1282 FIFTY-NINTH CONGRESS. Sess. II. Cris. 2907, 2908. 1907. M°°h°d °*P¤Ym°¤°- That the sum hereby appropriated to the States and Territories for the further endowment and support of the colleges shall be paid by, '*'°l·2°»P-*18- to, and in the manner prescribed by the Act of Congress approved Au st thirtieth, eighteen hundred and ninety, entitled "An Act to a pd; a portion of the proceeds of the public ands to the more complete endowment and support of the colleges for the benefit of agriculture and the mechanic arts established under the provisions of the Act of Congress approved July second, eighteen hundred and sixty- two," and the expenditure of the said money shall be governed in all respects by the provisions of the said Act of Congress‘approved July second, eighteen hundred and sixty-two, and the said Act of Connmo. gress a proved August thirtieth, eighteen hundred and ninety : Pro- °°“”°“°"°°‘°h°”“ vided,_That said colleges may use a p0rtion of this money for providing courses for the special preparation of instructors for teaching the elements of agriculture and the mechanic arts. m-3:gi;}°¤réj,ld;:¤¤::é That hereafter on or before the first day of January of each year the ¤_pe¤ui:¤m¤ re- Secretary of Agriculture shall submit to Congress, in addition to the "“‘"°‘ estimates now required by law, classified and detailed estimates of every subject of expenditure intended for the Agricultural Department for the next fiscal year, and detailed reports of all expenditures under anyappropriation for such Service during the preceding fiscal ear. y Total carried by this bill for the Department of A riculture, nine iénillion four hundred and forty-seven thousand two huniglred and ninety ollars. . Approved, March 4, 1907, 9.43. a. m. M¤r¢h 4.1907- CHAP. 2908.-An Act To provide for the establishment of an agricultural bank [s‘°2"°·] in the Philippine Islands. [Public, No. 243.] Be it enacted by the Senate and House of Representatives of the United Sgggincgslzggs. States 0fAmerica in Congress assembled, That for the purpose of aid- ,;,;.,n.,,,;;,',f,,;.i,,_,,.EI ing in the establishment and operation of such an agricultural bank in "‘,‘;g'j§d,;er cm,mE_,__ the Philippine Islands as the general government thereof may hereww on stock zumn- after specifically authorize the Philippine government is empowered t°°d‘ to guarantee an income of not exceeding four per centum per annum upon cash capital actually invested by individuals or cor rations in such agricultural bank; such uaranty shall be granted lb; an act of the Philippine Commission wihich shall contain, among others, the G ·····»· ~···· · f°i°“i“gii.”°"“’i°“S{ h u b d r .1 d mm If, ° `nrs . e guaran y s a e ma e o a compan organize un er iiixdgmhhiliidixig the laws of the Philippine Islands. with its principiil office in Manila ”°”` and with branches in such parts of the islands as may be designated by the Philippine Commission. 1··»·¤¤~·r¤¤rricwd- Second. The bank shall not grant loans except to those engaged in aglriculture and with the sole purpose of assisting agriculture in the _ P ilippine Islands. “""“""" ‘°““"· Third. No loan exceeding in amount five thousand dollars shall be made except upon the written authorization of the secretary of finance and justice of the Philippine Islands. M°¤i¤“¤*i“*°*°**- Fourth. Interest charged on loans shall not exceed ten per centum E;;·j"·0, lmbimy per anni1_m:_H0veded, That in no event shall the total annual conem.tingent liability under the guaranties authorized by this Act at any time exceed two hundred thousand dollars, and no such guaranty shall continue for a longer period than twenty-five years. Regulations. For the further security of the Philippine government said government shall provide by the aforesaid act roper rules, including those for determming the cash capital actually invested in such bank and
