William H. Taft and Philippne Banking

DID YOU KNOW…
...that El Banco Español Filipino retained certain rights and franchises during the cross-over to the American regime because of the intercession of two prominent Americans? When the US took over the administration of the Philippines as its new colony, a move was made to take out from El Banco Español Filipino the exclusive privilege to issue bank notes (or paper money) in the Philippine Islands. But William H. Taft (the US secretary of war) and Monsignor Jeremiah Harty (the archbishop of Manila) helped explain to the American public and government officials about the bank's traditional role as an issuer of Philippine bank notes since the Spanish regime. Their influence led to the passage of a law (Act no. 1790) in 1907 that allowed the bank to continue issuing Philippine bank notes. (Taft was the first American civil governor of the Philippines, who later became president of the US.)