Section 1
SECTION 1. The Secretary of War is hereby authorized, on behalf of the Government of the Philippine Islands, temporarily to issue certificates of indebtedness to the extent of one million dollars, in money of the United States, bearing interest at a rate not to exceed four per centum annually, payable at periods of three months or more, but not later than one year from the date of issue, in the denomination of one thousand dollars, in currency of the United States, and redeemable in gold coin of the United States, which certificates of indebtedness shall be disposed of by the Secretary of War at such favorable rate of interest or premium as he may be able to secure, the proceeds thereof to be deposited with the Guaranty Trust Company of New York, the authorized depository of the Government of the Philippine Islands, to the credit of the Treasury of the Philippine Islands. These certificates are authorized by and shall be issued in accordance with section six of an Act of Congress 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," and the proceeds thereof are to be used as provided in said Act. The certificates issued hereunder shall state upon their face that they have been issued in accordance with the terms of said section and by authority of this Act of the Philippine Commission, and that they are in addition to the issue of thirteen million five hundred thousand dollars of similar certificates issued under Acts Numbered Six hundred and ninety-six, Seven hundred and ninety-two, One thousand and fifty, Eleven hundred and ninety-five, and Thirteen hundred and seventy-seven, of the Philippine Commission, enacted March twenty-third, nineteen hundred and three, June thirtieth, nineteen hundred and three, February twelfth, nineteen hundred and four, July eighteenth, nineteen hundred and four, and July twenty-seventh, nineteen hundred and five, respectively, all of which issues have been retired except the issue made under Act Numbered Thirteen hundred and seventy-seven, which is retired by .section three of this Act.