Macmillan, 1916.Google Scholar
Keynes 1924 Keynes, John Maynard. Indian Currency and Finance. London: Macmillan, 1924 (1st edn, 1913).Google Scholar
Legarda 1976 Legarda, de Angelita Ganzon. Piloncitos to Pesos: a Brief History of Coinage in the Philippines. Manila: Bancom Development Corporation, 1976.Google Scholar
Licuanan 1985 Licuanan, Virginia Benitez. Money in the Bank: the Story of Money and Banking in the Philippines and the PCIBank Story. Manila: PCIBank Human Resources Development Foundation, 1985.Google Scholar
Luthringer 1934 Luthringer, George F. The Gold-Exchange Standard in the Philippines. Princeton: Princeton University Press, 1934.Google Scholar
Malcolm and Kalaw 1923 Malcolm, George A., and Kalaw, Maximo M.. Philippine Government: Development, Organization and Functions. Manila: Associated Publishers, 1923.Google Scholar
Matsuoka 1936 Kōji, Matsuoka 松岡孝児. Kinkawase hon'isei no kenkyū 金為替本位制の研究 (“A Study of the Gold Exchange Standard”). Tokyo: Nihon Hyōronsha, 1936.Google Scholar
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Nagano 2003 Yoshiko, Nagano 永野善子. Firipin ginkōshi kenkyū: shokuminchi taisei to kin'yū フィリピン銀行史研究：植民地体制と金融 (“A Study of Philippine Banking History: Colonial State and Finance”). Tokyo: Ochanomizu Shobō, 2003.Google Scholar
Nawata 1943 Seiichi, Nawata 和田政一. Firipin no tsūka oyobi kin'yū 比律賓の通貨及金融 (“Currency and Finance in the Philippines”). Document Series of the Occasional Investigation in Southern Region, no. 6. Tokyo: Tōa Kenkyūjo, 1943.Google Scholar
Nihon Ginkō Chōsakyoku 1949 Chōsakyoku, Nihon Ginkō 日本銀行調査局 (“Bank of Japan, Research Section”) ed. Firipin Chūōginkō hō, Beihi gōdō kin'yū iinkai hōkoku oyobi kankoku フィリピン中央銀行法、米比合同金融委員会報告および勧告 (“Act of the Central Bank of the Philippines, Report and Recommendations of the Joint Philippine American Finance Commission”). Foreign Country Special Studies Series no 4, Tokyo: Bank of Japan, 1949.Google Scholar
Perkins 1947 Perkins, E. A. History of the Philippine Currency System. Manila (typescript), 1947.Google Scholar
Reyes 1967 Reyes, Jose S. Legislative History of America's Economic Policy towards the Philippines. New York: AMS Press, 1967 (reprint: 1st edn, 1923).CrossRefGoogle Scholar
Rosenberg 1985 Rosenberg, Emily S. “Foundations of United States International Financial Power: Gold Standard Diplomacy, 1900–1905.” Business History Review 59:2 (Summer 1985), pp. 169–202.CrossRefGoogle Scholar
Rosenberg 2003 Rosenberg, Emily S. Financial Missionaries to the World: the Politics and Culture of Dollar Diplomacy, 1900–1930. Durham and London: Duke University Press, 2003.CrossRefGoogle Scholar
Shafer 1964 Shafer, Neil. A Guide Book of Philippine Paper Money. Racine, WI: Whitman Publishing, 1964.Google Scholar
Stanley 1974 Stanley, Peter W. A Nation in the Making: the Philippines and the United States, 1899–1921. Cambridge, MA: Harvard University Press, 1974.CrossRefGoogle Scholar
Takanashi 1971 Hiroaki, Takanashi 高梨博昭 ed. Firipin no kin'yū jijō フィリピンの金融事情 (“Financial Conditions in the Philippines”). Tokyo: Institute of Developing Economies, 1971.Google Scholar
Takumi 1976 Mitsuhiko, Takumi 侘美光彦. Kokusai tsūka taisei: Pondo taisei no tenkai to hōkai 国際通貨体制：ポンド体制の展開と崩壊 (“International Monetary System: the Development and Decay of the Pound System”). Tokyo: University of Tokyo Press, 1976.Google Scholar
Willis 1917 Willis, H. Parker. “The Philippine National Bank.” Journal of Political Economy 25:5 (May 1917), pp. 409–41.CrossRefGoogle Scholar
Willis 1970 Willis, H. Parker. Our Philippine Problem: a Study of American Colonial Policy. New York: Arno Press and The New York Times, 1970 (reprint: 1st edn, 1905).Google Scholar
Wolters 2001 Wolters, Willem G. “Flooded with Foreign Coins: Spanish and American Administrators Dealing with Currency Problems in the Philippines, 1890–1905.” Bijdragen tot de Taal-, Land- en Volkenkunde (Journal of the Humanities and Social Sciences of Southeast Asian and Oceania) 157:3 (December 2001), pp. 511–38.Google Scholar
Yanaihara 1963 Tadao, Yanaihara 矢内原忠. “Teikokushugi ka no Indo” 帝国主義下の印度 (“India under Imperialism”) in Yanaihara Tadao zenshū dai 3-kan 矢内原忠雄全集 第 3 巻） (“The Compilation of Writings by Tadao Yahaihara Series”). Tokyo: Iwanami Shoten, 1963, pp. 459–650.Google Scholar