Act No. 1377




[ Act No. 1377, July 27, 1905 ] AN ACT TO AUTHORIZE THE ISSUE OF ONE MILLION FIVE HUNDRED THOUSAND DOLLARS OF CERTIFICATES OF INDEBTEDNESS UNDER AND BY AUTHORITY OF SECTION SIX OF THE ACT OF CONGRESS ENTITLED "AN ACT TO ESTABLISH A STANDARD OF VALUE AND TO PROVIDE FOR A COINAGE SYSTEM IN THE PHILIPPINE ISLANDS," APPROVED MARCH SECOND, NINETEEN HUNDRED AND THREE, IN ADDITION TO THE TWELVE MILLIONS OF DOLLARS OF CERTIFICATES OF THE SAME CHARACTER ALREADY AUTHORIZED BY ACTS NUMBERED SIX HUNDRED AND NINETY-SIX, SEVEN HUNDRED AND NINETY-TWO, ONE THOUSAND AND FIFTY, AND ELEVEN HUNDRED AND NINETY-FIVE, ALL EXCEPT THE LAST OF WHICH ISSUES HAVE BEEN RETIRED, AND APPROPRIATING THE SUM OF THREE MILLION DOLLARS, IN GOLD COIN OF THE UNITED STATES, FROM THE GOLD-STANDARD FUND FOR THE PURPOSE OF PAYING THE PRINCIPAL OF THE FOURTH SERIES OF CERTIFICATES OF INDEBTEDNESS ISSUED PURSUANT TO THE PROVISIONS OF SAID ACT NUMBERED ELEVEN HUNDRED AND NINETY-FIVE. By authority of the United States, be it enacted by the Philippine Commission, that: Section 1. The Secretary of War is hereby authorized, on behalf of the Government of the Philippine "islands, temporarily to issue certificates of indebtedness the extent of one million five hundred thousand dollars, in money of the United States, bearing interest at a rate not to exceed four per centum annually, payable at periods of three months or more, but not later than one year from the date of issue, in denominations: of one thousand dollars, in currency of the "United States, and redeemable in gold coin of the United States, which certificates of indebtedness shall be disposed of by the Secretary of War at such favorable rate of interest or premium as he may be able in secure, the proceeds thereof to be deposited with the Guaranty Trust Company of New York, the authorized depository of the Government of the Philippine Islands, to the credit of the Treasury of he Philippine Islands. These certificates are authorized by and shall lie issued in accordance with section six of an Act of Congress, 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 the proceeds thereof are to be used as provided in said Act. The certificates issued hereunder shall state upon their face that they have been issued in accordance with the terms of said section and by authority of this Act of the Philippine Commission, and that they are in addition to the issue of twelve millions of dollars of similar certificates issued tinder Acts Numbered Six hundred and ninety-six. Seven hundred and ninety-two, One thousand and fifty, and Eleven hundred and-ninety-five, of the Philippine Commission, enacted March twenty-third, nineteen hundred and three, June thirtieth, nineteen hundred and three, February twelfth, nineteen hundred and four, and July eighteenth, nineteen hundred and four, respectively, all of which issues have been retired except the issue made under Act Numbered Eleven hundred and ninety-live, which is retired by section three of this Act. Section 2. The Secretary of War shall report to the Auditor and the Treasurer of the Philippine Islands the amount of the certificates of indebtedness the issue of which is authorized in the previous section, which he shall issue under the authority thereof, the numbers and denominations thereof, the rate of interest to be paid thereon, the time when payable, the premium, if any, at which they were issued, and the total proceeds therefrom; and such facts shall be made a matter of record in the offices of the Auditor and the Treasurer of the Philippine Islands. The certificates to be issued under this Act shall be numbered consecutively, the first" certificate thereof bearing the number next after that of the last numbered certificate issued under Act Numbered Eleven hundred and ninety-five1aшphi1. Section 3. Pursuant to the provisions of section one of Act Numbered Nine hundred and thirty-eight, which declares "That, whenever the public interest permits, there may be withdrawn from the gold-standard fund such amount as the Philippine Government may deem proper to pay the principal and interest of all, or any part of, the certificates of indebtedness issued under section six of the said Act of Congress of March second, nineteen hundred and three," there is hereby appropriated from the gold-standard; fund the sum of three million dollars, gold coin of the United Slates, for the payment in New. York, upon maturity, of the" principal of the fourth series of certificates of indebtedness, maturing September first, nineteen hundred and five, and issued pursuant to the provisions of section six of said Act of Congress approved March second, nineteen hundred and three, and Act Numbered Eleven hundred and ninety-five of the Philippine Commission. Section 4. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred. Section 5. This Act shall take effect on its passage. Enacted, July 27, 1905. The Lawphil Project - Arellano Law Foundation