February 7, 1936

An hour in the morning at the office with Manuel Concepcion, in my time Secretary of the Philippine National Bank. He told me of his father’s conviction by the Courts (as President of that bank) and his own sentence by a divided, and perhaps influenced court; [Johnson and Malcolm seem to have railroaded him] –aided by bed-ridden Chief Justice Araullo, who should not have written the opinion. Manuel is now engaged in placer mining in Abra, and says he takes out enough gold for his living expenses every year and added: “I don’t need a Government position.” Interesting talk on the currency situation. He advocates fixing the ratio between gold and silver, and proposes dissociating the Philippines from the American dollar. Says inflation, and further devaluation of the dollar in the United States is imminent. Believes they mean to raise the price of gold to 45. Says Warner, Barnes & Co. are instructed to invest their cash in Benguet Consolidated for a big rise. Thinks Philippine currency should be based on silver, and sufficient gold dollars held only for all foreign exchange.

He commented how Quezon is rising rapidly through good government.

Had an appointment with Quezon in the afternoon, but he did not return until very late from his official visit to the English Admiral and went straight to bed–exhausted. Garfinkel said Quezon had ordered a launch the duplicate of the Admiral’s, for official visits; that he went aboard the yacht Yolanda and at once wished to have a ship like that; he enquired of the Captain who told him of Lady Yuill’s which was for sale at Glasgow. Wishes to take it up through the British Consulate. Florence Edwards has seen this yacht and says it is “wonderful.”

Osmeña is broke, and is worried about the behavior of his sons by his first marriage. Osmeña’s present wife, however, is a rich woman (Limjap).

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