Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-13
Values of Other Properties.
spltal Of San jose, 100000.

i-NHi''tt%i " SCH just S-C'.DCU.
Hospital OF San Jose in Cavite. $4,000
Estate. hospital and other properties of
the College Of Santa Isabella, estimated at
SlO0OOO.
The estate and hospital Of Gar Juan de
dos. 81, OUO.C,
The latter institution is one of the oil lest
In the Philippine Islands, having been
founded in 1877 by Franciscan monk
under authority of the King of Spain by
contributions solicited from the public for
the purpose The buildings of the hospital
Were destroyed by the earthquake OF 1865,
ana rs finances being seriously involved.
the government assumed control of the ad-
minstratiOn. and administered the hospital
through the franciscan friars. by whom
il is stu administered.
The settlement in regard to the bank was
gone over very carefully by Mr. Wade
himself practical barker. while the War
department enlisted the assistance Of Mr.
Charles \. Conant, former commissioner on
the coinage % the Philippine Islands Prof
jeremiah W. jerks and Prot T.. W KEN
nerrr, This settlement was gratifying to
the War department., because of the deli
cate legal questions arising under the
treaty of Paris. 1t was claimed on behalf
OF the bank that the franchise granted by
the government Of Spain and running un-
III the year lA2s, involving the exclusive
right 10 Issue notes. was binding upon the
American government as a property right
Ihe american government disputed this
claim not only because of the exclusive
nature Of the franchise claimed but be-
cause IL authorized the issue Of bank notes
TO three times the CauitaI stock of the
bank This was 50 contrary to American
precedent that the Philippine government
had already levied tax Of l per cent per
month upon notes in excess of the capital
of the bank. The fact that Archbishon
Harty represented majority OF the capj1aI
stock Of the bank permitted the question
OF the bank TO be treated, to certain ex-
tent. in connection with the land settle
ment.
In Regard TO the Bank.
Under the terms OF the agreement in re-
gard 10 the bank. all claims to exclusive
privileges and to note issues beyond the
amount approved by the American govern
rert are waived and abandoned: but on
the other hand the bank secures the con-
firnatlon, without further litigation of
important privileges. The circulation to
be allowed is twice the amount OF the capi-
Ia! of the bank-..+O0O0 pesos. rcpres ant-
Ing the capital and surplus of the bank
and GCOCVD pesos, to be secured by the de-
post OF approved bonds ami stocks In
case the bank increases its capital and sur
plus the circulation may be increased to a
maximum not exceeding 90 Ou3 pesos
tSi,S'D,OGO). This maximum can only be
attained when the capital and las of
the bank have reached an o.. .oInt
and this circulation IS to Il the
rate of one-half OF l per ear as
In the case of bank no. IN the
United States upof u'~ .Hds. Cir
culation based upon seen. -. 81 be taxed
AZ the rate Of / per gc-- ar. The
provisions of the or!siuai art=r of the
bank which made the Errc.Hn Mt practi-
caHy q partner in the enterprise and au-
thorized the governor general 10 appoint
the governor OF the bank have been waived
by the government OF the Philippine Is
lands. The provision for a loan without
interest by the bank 70 the treasurer has
also been waived. While the government
mas reserved the right To Incorporate other
panks OF issue 1t is provided that no such
pank snail be Incorporated hereafter with
capital and surplus of less than 1000 coo
pesos. The notes of the bank from the
first OF January next arc to constitute a