[EXECUTIVE ORDER NO. 1, January 1, 1904]
THE GOVERNMENT OF THE PHILIPPINE ISLANDS, EXECUTIVE BUREAU.
MANILA, January 1, 1904.
EXECUTIVE ORDER No. 1.
Pursuant to the provisions of the act of Congress, approved March second, nineteen hundred and three; and in order that all the various kinds of money coined by the Spanish Government for circulation in the Philippine Islands, and commonly known as Spanish-Filipino currency, may be speedily withdrawn from circulation, and the introduction of the new Philippine currency thereby expedited, it is hereby
Ordered, That the Insular Treasurer and each provincial treasurer in the Philippine Islands shall, for a period of six months, beginning at the date of this order and continuing up to and including June thirtieth, nineteen hundred and four, exchange on demand Philippine currency for said Spanish-Filipino currency, at such rates as the Insular Government may, from time to time, determine ; and that after June thirtieth, nineteen hundred and four, said Spanish-Filipino currency shall not be so redeemed.1âшphi1
That the Insular Treasurer and the various provincial and municipal treasurers of the Philippine Islands and all other officials authorized by law to receive Government dues, imposts, or taxes of any kind, whether Insular, provincial, or municipal, shall, for a period of nine months, beginning with the date of this order and continuing up to and including September thirtieth, nineteen hundred and four, receive Spanish-Filipino currency in payment of all such dues, imposts, or taxes, at the aforementioned official rates to be from time to time determined.
That after September thirtieth, nineteen hundred and four, said Spanish-Filipino currency shall not be receivable by Insular, provincial, or municipal governments in payment of Government dues, imposts, or taxes of any kind, but after said date may be exchanged for Philippine pesos at the Insular Treasury and the various provincial treasuries, at its bullion value, until such a time to be hereinafter fixed, when the Government will no longer redeem the same.
The provincial treasurers are hereby authorized and directed to exchange with municipal treasurers Philippine currency for all Spanish-Filipino currency which may have been received by them, respectively, according to law and the provisions of this order, and at the official rates at which said Spanish-Filipino currency shall have been so received; and the Insular Treasurer is also hereby authorized and directed to make the same exchanges with all provincial treasurers, at the rates at which such Spanish-Filipino currency was received by them in accordance with law and the provisions of this order. The Spanish-Filipino currency so received shall be withdrawn from circulation. The cost of transporting Spanish-Filipino currency and Philippine currency, pursuant to the provisions of this paragraph, shall be a proper charge against the Insular Treasury, payable out of the gold-standard fund.
The official rate for the redemption of Spanish-Filipino currency and its acceptance for public dues, from the date of this order until further notice, is hereby fixed at the ratio of one peso and twelve centavos, Spanish-Filipino currency, for one peso, Philippine currency.
LUKE E. WRIGHT,
Acting Civil Governor.
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