The unique feature of the banking system (with amendments adopted by the second legislature becoming effective on the 11th of June 1909) is a fund for the guaranty of deposits.
The first railway in the Philippines was the line from Manila to Dagupan (120 m.) which was built by an English corporation under a guaranty of the Spanish government and was opened in 1892.
Emergency assessments, not to exceed 2%, may be made whenever necessary to pay in full the depositors in an insolvent bank; if the guaranty fund is impaired to such a degree that it is not made up by the 2% emergency assessment, the state banking board issues certificates of indebtedness which draw 6% interest and which are paid out of the assessment.
Other prominent buildings are the Masonic Temple, the Chamber of Commerce, the Lumber Exchange, the Bank of Commerce, the Auditorium; the buildings of the Metropolitan Life (formerly the Guaranty), the Security Bank, the Northwestern National Bank, the First National Bank, the Andrus, the New York Life, and the Young Men's Christian Association; Hotel Radisson and West Hotel.
Regardless of this provision, however, the civil code denies the right of an appeal from an inferior court in cases that have been tried by a jury, and in which the amount claimed does not exceed $20, and the courts have decided that this denial is not in conflict with the constitution; but in at least one instance an appeal was allowed because of the constitutional guaranty, and that guaranty has doubtless had much influence on judicial legislation.
A new constitution was adopted in 1875, which omitted the guaranty of the previous constitution that no one should be denied suffrage on account of race, colour or previous condition of servitude, and forbade the state to engage in internal improvements or to give its credit to any private enterprise.