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Preferences.

when such coins shall cease to oe so receivable: Provided, Proviso. That the public offices of the government of said islands shall give a preference for all public dues to the silver pesos and the silver certificates authorized by this Act, and may at any time refuse to receive such Mexican dollars and Spanish coins as may appear to be counterfeit or defective.

tificates for

íted.

tion.

SEC. 8 (as amended by sec. 2, Act of Congress of February Issue of cer6, 1905, and of Act of June 23, 1906). That the treasurer of pesos deposthe Philippine Islands is hereby authorized, in his discretion, to receive at the treasury of the government of the said islands or any of its branches deposits of the standard silver coins of one peso authorized by this Act to be coined, in sums of not less than twenty pesos, Philippine currency, and to issue certificates therefor in denominations of not Denominaless than two pesos nor more than five hundred pesos, and coin so deposited shall be retained in the treasury and held for the payment of such certificates on demand, and used for no other purpose. Such certificates shall be receivable for customs, taxes, and for all public dues in the Philippine Islands, and when so received may be reissued, and when held by any banking association in said islands may be counted as a part of its lawful reserve: Provided, That the treasurer of the Philippine Islands, with the states gold for approval of the governor-general, may substitute for any reserve. part of such silver pesos hereafter deposited, gold coin of the United States legally equivalent in value, and redeem the certificates hereafter issued in either silver pesos or such gold coin of equivalent value at the option of the Treasurer: Provided further, That the amount of gold coin held in such reserve shall not at any time exceed sixty per centum of the total amount of certificates outstanding.

Provisos.
Substitution
United

Maximum

amount.

Purchase of

SEC. 9. That for the purchase of metal for the silver bullion. Philippine peso authorized by this Act, an appropriation may be made by the government of the Philippine Islands from its current funds, or as hereinbefore authorized, which shall be reimbursed from the coinage under said sections.

Place of

SEC. 10. That the silver Philippine pesos hereinbefore coinage. 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 or any portion thereof at any of the mints of the United States, at a charge covering the reasonable cost of the work.

SEC. 11. That the silver Philippine peso hereinbefore, Devices and authorized shall bear devices and inscriptions to be inscriptions. 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.

of notes and certificates.

Preparation SEC. 12. That the Secretary of the Treasury is hereby authorized and directed, when requested by the government of the Philippine Islands, to cause to be made and prepared any drawings, designs, and plates, and execute any coinage, engraving, or printing of notes and certificates authorized by this Act, and to make a proper charge for the same, covering as nearly as may be the actual cost, which shall be defrayed from the revenues of said islands. SEC 13 (repeals sec. 78, of the Act of July 1, 1902). [32 Stat. L., 952.1

Approved, March 2, 1903.

June 23,

1906.

[S. 6243.]

[Public, No.

274.]

34 Stat. L., pt. 1, p. 453. Philippine

Change in weight and

coins.

CHAP. 3521.-An Act To amend an Act approved March second, nineteen hundred and three, entitled "An Act to establish a standard of value and to provide for a coinage system in the Philippine Islands."

Be it enacted by the Senate and House of Representacoinage. tives of the United States of America in Congress assembled, That, with the approval of the President of the fineness, silver United States, the government of the Philippine Islands is hereby authorized, whenever in its opinion such action is desirable, in order to carry out the provisions of section six of the Act approved March second, nineteen hundred and three, entitled "An Act to establish a standard of value and to provide for a coinage system in the Philippine Islands," to change the weight and fineness of the silver coins authorized by said Act, and may in its discretion provide a weight and fineness proportionately Subsidiary less for subsidiary coins than for the standard Philippine pesos, and may also in its discretion recoin any of the existing coins of the Philippine Islands at the new weight and fineness when such coins are received into the Treasury or into the gold standard fund of the PhilipMinimum pine Islands: Provided, That the weight and fineness of the silver peso to be coined in accordance with the provisions of this section shall not be reduced below seven hundred parts of pure silver to three hundred of alloy. SEC. 2 (amends sec. 8 of the Act of March 2, 1903).

coins.

