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 ...

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which they could use there without paying for its exchange or sub- mitting to a discount.
There are three chief policies among which a choice might be made in making disbursements on the Isthmus. There are other possible variations of these three policies, but consideration of these will be sufficient to illustrate the principles involved. These three policies are: 1. The adoption of United States currency as the sole legal tender in the Canal Zone and in Panama.
2. The adoption by the Governme
...nt of Panama of a currency con- forming in all respects to that of the United States, except its issue with special devices setting forth the sovereignty of the Government of Panama.
3. The adoption of a distinctive currency, intended to conform to the existing scale of wages and customs of the people of the Canal Zone.
I. The first suggestion — the adoption of United States currency as the sole legal tender in the transactions of the Commission and in the territory under its jurisdiction — would undoubtedly be acceptable to the American clerical force and to those dealing directly with the United States.


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