That portion of  the above decree which concerns stamped paper has already been, discussed in the chapter devoted  to  Papel  Sellado. The  wording  of  Article  1  is   somewhat ambiguous and might  be  interpreted to mean  that Giro  stamps were  to be affixed to  the current stamped paper in order to adjust its  price to the requirements  of  the  new stamp-tax law.  And,  in fact,  Giro  stamps were actually used for this  purpose  [76]. Reference  to  Royal  Order  No, 506,  above quoted,  however, makes it clear that  the   intention was to authorized the use of  postage stamps and Recibos y Cuentas  stamps as  a  substitute for Giro  stamps.  It is therefore presumed   that during the  period  between  July l0,   1886,  and  December  31,  1887, both postage  stamps and  Recibos y Cuentas stamps   were affixed as Giro stamps to  Documentos de Giro of  the  five classes which  are   specified in Article 48 of   the Royal  Order  of May  16,   1886,  which  is quoted hereafter.     Presumably, also, the stamps  so  used were  not  surcharged. The writer has  not, however, seen any  specimens  of  these documents which were issued  during  that, period,  and   therefore,  has no  positive proof  that  postage  stamps  and Recibos  y Cuentas stamps were  used  as Giro  stamps  in  this manner.

A circular  of   the  Central  Administration of   Revenues and Properties, dated  August  6,   1887,   reads  as  follows:
 

In accordance with the  above decree  the  2 4/8 centimes  ultramarine postage stamp of  I886 (2nd re-engraving) was surcharged  in blue HABILITADO PARA GIRO,  with three new values:  0.20,  0.40  and  l.50p, respectively.  These stamps,   actually  issued in August 1887,  have hitherto been erroneously  listed as  issued in 1888.

Forbin  also  lists,  as  a part of  the same issue, the same surcharge in black with  the value of  0.40 centimes  on the  same postage  stamp.  The specimens of  this   surcharge which  the writer has  seen show  that the die issued for  the  black surcharge was  different  from the  die used for  the blue surcharge of the same denomination.   Furthermore,  the  decree above quoted  specifies that blue ink be used  for  each surcharge.  The writer,  therefore, believes that  the  black 0.40-centimes  surcharge, was  issued at some  other  time, but he has  been  unable to  find  the  authority  for  the black surcharge.

It is  extremely improbable  that any surcharged GIRO stamps were issued  during  1888  because a  supply of   the new series of  Giro  stamps was received and put on sale on January 1,   1888,   Hence,   the writer  believes that the  above stamps,  if   issued, must have been issued prior to  the end of  1887.     Bartels,   Foster and  Palmer  do not list  the   1.50p denomination surcharged on  the  2-4/8c.  postage stamp of  1886  (2nd re-engraving).    Hence it  is  possible   that the   50c   denomination  listed by them  is  a misprint which  should  read,   "P1.50 on  2-4/8c.".

The  new series  of  Giro  stamps which  appeared on January  1, 1888,  was authorized by  the Royal  Decree of May 16, 1886,  which effected a revision of   the   tariff of   the  stamp-tax on  Documentos  de Giro. Section   1  of Chapter  Five of  this  decree  is  entitled "Drafts arid  Bills of  Exchange" and  reads  as   follows: