Section 3
SEC. 3. The Treasurer of the Philippine Archipelago is hereby authorized and directed to advertise for sale to the highest bidder all Spanish seized funds, returns at the Treasury, and special deposits which are now in his hands in the form of Spanish gold coin, Spanish treasury bonds, Filipino Treasury bonds Series B (except such of said bonds as belong to the "Carriedo Fund" for the benefit of the city of Manila), Spanish copper coin, Filipino gold coin, bar gold, gold dust, burned silver, burned silver pesos, copper, bank notes of foreign countries, and foreign coins not otherwise in this Act specially provided for the Treasurer shall publish the advertisement for bids once a week, for six successive weeks in two newspapers published in Manila in the English language, and in two newspapers published in Manila in the English language, and in two newspapers published in Manila in The Spanish language. The advertisement shall describe specifically each item of property to be sold, and shall announce that bids will be received for all the items advertised, or for any separate class of said items, or parts of any class, and that bids may be accepted for the whole of any part thereof, and that the right to reject all bids is reserved. The bids shall state the sum tendered in money of the United States. The bids shall be under seal and shall each be accompanied by a certified check upon some bank which is by law a depository of funds of the Philippine Treasury, payable to the Treasurer, for ten per cent of the amount of the bid. the bids shall be opened, on the date stated in the advertisement, by the Treasurer in the presence of the Secretary of Finance and Justice, and in the presence of the bidders, should they desire to be present. The Treasurer shall accept such bids as are considered the most favorable for the Government, with the approval of the Secretary of Finance and Justice: Provided, nevertheless, That the right to reject any and all bids is reserved. Should no satisfactory bids be received for the Spanish gold, Filipino gold coin, bar gold, gold dust, burned silver pesos, burned copper and silver, then in that case such Spanish gold, Filipino gold coin, bar gold, gold dust, burned silver pesos, burned copper and silver shall be forwarded to the United States mint at San Francisco, California, for coinage into United States coin, or shall be coined into local coinage in the mint at Manila, as the Treasurer of the Philippine Archipelago, subject to the approval of the Secretary of Finance and Justice, may determine to be expedient, and the proceeds thereof shall be deposited in the Insular Treasury on account of "miscellaneous receipts." The proceeds of the sale of sales of property by reason of accepted bids in accordance with the provisions of this Act shall be deposited in the Insular Treasury on account of "miscellaneous receipts." Should no bids be accepted for the Spanish treasury bonds, the Filipino treasury bonds, and the copper coins aforesaid, the treasurer of the Philippine Archipelago is hereby authorized, with the approval of the Secretary of Finance and Justice, to sell the same or any part thereof at private sale, upon terms not less favorable to the Government than the most favorable of the rejected bids: Provided, however, That this Act shall not apply to the silver and other metal seized from the steamer Don Juan and discovered from the same source by officers of the Spanish Government in the month of July, eighteen hundred and ninety-three, the disposition of which is provide for by Act Numbered Five hundred and seventy-three; all such silver and other metal shall be disposed of in the manner provide by said Act Numbered Five hundred and seventy-three. The certified checks accompanying bids not accepted shall be returned to the bidders. Checks accompanying accepted bids shall be covered into the Insular Treasury as part of the purchase price, and shall be deemed as liquidated damages in case the bidder fails to comply with the terms of the accepted bid. General Orders Numbered Forty-one, Office of the United States Military Governor in the Philippine Islands, dated September twenty-seventh, eighteen hundred and ninety-nine, whereby the exportation of Spanish copper coin from the Philippine Islands was prohibited under the penalties there prescribed, is hereby repealed, so far as it applies to the exportation of the Spanish copper coin in this section mentioned.