The development of Philippine politics

142 THE DEVELOPMENT OF PHILIPPINE POLITICS

in the jurisdiction of the revolutionary government to
points not within its jurisdiction; and 5 o/o advalorem upon
all direct imports from abroad.
The other source of revenue of the revolultionary government was the bonds. A law wvas passed in October, 1898
authorizing the government to issue bonds not to exceed
twenty million pesos to be floated in the Philippines and
to issue paper money of forced circulation to the value of
three million pesos. In November, 1898, the revolutionary
government decided to float the first two issues amounting
to five million pesos and classified into A series (consisting
of 25,000 bonds of P100 each) and B series (consisting of
100,000 bonds of P25 each). The five million pesos was to
be amortized in forty years, beginning December 1, 1893.
In lieu of a sinking fund, there w-as a provision iwhich in
effect meant direct installment payment. The revolutionary government pledged that the receipts from rentals of
all state property should be applied to the payment of
amortized portions as well as interest due. Out of the A
series there were on October 19, 1899, 3,372, and of the B
series 1,507 certificates subscribed for and only'partially
paid. Previous to this date, on September 2, 1899,
P388,650 was turned in as proceeds from the subscription.
Further sale of the bonds w as interrupted by the war.
There wals an attempt to issue the Ithree million pesos of
paper money, but this did not materialize. Ten years after
the recognition of independence, these notes were to have
been redeemed or repurchased. There was also an attempt
to negotiate a foreign loan and Agoncllo was authorized
to conduct the negotiations, but nothing came of it. The
amount of this loan was to be twenty million pesos and
was to be redeemed after twenty years from the date of
the recognition of Philippine independence by the United
States. The revenue of the Manila customs house was to
be given as a guarantee to the subscribers of this loan.
During the early days of the fighting, war contributions were received with some regularity. The abuses
caused by this practice induced the government to establish
the "juntas de socorro," originally designated to take care
of the sick and wounded of the insurgent army and of