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issue, together with the interest thereon, in gold coin of the United States of the present standard value, or its equivalent in value in money of the said islands; and Exempt from said bonds shall be exempt from the payment of all taxes or duties of the government of the Philippine Islands, or any local authority therein, or the Government of the United States.

taxes, etc.

Use of funds

received from

SEC. 68. That all moneys which may be realized or sale of bonds. received from the issue and sale of said bonds shall be utilized under authorization of the government of the Philippine Islands in providing the municipal improvements and betterments which induced the issue and sale of said bonds, and for no other purpose.

Municipal

taxes to

tions.

pay

SEC. 69.1 That the government of the Philippine Isbond obliga lands shall, by the levy and collection of taxes on the municipality, its inhabitants and their property, or by other means, make adequate provision to meet the obligation of the bonds of such municipality, and shall create a sinking fund sufficient to retire them and pay the interest thereon in accordance with the terms of issue: Provided, That if said bonds or any portion thereof shall be paid out of the funds of the government of said islands, Reimburse-such municipality shall reimburse said government for the sum thus paid, and said government is hereby empowered to collect said sum by the levy and collection of taxes on such municipality.

Proviso.

ment.

Manila.

Issue

ers, water supply, etc.

Limit.

Note.-Under the authority contained in sections 66 to 69, the city of Cebu has issued 4 per cent bonds to the amount of $125,000, redeemable 1921 and due 1941, which are still outstanding.

SEC. 70.1 That for the purpose of providing funds to construct sewers in the city of Manila and to furnish it with an adequate sewer and drainage system and supply of water the government of the Philippine Islands, with the approval of the President of the United States first had, is hereby authorized to permit the city of Manila to of incur indebtedness, to borrow money, and to issue and bonds for sew-sell (at not less than par value in gold coin of the United States), upon such terms and conditions as it may deem best, registered or coupon bonds of the city of Manila to an amount not exceeding four million dollars lawful money of the United States, payable at such time or times as may be determined by said government, with interest thereon not to exceed five per centum per annum. SEC. 71.1 That said coupon or registered bonds shall be in denominations of fifty dollars or any multiple thereof, bearing interest at a rate not exceding five per centum per annum, payable quarterly, such bonds to be payable at the pleasure of the government of the Philippine Islands, after dates named in said bonds not less than five nor more than thirty years from the date of their issue, together with the interest thereon in gold coin of the United States of the present standard value, or the equivalent in value in money of the said islands; and said bonds shall be exempt from the payment of all taxes

Denominations of bonds.

Interest.

Exempt from

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or duties of the government of the said islands, or of any local authority therein, or of the Government of the United States.

SEC. 72.1 That all moneys which may be realized or received from the issue and sale of said bonds shall be utilized under authorization of said government of the Philippine Islands in providing a suitable sewer and drainage system and adequate supply of water for the city of Manila and for no other purpose.

Use of funds.

Taxes

to

SEC. 73.1 That the government of the Philippine Is- meet bond ob lands shall, by the levy and collection of taxes on the city ligations. of Manila, its inhabitants and their property, or by other means, make adequate provision to meet the obligation of said bonds and shall create a sinking fund sufficient to retire them and pay the interest thereon in accordance. with the terms of issue: Provided, That if said bonds or any portion thereof shall be paid out of the funds of the government of said islands, said city shall reimburse said government for the sum thus paid, and said government is hereby empowered to collect said sum by the levy and collection of taxes on said city.

Note-Under the authority contained in sections 70 to 73 there have been issued 4 per cent bonds to the amount of $4,000,000, as follows:

$1,000,000, redeemable 1915, due 1935.

$2,000,000, redeemable 1917, due 1937.

$1,000,000, redeemable 1918, due 1938.

These bonds are still outstanding.

FRANCHISES.2

Proviso.

