Section 1
SECTION 1. The Secretary of War is hereby authorized to issue, in the name and on behalf of the Government of the Philippine Islands, its bonds to the amount of seven million two hundred and thirty-seven thousand dollars, in the money of the United States. The bonds thus authorized to he issued shall be dated February first, nineteen hundred and four', shall bear interest at the rate of four per centum per annum, payable quarterly: shall be redeemable at the pleasure of the Government of the Philippine Islands after ten years, and payable in thirty years after date in gold coin of the United States of the present standard value. Both principal and interest shall be payable at the Treasury of the United States. The said bonds shall be in registered form in denominations of one thousand dollars and ten thousand dollars, in proportions to suit the purchaser or purchasers thereof, and shall be registered and transferable at the office of the Register of the Treasury Department of the United States, Washington. District, of Columbia. The said bonds are declared by section sixty-four of said Act of Congress to 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 state, municipal, or local authority in the United States or the Philippine Islands, pursuant to which Act of Congress and this Act these bonds are issued, which fads shall be stated upon their face.