New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-01
PHILIPPINE BOND ISSUE.
authority asked to Raise Money for
Railroads and Other Works.

Washington, Feb. 2s-Representative Cooper. OF
wisconsin. chairman Of the House Committee on
li1suiar Ahairs' introduced bill to-day amending
n several important ways the act providing a civil
form OF government for the Philippines. The bill
was prepared by Secretary Taft Its first provision
= llat al bonds issued by the government OF the
ILlipplne Islands shall be exempt from taxation
ei'-er oy the government OF the United States or
,Ne government of the Philippines Five per cent
uoos 20 the amount OF 100000 are authorized for
pubic improvements in the Philippines These
Do-s are 70 De approved by the President and Sec
80 % ar. and are to be used TO provide for
port and harbor works. roads. bridges provincial
stitutions
rive per cent municipal bonds also are au-
1 thorlzed 10 carry municipal improvements such
o'-.el Indebtedness Of any municipality not
20 exceed 10 per cent Of the assessed valuation OF
property in such municipality
ne OH provides that the immigration laws Of
'lle United States in force in the islands shall be
--4l'-Ilislefed By the officers OF the Philippines
Inc method OF land measurements which in the
oIleiaI act were in acres. is changed to the metric
islands '1' p's'@i4eu III INC
He provision for guaranteeing earnings on rail-
&c PP 'aI 10 De Invested IN the islands, which
80 go Geo as one OF the important steps toward
3o'ahelng the civil conditions in the islands. is
contained in the bal. as follows.
bera6t, ee government Of the Philippine Islands is
tenauce 49, 80 - 20 ald IN the construction. main
pine Islands, either by guaranfee "a sl,s in iIp
ing funds to be fn ISSUED Tor the purpose of ras
strftioD "a tne SAID railroads. under proper re-
sion or any succeedn Legislature. IF the isar
lhe money 10 be realized from s5ii bnT5 r o ~, .,
p6iInriro r6 LdrSShtee OF said government Of the
~ ne construction and eguiprent - seiJ rsiiroeJs
reT ,3-- 80 d net income not TO exceed per cent
a. ~nlc1 said guarantee shall apply shall be fxed
80, SCI lolth IN the act OF guarantee and thar lie
rT1le "a
si super vision Tor ascertaining clearly the cap
"a C1la.Iy Invested in such railroads and The in
Sos actually received on the capital SO Invested.
IN of he ,tel, lhat the annual pecuniary liabl-
- ne government of the Philippine Islands un-
re Us section whether in bonds or any guaran-
1ited Sft nent shall never exceed s., 10000 in
SD stlsrsr-.. ~ ana provided, further, that
h. vpfi5 sIiilee IN bond or investment shall not
OA-'eo states and the Secretary OF War
secretary Taft was imDelled to ask Congress for
authority TO Issue bonds because the current re-
Oe'pts OF the Islands have been falling off lately
&c loss last month being 500 COO and either i'm
po3Iant improvements must &c - or some nart ~
their cost be placed on posterty Extensive vvorL,
$3.50 I L iIilpI oEenent has been going on in the
1L.,alng the breaSwaters and docks the construc-
BRIDES ~ U.s., me M erection OF schooihouses and
NeIoP the Islands permanently have been paid Tor v
ces and not one ceat o de 9g' b OF b the cash r.
IN iact. the Islands have bonded debt In the
have been sold in reality were 10 create res - "
[ohas IL the case OF the currency and where issued
value OF the lands themselves which held as
security Tor their redemption.
" lille ths details have not been settled n e he
ieNed that TIE proposed issue viii be ten-thirty
Per cent bonds and that, Ike the Philippine
certlncates issued as a basis FOR the currency
they VIII be receivable In the United States
c-flty Tor deposits OF public money and national
rark clrCuatous But the bonds. unlike fhp
certificates, which only year will be long
term Investments II is estimated thar they viii
command much4 higher price IN the market.
This issue. II authorized. viii have nothing 10
with the proposition 10 authorize the Philippine
government 70 guarantee 1 per cent interest on
railroad investments in tho Islands.
In compliance with act o. Congress tho Bureau
OF lusular Affairs OF the War Department has
completed balance sheet showing the receipts
and expenditure ul the Philippine government Tor
the period beginning With the American occupa-
ton on August 3d. 1s+S. TO the close OF the fiscal
wear 1872 The fidelity with which these MONEYS
were handled IS shown by the fact that there Is
IN absolute accountability Of all insular funds
the four years referred 20. and the items OF
penditures and other credits exactly balance tho
rrccivfg debts