ates,
but which was priced at seventy-five cents in Manila. The merchant
wanted me to pay him in "Mex" at a ratio of 2.66, or at the rate of
two pesos a yard for matting which he bought in Japan at probably
less than twenty sen a yard.

There was a tremendous protest against the fluctuating currency and
the extortion which grew out of it, and we were all relieved when we
learned that Congress had adopted the so-called "Conant" system of
currency for the Islands. Mr. Conant was the expert who investigated
conditions for the Government and devised the system.

The Conant system followed the old Spanish values for coins, the new
coins being pesos, medio-pesos, pesetas, media-pesetas, nickels,
and copper cents. There was also a copped half-cent, but neither
Congress nor Mr. Conant read the Filipino aright. In two years we
had taught him to sniff at any value less than a cent. The new system
is held at a ratio of two to one by the Government's redeeming it in
the Philippine treasury at a ratio of two pesos Conant to one dollar
U.S. The importation of "Mex" is no longer permitted, and we rejoice
in a stable currency once more.

We provincials followed the newspaper talk about the new system
with no small interest. When our treasurer informed us that he had
received a consignment of the new currency, and that our next salary
cheques would be paid in "Conant," we were delighted. My cheque,
by some accident, got in ahead of those of the other employees,
and was the first presented for payment.

The beautifully made, bright new silver coins had an engaging
appearance after the tarnished mongrel coins to which we were
accustomed. When the Treasurer had counted out all my hard-earned
money except ten pesos, he produced two bags of pennies, and announced
that I should have to take that sum in small coin in order to get
the pennies into circulation. They were of beautiful workmanship,
yellow as gold and heavy as lead. I called in the aid of a small boy
to help me lug home my three bags of coin.

I had been at home only a few minutes when in came the regular vender
of eggs and chickens, who called at my house three times a week. He
squatted on the floor and I sat in front of him in a rocking-chair,
watching my little maid drop the eggs into water to test their
freshness. After we had chaffered the usual time and had come to an
agreement, I went into my room and brought out the bags of new coin. I
had bought about seventy-five c