At any rate it had become  apparent by May,   1889,   that the stock of  adhesive SELLO stamps  on hand greatly   exceeded  the  demand for  those stamps,  while  there was at this  time a shortage of  certain other  stamps.    Hence,  on May 8,   1889,  the Governor -General  issued a decree which authorized the  use of  l-peso and 2-pesos Polizas de Bolsa  (Clearing House Certificates) stamps as Derechos de Firma stamps.  It is evident from Article 55 of   the Decree of  May  16,   1886,  above quoted  that by Polizas de Bolsa stamps was meant adhesive SELLO stamps. On. July II,  1889,   the Governor -General  issued another decree authorizing the  use of adhesive SELLO stamps  as a substitute for  Derechos de Firma and Giro  stamps.    This decree was as follows:
 
“General Government of  the  Philippines, 
Manila, 11th  of July 1889.

"In conformity with that proposed by the General  Superintendency of Finance,   and  in view of   the stocks of   stamps and Derechos de Firma of different  prices and of  those for GIRO of  10 centimos having been completely exhausted in  the General  Warehouses of  Stamps and  Stamped Paper;  with the end of  repairing   these deficiencies, I order the following:

1.     That the  stamps   for  POLIZAS BE BOLSA of  10,   5,  3,  0.50, 0.40,  0.25,  and 0.05 pesos,  which exist in the general warehouses of  the branch, without application  in the Archipelago,  be put on sale  from this moment destined for derechos de  firma,  at the  prices which are assigned to  them,  and

2.    That  there  likewise be put on sale  the stamps of the class cited of the  price of  10 centimes,  existing also  in said warehouses,  for  application  to bills of exchange  (documentos de giro)  and for   the  price marked on  the   same..... WEYLER". 

It is  to be noted that,  although they were not authorized by the Royal Decree of  May  16,   1886,  nevertheless, adhesive SELLO stamps of   the  5-centimos,   10-centimos,  and  40 centimos  denominations were included in the series  which was  issued on January  1,   1888,    This series consisted of  the   sane   twelve denominations  which war authorized for  stamped paper  by Article 1 of   the decree, above quoted, of May  16,   1886.

The  “stamps  for  Polizas de Bolsa" mentioned in Article 1  of  the Governor-General’s  decree of  July  11th,  above quoted,   were undoubtedly the adhesive SELLO stamps of   the   issue of  1888.     By his decree of  May 8 and of July 11,  1889,   the Governor-General  authorized the use,  for purposes other  than  their original destination, of all except the two highest denominations  of  the  adhesive SELLO stamps.

Because of  their very limited use,   there was no  further issue of adhesive SELLO stamps until  1898.    The Royal  Order of  March  24,   1897, provided  for   the  suppression,   effective on January  1,   1898,   of  the special  stamps  for Recibos y Cuentas,  Derechos  de Firma and Pasaportes, and for  the use in their place of  the   "loose stamps which under Article  1  of   the  Stamp Law now in force,   have been ordered printed for  the years  1898-99,  and  that said stamps  be used in all cases where  it  is  not  indispensible   to  use stamped paper or paper for   Payments  to  the   State.” 

In conformity with this Royal Order,   there were issued on January  1,   1898,  a new series of  adhesive  SELLO stamps  of   ten   denominations ranging  from 25-centimos   to  20-pesos with  the  label, Timbre Movil,  on the margin of each sheet.     But since   the above decree required the use of  adhesive revenue   stamps  of  denominations less  than 25 centimos   there was also issued on January 1,  1898,  a series of four Timbre Movil Especial  stamps whose denominations were 1, 2, 5, and 10 centimos The.  uses of   these  latter  stamps have already been explained in the preceding chapter.

Thus, effective on January 1,  1898, adhesive SELLO stamp and  TIMBRE MOVIL ESPECIAL stamps ware substituted  for   the  three kinds of stamps which were suppressed by the loyal Order of March 24,  1897. Hence,   subsequent  to January 1, 1898, adhesive SELLO stamps were used for the purposes for which Derechos de Firma stamps  and  the obsolete Pasaportes    stamp,  had hitherto been used,   in addition  to  the uses provided for  adhesive SELLO stamps by the Royal  Decree of May 16, 1886,     Adhesive TIMBRE MOVIL ESPECIAL stamps were substituted for Recibos y Cuentas stamps.

Adhesive SELLO stamps continued  to be issued and used after  the American occupation of   the  Philippines,   until about the end of 1904. Original documents  still exist which bear SELLO stamps and which are dated as late as December 29,  1904,   There were,   in all,  five new issues of  adhesive SELLO stamps  released after   the American occupation of the Philippines,   that  last appearing  in  1903 and remaining in use until the end of 1904.

From August 20,   1898,  until about   the end of July 1899,  the adhesive SELLO stamps of  the Spanish-Philippine issue of 1898 remained in use. Each stamps was surcharged  prior   to  sale and use,   however.     From August 20, 1898,  until  about   the  end of January  1899,  the surcharge consisted simply of  the  initials, handwritten in red ink of the  American Collector of Internal Revenue,   his  Assistant,  or his Deputy.    The same three  sets of initials were used that were applied  to both the Giro  and to the Timbre Movil Especial  stamps.     These  initials have already  been described in the chapters on Giro  and Timbre  Movil Especial stamps.    Although  there are  three  types of  initials,  only one  type was affixed  to each stamp. Dr.  Perry,  writing  In  1903,  concerning SELLO  stamps  surcharged with those handwritten initials,  said  "....  all denominations exist in  three  types... .."    The  only variety which the writer has seen, however,  are  those which were  found  in Dr.  Perry's own collection,  as follows:     Surcharged CHS  -  25c,  40c,   50c,   1p,   2p,   5p,   10p,   and  15p;  surcharged CSH -  25c,  40e and 50c;   surcharged CFM - 25c,  40c, 50c, 1p,  and 3p. 

Dr.  Perry’s collection also  included  the following  5-pesos provisional which is  thus described   by Dr.   Perry,  himself: "Owing to the  exhaustion of  the 5-pesos  provisional  stamps   (red ink initials)  and the necessity of   5-peso stamps on Chinese certificates, the 15  peso was reduced 5  peso  by changing  the series  from 2  to 4 in the upper frame and canceling the   figure "1" of  its value  in red ink.”