The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-21
Thinks Congress should Provide Mon
ely to Relieve Distress and Prevent
Disaster i'm the Archipelago.
ASKS A LOAN OF $2O,OO0,0O0
AND A CREDIT OF EIGHTY MILLIONS
MORE, ALL IN GOOD GOLD.
Petition Received by Governor Taft
Presented to Congress by Sccre-
tary of War Root.

WASHINGTON, Jan. 2O.-Secretary Root
transmitted to the Senate and House
copies of petition received by him
through Governor Taft from Aguinaldo.
the late insurgent leader in the Philip
pines The petition is remarkable pre-
sentation of the conditions existing
in the Philippines and Secretary Root
fastened to send it to Congress because
1t went long way toward supporting the
statements he made to the committee of
that body and also demonstrating the
necessity for prompt and exhaustive
action on the part of Congress to prevent
disaster and distress in the archipelago.
The secretary's letter of transmittal was
very short, simply reciting the character
of the document and alluding TO the pic
turesque and graphic manner in which
Aguinaldo had described the con-
ditions in the Philippines. The sec
rotary attached particular Importance to
Aguinaldo's profession of a desire to do
everything in his power to aid the Ameri-
cans in carrying relief measures and de-
veloping the islands. The petition says in
part:
~ propose to the honorable civil commits
sion to obtain from Congress a United
States treasury loan of s200O0.OO0 gold in
cash, and also a credit of $50, 600 gold.
which will guarantee the issue of paper to
serve as money in the islands. This sum
shall be used for the development and i'm
provement of Philippine agriculture and
shall be paid within twenty years, the pay
ments being made in three installments, at
the end of ten, fifteen and twenty years,
respectively, and at the rate of Sc, O00,O 600
at the end of the first period, which would
cancel so much of the credit, and $3.50 600
ing periods. The amount of the credit would
not be taken out of the United States
treasury like the loan, and both would be
without interest and could never be trans
ferred to any other foreign nation.
when the loan and credit were ap-
proved and the aforementioned sum were
in the Philippines bank could be opened,
which could be called United States Ameri-
can Agricultural Philippine Bank and
which should be under the inspection and
supervision of the insular government
After the civil commission had dictated
the proper regulations and established all
the necessary safeguards for the security
and stability of the bank, the bank would
begin to operate, making available for the
agriculturists such sums. as they should
ask for, in compliance with the necessary
formalities, at an annual maximum of 4
per cent, payable Semi-annually.
From the 500, 900, 900 capital annually will
be subtracted for the construction of build
ings for branch banks throughout the
archipelago ana Tor Otner necessary prellm-
mary expenses.
''Subtracting from the annual income of
So, $4,000 the annual expenses for salaries
and other necessary expenditures of the
bank, which may be reckoned at about
500, 900, there would be net annual in
come of S., 200 which, added to the cap
ital at compound interest, under the same
conditions during the following years, at
the end of sixteen years would free both
the actual and the supplementary credit;
that is. the bank would have lquidated its
debt to the United States treasury, and
there would remain a balance of at least
$40, 00O, 900 for the continuance of it's work.
Allowing four years more for ample time
makes the twenty years mentioned.
by the time the United States treasury
has been repaid at the end of the stated pc
ury would have at least S50,000.O00. which
would serve to guarantee the issue of paper
money to that amount.
I'm case Filipinos should wish to acquire
the bank by making of it joint stock COM
pany without otherwise altering its organi-
zation and methods the government would
concede to them the title. without preju-
the amounts incurred by the foundation Of
said bank or other necessary expenses.
1T may be that when this project is
known / shall be called an enthusiast and
a dreamer, and it will be said that / ought
not to involve myself in matters that force
me out of the retired life which L have in
tended to follow since my imprisonment
done has broken until the present time. But
the contemplation of the bitter misfortunes
which Cypress this suffering people, ex-
hausted by evils almost calamitous without
number, obliges me to leave my retirement
to fulfill what believe to be my duty.