Proviso.

fineness.

Silver certificates.

Feb. 6, 1905.

CHAP. 453.-An Act To amend an Act approved July first, [H. R. 14623.] nineteen hundred and two, entitled "An Act temporarily to pro[Public, No. vide for the administration of the affairs of civil government in 43.] the Philippine Islands, and for other purposes," and to amend an 33 Stat. L, act approved March eighth, nineteen hundred and two, entitled pt. 1, p. 689.

"An Act temporarily to provide revenue for the Philippine Islands, and for other purposes," and to amend an Act approved March second, nineteen hundred and three, entitled "An Act to establish a standard of value and to provide for a coinage system in the Philippine Islands," and to provide for the more efficient administration of civil government in the Philippine Islands, and for other purposes.

1

Philippine

ation.

Be it enacted by the Senate and House of Representa- Islands, govtives of the United States of America in Congress assem- ernment of. Bonds exbled, That all bonds issued by the government of the empt from taxPhilippine Islands, or by its authority, shall be exempt from taxation by the Government of the United States, or by the government of the Philippine Islands or of any political or municipal subdivision thereof, or by any State, or by any county, municipality, or other municipal subdivision of any State or Territory of the United States, or by the District of Columbia.

Issue

of

ments author

SEC. 2.2 That for the purpose of providing funds to bonds for pubconstruct port and harbor works, bridges, roads, build-lic improveings for provincial and municipal schools, court-houses, ized. penal institutions, and other public improvements for the development of the Philippine Islands by the general government thereof, the said government is authorized from time to time to incur indebtedness, borrow money, and to issue and sell therefor (at not less than par value in gold coin of the United States) registered or coupon bonds of such denominations and payable at such time or times, not later than forty years after the date of the approval of this Act, as may be determined by said government, with interest thereon not to exceed four and one-half per centum per annum: Provided, That the entire indebtedness of said government created by the authority conferred by this section shall not exceed at any one time the sum of five million dollars: And provided further, That the law of said government creating the the President. indebtedness and authorizing the issue of the bonds under this section shall be approved by the President of the United States.

Note. Under the authority contained in this section there have been issued 4 per cent public works and improvement bonds in the

sum of $5,000,000, as follows:

$2,500,000, redeemable 1915, due 1935.

$1,000,000, redeemable 1916, due 1936. $1,500,000, redeemable 1919, due 1939.

Provisos. Maximum indebtedness.

Approval by

bonds.
Aid to rail-

SEC. 3 (amends sec. 66, Act of July 1, 1902. See p. 25). Municipal SEC. 4. That for the purpose of aiding in the construction, equipment, operation, and maintenance of such roads. railroads, using steam, electricity, or other power, in the Philippine Islands as the Philippine government may hereafter specifically authorize, the said government is empowered to enter into a contract of guaranty with any railroad company organized pursuant to the laws of said government or of the United States or any State thereof ized. undertaking to construct, equip, operate, and maintain any such railroad, whereby the said government shall guarantee interest, at not exceeding four per centum per annum upon first lien bonds to be issued by such com- Maximum pany, properly secured by mortgage or deed of trust upon first lien bonds.

1 Affects secs. 64 and 66, act of July 1, 1902, pp. 24, 25.

2 See sec. 11, act of Congress of Aug. 29, 1916, p. 37.

Guaranty of interest on bonds author

interest on

9 Increased to $15,000,000, see sec. 11, act of Congress of Aug. 29, 1916. See p. 37.

Conditions.

the said railroad, its equipment, franchises, and other property, real, personal, and mixed, then owned and thereafter to be acquired.

Such contract of guaranty shall be signed on behalf of said government by the governor-general thereof, and on behalf of the railroad company undertaking the construction, equipment, maintenance, and operation of said railroad by the chief officer thereof, thereunto duly authorized by the stockholders and directors of the same, and shall contain, among others, the following provisions: First. That the total amount of bonds the interest upon amount which is to be guaranteed shall in no event exceed the amount actually invested in cash in the construction and equipment of such railroad, to be determined as hereinafter provided.

