USVI Public Records

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NOTICE. @ | ! AN examination for Pupil Nurses for 1 the Municipal Hospital, Christiansted, will be held on Thursday Nov. 20th. a. ¢. at 2 o’clock p. m. at the Nurses’ Room. l Applicants must be over sixteen years | of age. Those who are desirous of ap- plying will appear at the time and place, when, if satisfactory, their applications \yill be h2ld in view of vacancies occur- ring. ao R. H. JENKINS. ° Municipol Physician in Charge. Municipal Hospital, Christiansted, St. Crotx, ¥. L of 1. S.. Nov ITih. 1919. on the firm foundation of a monetary standard that ecannot fluctuate here, removeto a certain extent causes for discontent, but also cheapen measureably the necessaries of life. With the introduction of the U. S. Cur- rency fluctuating rates of exchange on New York must disappear, and only a nomimai charge for issuirg Fillson N. Y. remains. And it is well to remember that for a long time to come the U. S, dollar will be appreciated, and for this reason lits purchasing vower will be greater in things-in-general in this is- land. It will also tend to cheapen im- ports from England and France. And if these propositions are true, and they are true; shall we not as a people ask that they be granted unto us? Are we to clamour for everything American save the currency? We do not pretend to say how it shall be done, nor do we attempt to indicate the means whereby it may be done; but we do that which common sense dictates; we ask those who are to help us, to do this thing for us. Despite all that has been said to the contrary, we are convinced that it can be done with- out harm to anybody and without violat- ing any part of the Convention. Some persons who are in favour of the change of currercy are of the opinion that the moment is unfavorable on ac- count of the present high rate of ex- change. The foreign exchange has nothing to do with this matter. The Resolution asks that the change be ef- fected at the Mint par of Exchange, a i technical term that can be explained. | "It is the expression of the money of | one country in terms of the money of another country and has nothing to do | with the course of trade. Thus the | English Sovereign is equivalent approxi- | mately to 25.221 French gold francor to | 4.866 U. S. ¢old dollars. Where coun- tries use the same metal for their | money such relation of their stand- ard coins is called the mint par of | exchange, and is a mere matter of physi- cal measurement. Hence as long as there is no_alteration of the standard coinage in either country the mint par of 7. © KRBX AN L= exchange between the two must remain the same, just as the relation between yards and metres remain the same’’. From the foregoing it will be seen by any one what the relation between the U. S. gold dollar andsD. W. 1. gold franes must be if we remember that the French gold and the D. W. L. gold coins are practically of the same weight and fineness. Whatever the relative value may be, will constitute the base for the exchange, and not what is known as foreign exchange. Two other peints remain to be con- sidered, and they are worthy of consider- ation. It is claimed that ‘'‘Denmark grant- ed us the right to coin the local currency, so that the colonies may pay off long standing debts’’. This would imply that the colonies’ irea- suries profited largely by this ‘'right ”’ The question then very naturally suggests itself: In what year’s budget did these amounts figure? It would be very inter- esting to the public to be informed on this point. What was the amount of tne profits, and what long standing debts did these profits liquidate. A reference to the Law Concerning the Monetary System in the D. W. I. says: ' Paragraph 4, ‘‘Small coins shall be coined of silver, nickel and bronze.”’ Para. 14, ‘‘All coining is performed by the home government. Small coins shall be coined for the State Treasury’s account.”’ (Vide St. Tho- mas Tidende, Ist June 1904) [f the coining of small coins were for the State Treasury’s account. then the profits aceruing therefrom went into the same treasury. This needs only a query: Did the State use this profit for the islands’ benefit, and for what particular purpose? The second- point is the Bank Notes. It is the centre around which the whole dispute circles, 1t is the pivot. In the Law concerning a D. W. 1. Bank of issue. given at Amalienborg in 1904 we find in Paragraph 17. ‘‘The State shall fur- thermore before the expiration of the term of concession have the sright to revoke or restrict the right of the Bank to issue Bank Notes’’. Provision is made in this paragraph whereby the Joint Stock Com- pany shall he entitled to demand that the state shall take over all the assets and liabilities of the Bank ete. What is to be noted here in connection with the request for the withdrawal of the D. W. I. currency is the expressed right reserved by the Danish State to restrict or revoke the right of the Bank to issue Bank Notes. Under the sale convention Denmark transferred her sovereign rights to the United States, and the United States promised to main- tain all grants and concessions given by the Danish Government in accordance with the terms on which they were given. I am not going to discuss the exercise of the rights transferred irom Denmark to the U. S., for we all agreed that the National Bank should remain nhere and live out the rerm of its charter. Butl have made the quotation to show that under certain conditions the issue of the Notes cuuld be restricted. The a'mi ot those who adopted the Resolution, which reduced to its last analysis, is to obtain ¢ change in the currency, in other words, c¢hange the reading of tie Notes and make them conform in value to the National curren- cy; and it can be done. An example: In Porto Rico there was at the time the Unitea States took possession of- the island a Spanish Bank trat had the right to issue Benk Notes redeemable’in Span- ish currency, and the same issue was raised there as is now raised here, with the result that the Bank stamped across the face of its notes ‘‘Mconeda Amevica- na’’, thas making the notes to read ''pay- ablein U. S. Currency. This Pto. Rico Bank had a concession from the Royal Spanish Government, and the United States was bound to respect that concession like any other ard it did so; yet the issuing by the Bank of Notes redeemable in U. S. gold was arranzed ina satisfactory manner and without violating any elause of that corvention. Why should it be so difficult 11 our case”’ The discussion in regard to the change of currency is being hedged around with so many supposed difficulties, in some quarters, that the arguments advarced in support of their contention scems more academic and hypothetical than practical. There are many here who have reason to believe that away to introduce the National currency in these is! nds can be found without infringing the rights of the Bank or violating the sale convention in any manner or form. The question won’t be settled in these islands. The’ four big banks in Denmark with their Directors will be called upon to discuss this matter in connection with Secretary Lansing and Minister Brun. The Joint Stock Company can certainly agree to any reasonable proposition The quesiion stands thus at present: The good oi the people, versus a fluctuat- ing high race of exchange. CARL A. THRAEN. The Quebece Steamship Co , New York, advise as follows: “S.'S. “Korona’’ sails from Halifax. Nova Seotia, No.ember 21st at account of Royal Mail sService outward only, on their Nova Scotia-Bermuda-St. Kitts and British Island route. We have purchased the Steamship Shoshone with accommodation for fifty Cabin passcngers, one hundred steerage and 35,000 barrel cargo ecapacity. She sails from New York December 10th. Owing to new vessels having large