Page:United States Statutes at Large Volume 32 Part 1.djvu/1019

 954 'FIFTY-SEVEN TH CONGRESS. Sess. II. Ch. 980. 1903. the denominations of twenty-tive dollars, or fifty pesos, or some mul- R9d”“P**°“· tiple of such sum, and shall be redeemable in gold coin of the United States, or in lawful money of said islands, according to the terms of M“i“‘““‘ °m°““‘· issue prescribed by the government of said islands; but the amount of such certificates outstanding at any one time shall not exceed ten milm§§°mP” *'°'“ ‘““‘ lion dollars, or twenty million pesos, and said certificates shall be ` exem t from the payment of all taxes or duties of the government of the Philippine Islands, or any local` authority therein, or of the Government of the United States, as well as from taxation in any form by or under any State, munici al, or local authority in the United States Pwwiw. or the Phili pine Islands: Prwided, That all the proceeds of said cer- Us° °f°r°°°°d°` tificates shall be used exclusively for the maintenance of said parity, as herein provided, and for no other purpose, except that a sum not exceeding three million dollars at any one time may be used as a continuing credit,for the purchase of silver bullion in execution of the provisions of this Act. — Silver ¤9i¤¤ ¤<>Wi¤. Sec. 7. That the Mexican silver dollar now in use in the Philippine xirmrgilié?4. mm Islands and the silver coins heretofore issued by the Spanish Government for use in said islands shall be receivable for public dues at a rate to be fixed from time to time by the proclamation of the civil governor of said islands until such date, not earlier than the first day of January, nineteen hundred and four, as may be fixed by public proclamation of said civil governor, when such coins shall cease to be so receivable: mhms Provided. 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 coiénterfeit plr defective. f h P I — I I d .]**1** °‘ ¤*“"=’.°°’· Ec. 8. Thatt etreasurero the hii ine s an sis hereb rauthor- §il§§;:e:eg.d€p0mt0f ized, in his discretion, to receive deposiig) of the standard silirer coins of one peso authorized by this Act to be coined, at the treasury of the government of said islands or any of its branches, in sums of not less Denomination. than twenty pesos, and to issue silver certificates therefor in denominations of not less than two nor more than ten 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 v any banking association in said islands may be counted as a part of its lawful reserve. Purchase nibnliien. Sec. 9. That for the purchase of metal for the silver Philippine peso authorized by this Act, an appropriation may be made by the government of the Philippine Islands from its current funds,Uor as hereinbefore authorized, which shall be reimbursed from the coinage under said sections. P1¤<>¢ ¤f¤<>i¤¤ze- Sec. 10. That the silver Philippine pesos hereinbefore 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. mf;;f’*°°**¤di¤¤°*¥* Sec. 11. That the silver Philippine peso 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 vear of the coinage. ' m*f{*;g¤rr*{*£g€•;f¤¤¢¢¤ 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