Excerpt from Hearings Before a Subcommittee of the Committee on the Philippines of the United States Senate: Composed of Senators Allison, Beveridge, and Dubois, in Relation to a System of Currency for the Philippine Islands
The subcommittee met at 10.30 o'clock a.m.
Present: Senators Allison and Beveridge, of the subcommittee; also, Senators Aldrich, Lodge, and Teller.
Statement Of A. M. Townsend.
Senator Allison. Mr. Townsend, where is your residence?
Mr. Townsend. New York City. My place of business is 50 Wall street.
Senator Allison. How long have you resided in New York?
Mr. Townsend. Twenty-one years.
Senator Allison. Will you kindly state your occupation?
Mr. Townsend. I am agent for the Hongkong and Shanghai Bank.
Senator Allison. Is that bank located where its name would indicate?
Mr. Townsend. It has an agency in New York, and branches all through China, Japan, India, and the Straits, and in the Philippines at Manila and Iloilo.
Senator Allison. You also have a branch in New York?
Mr. Townsend. Yes, sir; and in San Francisco.
Senator Allison. Are you familiar with the course of exchange as between the East and the West - that is, between Asia and our country and Europe?
Mr. Townsend. Yes, sir.
Senator Allison. Do you know anything of the present system of money in the Philippine Islands?
Mr. Townsend. Yes, sir.
Senator Allison. Describe it in a general way as you understand it to be.
Mr. Townsend. I have a written statement regarding it, and, if agreeable to you, I should like to read it first, and then answer any questions that you gentlemen may like to ask.
Senator Allison. That is a very good plan, Mr. Beveridge.
Senator Beveridge. Very good, indeed.
Senator Allison. Please read the statement.
Mr. Townsend. I will now, with your permission, read a statement which I have prepared with a view of giving as much information as I can on this subject and in opening up a general discussion of it.
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