Page:United States Statutes at Large Volume 44 Part 1.djvu/1647

1633 grains troy, and of the 1-centavo plece eighty grains troy, and of the ½ centavo piece forty grains troy. (July 1, 1902, c. 1369, § 79, 82 Stat. 710.)

1147. Devices and inscriptions on coinage.—The silver Philippine peso authorised under section 1143 of this title and the subsidiary and minor coinage authorized under sections 1144 and 1146 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. (Jul 1, 1902, c. 1369, § 82, 82 Stat. 711; Mar. 2, 1903, c. 980, § 11, 32 Stat. 954.)

1148. Place of coinage.—The silver Philippine pesos and the subsidiary and minor coinage mentioned in section 1147 of this title 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. (July 1, 1902, c. 1869, 81, 32 Stat. 710; Mar. 2, 1903, c. 980, $ 10, 32 Stat. 954.) 1149. Purchase of silver bullion; recoinage.—The Philippine peso authorized by section 1143 of this title and the subsidiary silver coins authorized by section 1144 shall be coined under the authority of the government of the Philippine Islands in such amounts as it may determine, with the approval of the Secretary of War of the United States, except as limited in section 1143, from silver bullion purchased by said government, with the approval of the Secretary of War of the United States: Provided, That said government may, in its discretion, in lieu of the purchase of bullion, recoin any of the silver coins now in or hereafter received by the treasury of the government of the Philippine Islands into the coins provided for in this chapter at such rate and under such regulations as it may prescribe., (Mar. 2, 1903, c. 980, § 5. 32 Stat. 963.)

1150. Same; purchase of metal—For the purchase of metal for the silver Philippine peso authorized by this chapter, an appropriation may be made by the government of the Philip pine Islands from its current funds, or as herein authorized; which shall be reimbursed from the coinage under said sections.

For the purchase of metal for the subsidiary and minor coinage, authorized by sections 1144 to 1146 of this title, an appropriation may be made by the government of the Philip pine Islands from its current funds, which shall be reimbursed from the coinage under said sections; and the gain or seignior- age arising therefrom shall be paid into the treasury of said islands. (July 1, 1902, c. 1800, 80, 82 Stat. 710; Mar. 2, 1903, c. 980, §9, 32 Stat. 954.)

1151. Gold and silver pass parity. The government of the Philippine Islands may adopt such measures as it may deem proper, not inconsistent with the provisions of this chapter, to maintain the value of the silver Philippine peso at the rate of 1 gold paso, and in order to maintain such parity between said silver Philippine pesos and the gold pesos herein provided for, and for no other purpose, may issue temporary certificates of indebtedness, bearing interest at a rate not to exceed 4 per centum annually, payable at periods of three months or more, but not later than one year from the date of Issue, which shall be in the denominations of $25, or 50 pesos, or some multiple 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 issue prescribed by the government of said islands; but the amount of such certifcates outstanding at any one time shall not exceed $20,000,000, or, 40,000,000 pesos, and said certificates shall be exempt 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, municipal, or local authority in the United States or the Philippine Islands: Provided. That all the proceeds of said certificates shall be used exclusively for the maintenance of said parity, as herein provided, and for no other purpose, except that a sum not exceeding $3,000,000 at any one time may be used as a continuing credit for the purchase of silver bullion in execution of the provisions of this chapter. (Mar. 2, 1903, c. 980, § 6, 32 Stat. 953: July 21, 1921, c. 51, 42 Stat. 146.)

1152. Change in weight and fineness of silver coins.—With the approval of the President of the United States, the government of the Philippine Islands is authorized, whenever In its opinion such action is desirable, in order to carry out the provisions of section 1151 of this title, to change the weigh and fineness of the silver coins authorized by this chapter, and may in its discretion provide a weight and fineness proportionately 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 Philippine Islands: Provided, That the weight and fineness of the sliver 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. (June 23, 1906. c. 3521, § 1, 34 Stat. 453.)

1153. Silver certificates; redemption.—The treasurer of the Philippine Islands is 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 1 peso authorized by this chapter to be coined, in sums of not less than 20 pesos, Philippine currency, and to issue certificates therefor in denominations of not less than 2 pesos nor more than 500 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 approval of the governor general, may substitute for any part of such silver pesos deposited, gold coin of the United States legally equivalent in value, and redeem the certificates 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 60 per centum of the total amount of certificates outstanding. (Mar. 2, 1908, c. 980, § 8, 82 Stat. 954 Feb. 6, 1905, c. 453, § 10, 89 Stat. 697; June 23, 1906, c. 3521, § 2, 34 Stat. 453.)

1154. Drawings, designs, and plates.—The Secretary of the Treasury is authorised 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 author- ised by this chapter, 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. (Mar. 2, 1903, c. 980,§ 12, 82 Stat. 954.)

1165. Silver coins previously in use receivable for public dues.— The Mexican silver dollar in use in the Philippine Islands on March 2, 1908, and the silver coins issued by the Spanish Government for use in said islands prior to that date shall be receivable for public dues at a rate to he fixed from time to time by the proclamation of the civil governor of said inlands until such date as may be fixed by public proclamation