Note 10 — REFORMS NEEDED IN FILIPINAS (continued 2)

“This spirit of greed compelled the Chinese to abandon in their internal commerce the gold and silver coins which were in general use. The number of those who made counterfeit money, which was continually increasing, permitted no other line of conduct; and money was no longer coined save in copper. This metal, however, having become scarce, in consequence of events which history does not record, the shells so well known under the name of ‘cauris’ [English, ‘cowries’] were mingled with the copper coins; but the government, having observed that the people were dissatisfied with so frail an article, ordered that the copper utensils throughout the entire empire should be given up to the mints. As this ill-judged expedient did not furnish resources adequate to the public needs, the government caused about four hundred temples of Foé to be demolished, the idols in which were melted down. Finally the court paid the magistrates and the army partly in copper and partly in paper; but the people rebelled against so dangerous innovation, and it became necessary to give it up. Since that time, which was three centuries ago, the coinage of copper is the only legal one.” (Raynal, Établissemens et commerce des Européens, i, pp. 641, 642). ↑