The San Francisco call., 1904-03-01
ISLANDS WILL
GET NEW LAW
Proposed Statutes Provide
That Philippine Bonds Be
Exempt From Taxation
BILL DRAWN BY TAFT
American immigration Laws
Are Suggested and Metric
System will Be Utilized

WASHINGTON. Feb. 29.-Represen-
tative Cooper of Wisconsin introduced Z
a bill to-day amending in several ways
the act providing a civil form of goY-
ernment for the Philippines The bin
was prepared by Secretary Taft. It's
first provision is. that all bonds issued
by the Government Of the Philippines
shall be exempt from taxatio4 either
by the Government Of the United States
or the government Of the Philippines
Five per cent bonds TO the slmount OF
$40. 600 900 are authorized for public I'M
provements in the Philippines These
bonds are TO be approved by 1.-THE Presi-
dent and Secretary Of WAR; and are
to be used to provide for pork and har-
Dor works, roads. bridges. provincial
and municipal schools. cOurth6uses and
penal institutions. Five. per lcent mU-
nicipal bonds are also authorized to
carry on municipal improvements, such
bonded Indebtedness OF any one mu-
nicipality not to. exceed 10 pfE cent OF
the assessed valuation Of prbperty in
such municipalitg.
The bill provides that the Smmigra-
tion laws Of the J{nited Stateslin force
in the islands shall be administered
by the officers Of the Philippine Gov
ernment. The land measurements.
which in the original act weIe inl acres,
are changed TO the metric system.
which prior to that time prevailed in
the islands.
A provision guaranteeing e1rnt tngs on
railroad capital TO be -nvested Nn the
islands. which Is regarded as ak inn
portant step toward advancing the Nrivil
conditions in the islands, IS contai4ed
in the bill as follows:
That the Government OF the Phis
ippines Is hereby authorized to aid in
the construction. maintenance and op-
Grafton of railroads in the Philippines,
either by guaranteeing certain num-
Der Of bonds to be issued for the pur-
pose of raising funds, 70 be invested in
the construction and equipment of the
said railroads. under proper restriction
to be enacted by the Philippine Com
mission, or any succeeding Legislature
Of the islands, to secure the actual use
in said construction Of the money to
be realized from said bonds. or by a
legislative guarantee of said Govern
ment of the Philippine Islands that
the capital actually invested in the
construction and equipment of said
railroads shall yield a net income not
to exceed per cent per annum. pro-
vided that the amount Of capital TO
which said guarantee shall apply shall
be fixed and set forth in the act OF
guarantee and that the same AIT shall
apply sufficient rules and governmental
supervision for ascertaining clearly the.
capital actually invested in such rail-
roads and the income actually received
on the caDital so invested: provided.
further. that the annual pecuniary liza
bility of the Government OF the Philip
pine islands under this section whether
in bonds or any guarantee Of invest
ment shall never exceed 81 500, 900 i'm
United States money. and provided.
fnrther, that said guarantee in bond or
investments shall not be valid unless
approved by the President of the Unit
ed States and the Secretary OF War"