If the depositor afterward desired to get United States currency, he gave a check for it at the then existing rate of exchange.

Such conditions were intolerable, and the commission passed an act making it an offence to refuse to accept for deposit the currency of the sovereign power, but this did not remedy the fundamental difficulty.

There came a heavy slump in the price of silver.

The Insular government lost a very large sum because of the decrease in value of its silver coin.
Mr.Charles A.Conant had been brought from the United States to make a report on the feasibility of providing an American coinage for the islands.

He recommended that the unit of value should be a peso, equivalent to fifty cents United States currency.