Bond issue

limited

vested.

Priority

to in

of

government.

liens.

Time of construction.

Use of gross earnings.

Execution of guaranty con

certain mile

Second. That no debt except as above provided shall be incurred by the said undertaking railroad company, its successors or assigns, by which a lien shall be created upon such railroad, its equipment or other property, prior to the lien of said government to secure the repayment of the interest paid by it under said guaranty without the consent of the Congress.

Third. That the said railroad shall be constructed and equipped within the time limited in the first instance by the Philippine government, or any extension of said time granted by said government for good cause shown.

Fourth. That after the construction and equipment of said railroad in accordance with the foregoing provisions and all others of the contract of guaranty, the railroad shall apply its gross earnings as follows: First, to the necessary operating expenses, including reasonable expenses of the corporation; second, to the necessary and ordinary repairs of said railroad and its equipment; third, to such betterments and extraordinary repairs of said railroad or equipment as may be first by the governor-general of the islands, in writing, expressly consented to; fourth, to the payment of the interest on the bonds, the interest on which to any extent shall have been guaranteed by the Philippine government under this section.

The contract of guaranty shall be in substance indorsed tract restricted. upon said bonds and signed by the treasurer of said government, and the said contract of guaranty shall not be Completion of executed except upon satisfactory proof of the completion age required. of the railroad in sections of not less than twenty continuous miles each,1 and in such proportion, to be fixed from time to time by said government, as the actual capital invested in completed road and acquired equipment shall bear to the capital required for the completion and equipment of the entire road, to be determined by the said goverment.

1 Res. 63 of the Philippine Commission (Apr. 11. 1911) recommends that this be changed to 10 kilometers.

terest paid.

All payments made under any such guaranty shall be Lien for infrom the time the same are paid a lien upon said railroad and its property then owned and thereafter to be acquired. subject only to the lien of the mortgage or deed of trust executed to secure the bonds, the interest upon which shall have been so guaranteed, and the total sum paid under such guaranty shall at the expiration thereof be payable to said Philippine government upon demand, and in default of such payment the said lien shall be immediately forecloseable.

Default.

Limit on

Provided, That in no event shall the total annual con- Proviso. tingent liability of said government under the guaranties a mount authorized by this section at any time exceed the sum of guaranty. one million two hundred thousand dollars, and no such guaranty shall continue for a longer period than thirty

years.

For the further security of the Philippine government said government shall declare the proper rules for ascertaining clearly the cash capital actually invested in said railroads and the net income actually received on said capital so invested, and shall provide for supervision by said Philippine government, through the auditing, engineering and railroad bureaus thereof and by such other agencies as may be fixed by law, of the conduct of the finances of the road, and of its location, construction, operation, and maintenance.

of

Supervision over roads, etc.

of directors.

The Philippine government shall appoint two members Appointment of the board of directors of any undertaking company the interest on whose bonds shall be guaranteed as provided in this section.

receipts and

Each such railroad company shall make such reports. Reports of from time to time as to its receipts and expenditures, in expenditures. such form and substance and sworn to by such officials, as may be prescribed by the Philippine government.

court aided

The supreme court of the Philippine Islands shall have Powers of suoriginal and exclusive jurisdiction in all actions, proceed-preme ings or suits at law or in equity brought by the Philippine roads. government against any person or corporation involving the construction of this section or any right existing under, duty enjoined or act prohibited by said section or any contract made in pursuance thereof; and jurisdiction is hereby vested in the supreme court to make such order, to enter such judgment or decree and to take such proceedings in enforcement thereof as may be proper. During the vacations of said court the chief justice or any judge thereof shall have all the power to grant restraining orders, orders of injunction, to appoint receivers, or to do any other act under authority herein granted, that a judge of a court of general jurisdiction may do in the vacation of court.

Section seventy-four of an Act entitled "An Act temporarily to provide for the administration of the af

Franchise

grants.

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