Notes The notes in circulation at the time the Americans came were those issued by the Banco Español-Filipino. They were in 10, 25, 50, 100, and 200 Mexican denominations. After the introduction of the Philippine peso, ₱1 notes were also allowed to circulate. In 1912, this same Banco Español was allowed to change its name to that of the Bank of the Philippine Islands, and thereafter, a new series of notes were issued, having the same size as the certificates issued by the Philippine Government, but of the denominations of ₱5, ₱10, ₱20, ₱50, ₱100, and ₱200.
When the Philippine National Bank was established in 1916, it was authorized to issue notes to be known as circulating notes. In accordance with this authorization, denominations of ₱1, ₱2, ₱5, and ₱10 began to appear.
The stability of the currency system in the Philippines depends solely on the maintenance of the parity of the Philippine peso with the gold dollar on the established basis of 2 to 1. This can be easily accomplished by keeping always intact the gold deposits in the United States.
Table of currency in circulation, 1913–1922
| Year | Amount in circulation | Per capita circulation |
| Pesos | Pesos | |
| 1913 | 50,697,253 | 5.53 |
| 1914 | 52,575,118 | 5.63 |
| 1915 | 51,284,907 | 5.40 |
| 1916 | 67,059,189 | 6.86 |
| 1917 | 102,580,314 | 10.20 |
| 1918 | 131,151,883 | 12.67 |
| 1919 | 146,576,956 | 13.87 |
| 1920 | 124,589,240 | 11.56 |
| 1921 | 103,661,820 | 10.01 |
| 1922 | 97,217,468 | 9.03 |
ELECTORS.—The total number of electors registered in the election of June 3, 1919, was 717,295 and the votes cast was 672,722, which is a very fine percentage when compared to the interest in elections shown in other countries. In the elections of 1912, 248,154 voters registered, of which 235,786 voted. Of the number of voters registered in 1919, 407,346 possessed educational qualifications, while only 81,916 were educationally qualified in 1912. It should be noted that the Philippine voters must have either property or educational qualifications, so that these figures show the progress of the people in political matters and in education in general during the last few years. In the elections of June, 1922, there were 824,058 voters registered.
The minority party has always accepted the decision of the majority, unless it thinks that the election has been vitiated by some illegal act, in which case it takes the matter up with the courts for decision. The practice of revolutionary countries where defeated minorities take the law in their own hands or use violence against the triumphant party, or utilize every other means to hinder the working of the government, has never been resorted to in the Islands.
XIII. The Filipinos in Control
Original Policy The Second Philippine Commission sent out to the Philippines by President McKinley on March 16, 1900 were given the following instruction, among others: