Chapter 3521. To amend an act 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.” June 23, 1906. [[S. 6243](/us/bill/59/s/6243).] [[Public, No. 274](/us/pl/59/274).] *Be it enacted by the Senate and Ho
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CHAP. 3521.— An Act To amend an act 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.” June 23, 1906. [[S. 6243](/us/bill/59/s/6243).] [[Public, No. 274](/us/pl/59/274).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Philippine coinage. Change in weight and fineness, silver coins. That, with the approval of the President of the United States, the government of the Philippine Islands is hereby authorized, whenever in its opinion such action is desirable, in order to carry out the provisions of section six of the ActVol. 32, p. 953. 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,” to change the weight and fineness of the silver coins authorized by said Act, and may in its discretion provide aSubsidiary coins. 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*Proviso*.Minimum fineness. weight and fineness of the silver 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.
Sec. 2. That section eight of an Act of Congress approved MarchSilver certificates.Vol. 32, p. 954; Vol. 33, p. 697. 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,” as amended by section ten of an Act approved February sixth, nineteen hundred and five, is hereby further amended to read as follows: " “Sec. 8. That the treasurer of the Philippine Islands is herebyIssue of certificates for pesos deposited.Vol. 33, p. 697, amended. 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 one peso authorized by this Act to be coined, in sums of not less than twenty pesos, Philippine currency, and to issue certificates therefor in denominations of not less than two pesos nor more than five hundred 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*Provisos*.Substitution of United States gold for reserve. the approval of the governor-general, may substitute for any part of such silver pesos hereafter deposited, gold coin of the United States 454 legally equivalent in value, and redeem the certificates hereafter issued in either silver pesos or such gold coin of equivalent value at the option of the Treasurer: *Provided further*, That the amount of goldMaximum amount. coin held in such reserve shall not at any time exceed sixty per centum of the total amount of certificates outstanding.
” " Maximum amount. Approved, June 23, 1906.