Chapter 980. To establish a standard of value and to provide for a coinage system in the Philippine Islands
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CHAP. 980.— An Act To establish a standard of value and to provide for a coinage system in the Philippine Islands. March 2, 1903.[[Public, No. 137](/us/pl/57/137).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Philippine coinage. Unit of value to be the gold peso. That the unit of value in the Philippine Islands shall be the gold peso consisting of twelve and nine-tenths grains of gold, nine-tenths fine, said gold peso to become the unit of value when the government of the Philippine Islands shall have coined and ready for, or in, circulation not less than five million of the silver pesos hereinafter provided for in this Act, and the gold coins of the United States at the rate of one dollar for two pesos hereinafter authorized to be coined shall be legal tender for all debts, public and private, in the Philippine Islands. 953 Sec. 2.
That in addition to the coinage authorized for use in the Silver coins. *Ante*, p. 710. Philippine Islands by the Act of July first, nineteen hundred and two, entitled “An Act temporarily to provide for the administration of the affairs of civil government in the Philippine Islands, and for other purposes,” the government of the Philippine Islands is authorized to Silver peso authorized. coin to an amount not exceeding seventy-five million pesos, for use in said islands, a silver coin of the denomination of one peso and of the weight of four hundred and sixteen grains, and the standard of said silver coins shall be such that of one thousand parts, by weight, nine hundred shall be of pure metal and one hundred of alloy, and the alloy shall be of copper.
Sec. 3. That the silver Philippine peso authorized by this Act shall To be a legal tender. be legal tender in the Philippine Islands for all debts, public and private, unless otherwise specifically provided by contract: *Provided*, *Proviso*. That debts contracted prior to the thirty-first day of December, Payment of debts prior to December 31, 1903. nineteen hundred and three, may be paid in the legal-tender currency of said islands existing at the time of the making of said contracts, unless otherwise expressly provided by contract.
Sec. 4. That section seventy-seven of the Act of July first, nineteen hundred and two, is hereby amended so that it shall read: " “Sec. 77. That the government of the Philippine Islands is authorized Subsidiary silver coins. *Ante*, p. 710. Weight increased. to coin for use in said islands a coin of the denomination of fifty centavos and of the weight of two hundred and eight grains, a coin of the denomination of twenty centavos and of the weight of eighty-three and ten one-hundredths grains, and a coin of the denomination of ten centavos and of the weight of forty-one and fifty-five one-hundredths grains; and the standard of said silver coins shall be such that of one thousand parts, by weight, nine hundred shall be of pure metal and one hundred of alloy, and the alloy shall be of copper.
” " Sec. 5. That the Philippine peso herein authorized and the subsidiary To be coined from bullion purchased. silver coins authorized by section seventy-seven of the Act of July first, nineteen hundred and two, as amended by the preceding section of this Act, 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 two of this Act, 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, *Proviso*.
Recoinage permitted. 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 Act or in the Act of July first, nineteen hundred and two, as herein amended, at such rate and under such regulations as it may prescribe; and the subsidiary Legal tender value of subsidiary coins. silver coins authorized by this Act and by the Act of July first, nineteen hundred and two, shall be legal tender in said islands to the amount of ten dollars.
Sec. 6. That the coinage authorized by this Act shall be subject to Limitations, etc. *Ante*, p. 710. the conditions and limitations of the provisions of the Act of July first, nineteen hundred and two, entitled “An Act temporarily to provide for the administration of the affairs of civil government in the Philippine Islands, and for other purposes,” except as herein otherwise provided; and the government of the Philippine Islands may adopt such Maintenance of parity between silver and gold pesos. measures as it may deem proper, not inconsistent with said Act of July first, nineteen hundred and two, to maintain the value of the silver Philippine peso at the rate of one gold peso, 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 Issue of temporary certificates of indebtedness. certificates of indebtedness, 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, which shall be in 954 the denominations of twenty-live dollars, or fifty pesos, or some multiple Redemption. 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 Maximum amount. issue prescribed by the government of said islands; but the amount of such certificates outstanding at any one time shall not exceed ten million Exempt from taxation. dollars, or twenty million 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 *Proviso*.
Use of proceeds. 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 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. Sec. 7. Silver coins now in use received until January 1, 1904. That the Mexican silver dollar now in use in the Philippine 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: *Proviso*.
Preferences. *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 counterfeit or defective. Sec. 8. Issue of silver certificates for deposit of silver pesos. That the treasurer of the Philippine Islands is hereby authorized, in his discretion, to receive deposits of the standard silver 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 by any banking association in said islands may be counted as a part of its lawful reserve. Sec. 9. Purchase of bullion. 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, or as hereinbefore authorized, which shall be reimbursed from the coinage under said sections.
Sec. 10. Place of coinage. 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. Sec. 11. Devices and inscriptions. 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 year of the coinage.
Sec. 12. Preparation of notes and certificates. 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 955 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. That section seventy-eight of the Act of July first, nineteen Repeal. *Ante*, p. 710. hundred and two, and all Acts and parts of Acts inconsistent with the provisions of this Act, and all provisions of law in force in the Philippine Islands making any form of money legal tender after December thirty-first, nineteen hundred and three, except as provided in this Act, are hereby repealed. Approved, March 2, 1903.