Reimburse

ment.

authorized to

chises.

fran

SEC. 74 (repealed and superseded by sec. 28, Act of Con- Government gress of August 29, 1916. See p. 47). That the govern- grant ment of the Philippine Islands may grant franchises, privileges, and concessions, including the authority to exercise the right of eminent domain, for the construction and operation of works of public utility and service, and may authorize said works to be constructed and maintained over and across the public property of the United States, including streets, highways, squares, and reservations, and over similar property of the government of said islands, and may adopt rules and regulations under which the provincial and municipal governments of the islands may grant the right to use and occupy such public property belonging to said provinces or municipalities: Provided, That no private property shall be taken for any purpose under this section without just compensation paid erty, etc. or tendered therefor, and that such authority to take and occupy land shall not authorize the taking, use, or occupation of any land except such as is required for the actual necessary purposes for which the franchise is granted, and that no franchise, privilege, or concession

1 See note preceding sec. 66, p. 25.

Proviso.
Private prop-

2 See secs. 4 and 5, act of Feb. 6, 1905, for authority for railroad concession, pp. 63, 64. 3 See par. 14, sec. 4, act of Feb. 6, 1905, affecting, p. 65.

subject to

etc., by Congress.

Issuance of

stricted.

Dividends.

Inspection of books, etc.

Proviso.

prohibited.

Penalty.

shall be granted to any corporation except under the conFranchises ditions that it shall be subject to amendment, alteration, amendment, or repeal by the Congress of the United States, and that lands or rights of use and occupation of lands thus granted shall revert to the governments by which they were respectively granted upon the termination of the franchises and concessions under which they were granted stock, etc., re- or upon their revocation or repeal. That all franchises, privileges, or concessions granted under this act shall forbid the issue of stock or bonds except in exchange for actual cash or for property at a fair valuation equal to the par value of the stock or bonds so issued; shall forbid the declaring of stock or bond dividends, and, in the case of public-service corporations, shall provide for the effective regulation of the charges thereof, for the official inspection and regulation of the books and accounts of such corporations, and for the payment of a reasonable percentage of gross earnings into the treasury of the Philippine Islands or of the province or municipality within which such franchises are granted and exercised: Slave labor Provided further, That it shall be unlawful for any corporation organized under this act, or for any person, company, or corporation receiving any grant, franchise, or concession from the government of said islands, to use, employ, or contract for the labor of persons claimed or alleged to be held in involuntary servitude; and any person, company, or corporation so violating the provisions of this act shall forfeit all charters, grants, franchises, and concessions for doing business in said islands, and in addition shall be deemed guilty of an offense, and shall be punished by a fine of not less than ten thousand dollars. SEC. 75. That no corporation shall be authorized to conduct the business of buying and selling real estate or be permitted to hold or own real estate except such as may be reasonably necessary to enable it to carry out the purposes for which it is created, and every corporation authorized to engage in agriculture shall by its charter be restricted to the ownership and control of not to exceed one thousand and twenty-four hectares of land; and it shall be unlawful for any member of a corporation engaged in agriculture or mining and for any corporation organized for any purpose except irrigation to be in any wise interested in any other corporation engaged in agriculture or in mining. Corporations, however, may loan funds upon real-estate security and purchase real estate when necessary for the collection of loans, but they shall dispose of real estate so obtained within five years after receiving the title. Corporations not organized in the Philippine Islands and doing business therein shall be bound by the provisions of this section so far as they are applicable.

Real estate holdings of corporations.

Maximum.

Loans.

COINAGE.1 2

Establish

thorized.

SEC. 76. That the government of the Philippine Is- ment of a mint lands is hereby authorized to establish a mint at the at Manila aucity of Manila, in said islands, for coinage purposes, and the coins hereinafter authorized may be coined at said mint. And the said government is hereby authorized to enact laws necessary for such establishment: Provided, Provisost That the laws of the United States relating to mints and laws coinage, so far as applicable, are hereby extended to the cable. coinage of said islands.

United States appli

Subsidiary

creased.

SEC. 77 (as amended by sec. 4, Act of Congress of March 2, silver coins. 1903). That the government of the Philippine Islands is Weight authorized to coin for use in said islands a coin of the denomination of fifty centavos and of the weight of two hundred and eight grains, a coin of the denomination of twenty centavos and of the weight of eighty-three and ten one-hundredths grains, and a coin of the denomination of ten centavos and of the weight of forty-one and fifty-five one-hundredths grains; and the standard of said silver coins shall be such that of one thousand parts, by weight, nine hundred shall be of pure metal and one hundred of alloy, and the alloy shall be of copper.

(Sec. 78 repealed by sec. 13, Act of March 2, 1903, Repeal. below.)

