Appropriation of funds.
Section 2
SEC. 2. Appropriation of funds.—In contemplation of the fact that the Congress of the United States may by appropriate legislation increase the authorized debt limit of the Philippine Islands so as to permit the issue of bonds, as provided in section three of this Act, for the purpose of raising funds to establish the ''Gold Standard Fund" and the "Treasury Certificate Fund" constituted under section one of this Act, and for other purposes, an appropriation is hereby made of such an amount of the proceeds of the sale of such bonds as shall be requisite to establish such "Gold Standard Fund".and such "Treasury Certificate Fund" as herein constituted and the Insular Treasurer is hereby directed to make transfers of the same in the following manner: First. The Treasurer shall transfer to the "Gold Standard Fund, in the form of deposits with such Federal Reserve Banks or member banks of the Federal Reserve System in the United States, as shall be designated by the Governor-General to be branches of the Philippine Treasury for receiving such deposits, a sufficient amount of funds to meet the full minimum requirement of such "Gold Standard Fund," previously deducting the sum owing by the Philippine Mint, which shall be considered as a part of the fund, and to provide for the retirement at maturity of all outstanding certificates of indebtedness, or for their purchase before maturity, if such purchase is deemed expedient by the Secretary of War. Second. The Treasurer shall transfer to the "Treasury Certificate Fund" any or all balances of funds constituting the "Currency Reserve Fund" as heretofore established, exclusive of any portion of the Fund deposited in the Philippine National Bank and any funds due from the Philippine Mint or other sources, together with such further sum as may be required to establish such "Treasury Certificate Fund," in an amount equivalent to one hundred per centum of all treasury certificates in circulation and available for circulation: Provided, however. That that portion of the "Currency Reserve Fund" as heretofore established represented by deposits in the Philippine National Bank and due from sources other than the Philippine Mint shall not be transferred under the provisions hereof to the "Treasury Certificate Fund," but is hereby appropriated to the General Fund of the Insular Treasury, and shall be transferred forthwith by the Insular Treasurer to said General Fund. After the transfers have been made as hereinbefore set forth, any balance remaining from the proceeds of sale of the bonds as provided in section three of this Act is hereby appropriated to the General Fund, and the Insular Treasurer is hereby directed forthwith to transfer the same thereto.