VIII. D. 3 Salt: Carriedo y Pcredo 171 



probably the Marquis de Montecastro, prior to the transference 

 of the money in 1748. 



(1) It was the wish of the deceased that, after 10,000 pesos had been 

 handed over to and received by the city, it should be placed in a separate 

 chest " with three keys to be kept, respectively, by the "alcalde," the 

 oldest representative of the merchants, and the oldest "regidor." " All 

 moneys accruing to the fund from the original amount, either by invest- 

 ment or loans, shall be kept entirely separate and distinct from all the 

 municipal funds, from the rents, property, or investments, and shall be 

 administered independently of and apart from such funds. 



(2) Neither now nor hereafter shall the nucleus of this fund or its in- 

 crement be touched, even for urgent or necessaiy cause, nor shall anything 

 be taken from each by way of loan or aid, even in time of great need, nor 

 shall any loan be made from it under bond or security, except for the pur- 

 pose for which it is intended. In this event [i. e., if the foregoing con- 

 ditions are not complied with], the fund shall cease, and shall not continue 

 for the purpose for which it has been left, but shall be diverted for 

 another purpose provided for by the testator, who desires, under such 

 circumstances, to debar the city and its merchants from the use of the 

 said fund, and to transfer it to those who shall understand and interpret 

 the conditions, which shall be kept, fulfilled, and exactly carried out as here 

 stated. 



(3) The city and its merchants shall decide as to the best and most 

 convenient method of increasing the fund, either by making loans to 

 trustworthy and creditable persons on their own bond or with proper 

 securities, or by investment, as occasion shall offer. 



(4) As the fund is increased by loans or by investments, there shall 

 be a proportional increase of risk, in order that the fund may the more 

 quickly reach the sum desired by the deceased. 



(5) The fund shall be invested under the above conditions until it 

 reaches the sum of 50,000 pesos, when there shall be invested or lent 

 every year the sum of 12,000 pesos, the interest on the principal being 

 added to the original amount. 



(6) The sum of 60,000 pesos shall be always kept in the chest as a 

 reserve to provide for any accident that may occur (which God forbid) 

 from the loss of a vessel, or from difficulties or delay in the repayment 

 of a loan. 



" This was called the "caja de Carriedo." 



" The municipal board, cabildo, at this period consisted of 2 alcaldes 

 ("de primera y de segunda eleccion") — magistrates elected annually by the 

 Spanish householders, vecinos — and 8 councillors, regidores; a constable, 

 alguacil mayor; and a registrar, secretario ; all of whom held office by pur- 

 chase or by property right. This form of municipal government, which 

 dates from Legaspi (June 24, 1565), was, as in the colonial cities, copied 

 exactly from that existing in municipalities in Spain. Officially, the city 

 authorities were known as "El muy ilustre y siempre leal Ayuntamiento 

 de la ciudad de Manila." In judicial pleas, they were addressed as "El 

 cabildo, justicia y regimiento." Here, however, the term used is "la ciudad 

 y su comercio." — Martinez de Zuniga, Estadismo de las Islas Filipinas 

 (1893), 1, 358; Mallat, Les lies Philippines (1846), 1, 358; Armstrong, 

 Charles V (1896), 98-99; Dayot, Cedulario de la ciudad de Manila (1836). 