SEC.13. That section seventy-eight of the Act of July first, nineteen hundred and two, and all Acts and parts of Acts inconsistent with the provisions of this Act, and all provisions of law in force in the Philippine Islands making any form of money legal tender after December thirty-first, nineteen hundred and three, except as provided in this Act, are hereby repealed. [32 Stat. L., 952.] Approved, March 2, 1903.

in

SEC. 79. That the government of the Philippine Islands Minor coins. is also authorized to issue minor coins of the denominations of one-half centavo, one centavo, and five centavos, and such minor coins shall be legal tender in said islands for amounts not exceeding one dollar. The alloy of the Alloy. five-centavo piece shall be of copper and nickel, to be composed of three-fourths copper and one-fourth nickel. The alloy of the one-centavo and one-half-centavo pieces shall be ninety-five percentum of copper and. five per centum of tin and zinc, in such proportions as shall be determined by said government. The weight of the five-centavo piece shall be seventy-seven and sixteenhundredths grains troy, and of the one-centavo piece eighty grains troy, and of the one-half-centavo piece forty grains troy.

SEC. 80. That for the purchase of metal for the subsidiary and minor coinage, authorized by the preceding sections, an appropriation may be made by the govern

62, 131.

Weight.

Purchase of

metal.

See further coinage acts of Mar. 2, 1903, June 23, 1906, and act No. 2776, pp. 59, By sec. 10, Act of Congress, Aug. 29, 1916 (see p. 37), the Philippine Legislature is authorized to enact laws relative to currency and coinage, but such acts shall not become law until they shall receive the approval of the President of the United States.

Place o f

tional.

ment of the Philippine Islands from its current funds, which shall be reimbursed from the coinage under said sections; and the gain or seigniorage arising therefrom shall be paid into the treasury of said islands.

SEC. 81. That the subsidiary and minor coinage hereincoinage op-before authorized may be coined at the mint of the government of the Philippine Islands at Manila, or arrangements may be made by the said government with the Secretary of the Treasury of the United States for their coinage at any of the mints of the United States, at a charge covering the reasonable cost of the work.

Devices and inscriptions.

Redemption

and reissue of

etc.

SEC. 82. That the subsidiary and minor coinage hereinbefore authorized shall bear devices and inscriptions to be prescribed by the government of the Philippine Islands and such devices and inscriptions shall express the sovereignty of the United States, that it is a coin of the Philippine Islands, the denomination of the coin, and the year of the coinage.

SEC. 83. That the government of the Philippine Islands defective coins, shall have the power to make all necessary appropriations and all proper regulations for the redemption and reissue of worn or defective coins and for carrying out all other provisions of this act relating to coinage.

United States

toms, etc.,

plicable.

SEC. 84. That the laws relating to entry, clearance, shipping, cus- and manifests of steamships and other vessels arriving laws made ap- from or going to foreign ports shall apply to voyages each way between the Philippine Islands and the United States and the possessions thereof, and all laws relating Customs du-to the collection and protection of customs duties not inconsistent with the act of Congress of March eighth, nineteen hundred and two, "temporarily to provide revenue for the Philippine Islands," shall apply in the case of vessels and goods arriving from said islands in the United States and its aforesaid possessions.

ties.

on

Seamen foreign Voyages.

Customs offi

The laws relating to seamen on foreign voyages shall apply to seamen on vessels going from the United States cers substi-and its possessions aforesaid to said islands, the customs tuted for con-officers there being for this purpose substituted for consular officers. sular officers in foreign ports.

tion of passen

Log book en

tries.

R. S., secs.

820-828.

Transporta- The provisions of chapters six and seven, title fortygers and mer- eight, Revised Statutes, so far as now in force, and any chandise. amendments thereof, shall apply to vessels making voyages either way between ports of the United States or its 4252-4292, pp. aforesaid possessions and ports in said Islands; and the provisions of law relating to the public health and quarantine shall apply in the case of all vessels entering a port of the United States or its aforesaid possessions from said islands, where the customs officers at the port of departure shall perform the duties required by such law of consular officers in foreign ports.

Transit of merchandise.

Section three thousand and five, Revised Statutes, as R.S., sec amended, and other existing laws concerning the transit 3005, p. 579. of merchandise through the United States, shall apply to merchandise arriving at any port of the United States

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