The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1903-01-30
ACUINALD0 HAS
A CURRENCY PLAN
Former Insurgent Leader Wants
to Negotiate q Loan for
Philippines.
PETITION re CONGRESS
Would Borrow %$2o,ooo.ooo Cash and
Credit of $sO,ooO,o 900 FOR Develop
ment and Improvement of
Agriculture in Islands.

Washington, JAM. 22.-Secretary Roo.
has transmitted to the senate and house
copies of a petition received by him,
through Gov. Taft, from A%guinaldo, the
late insurgent leader in the Philippines
The petition is a remarkable presen-
,tation of the conditions row existing
in the Philippines, and Secretary Root
FASTENED to send it to congress because
it went a long way toward supporting
the statements he had made to the
committees OF that body and also
demonstrating the necessity for prompt
and exhaustive action on the part OF
congress to prevent disaster and dis
tress in the archipelago.
The secretary's letter Of tranSmittal
was very short, simply reciting the
character Of the document and alluding
to the picturesque and graphic n
in which Aguinaldo had described the
conditions in the Philippines.
The secretary attached particular i'm
portance to ~Aguinaldo's profession of a
desire to do everything in his power tc
aid the Americans in carrying relief
measures and developing the islands.
A~guinaldo's Petition.
The petition of Aguinaldo says in
part:
Profoundly impressed by the sorrows
and calamities which affict my people and
bearing in mind the good intentions
which have inspired the acts of the civil
commission, l have taken heart to present
a project Of a purely economic character
which in my opinion would remedy, II
not completely, at least in great part
the precartous situation in which we al,
find ourselves.
I propose to the honorable civil com.
mission to obtain from congress Il United
States treasury loan of $40, 900, 900 gold, in
cash, and also a credit of $780, GOO, 900 gold,
which will guarantee the issue Of paper
to serve as money in the islands. This
sum shall be used for the development
and improvement Of Philippine agricul-
ture, and shall be paid within twenty
installments at the end OF ten, fifteen and
twenty years respectively. and at the rate
of $3.50 700, COO at the end of the first period
which would cancer so much of the credit,
and SIS, o00, COO at the end Of the two re.
naming 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 transferred to any other foreign
nation.
Would Establish a Bank.
I! When the loan and credit We're approved
and the above mentioned sum here in the
which could be called the UNITED States
Of America Agricultural Philippine bank"
and which should be under the inspec.
eminent,
After the civil commission had dictated
the proper regulations for the security
and stability of the bank, the ban would
begin to operate, making available for the
agriculturalists 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, 600, coo capital will be sub.
tracted So, 00O,0 900 for the construction OF
buildings for branch banks throughout
the archipelago, and for other necessary
DrGllmlIarV expenses. fE-e 4htHE-=-s.Es-aH
Subtracting from the annual income OF
So 1920 the annual expenses for salaries
which may be reckoned at about 100000,
there would remain a net annual income
Of So, 22O,000 which, added to the capital
at compound interest, under the same
conditions during the following years, at
the end of sixteen years would free both
the actual capital and the supplementary
credit; that Is the bank will have liqui-
dated it's debt to the United States treas.
ury, and there would remain a balance of
at least $40,0000,000 for the continuance of
its work. Allowing four years more for
ample time makes the twenty years men
toned.
Nucleus for Philippine Treasury.
By the time that the United States
treasury has been repaid at the end of the
stated period of twenty years, the Philip
pine treasury would have at least $4,000
900, which would serve to guarantee the
issue of paper money to that amount.
In case Filipinos should wish to acquire
the bank by making of it a joint stock
company, without otherwise altering its
organization and methods, the govern
ment would concede to them the title,
without prejudice to its right to require
repayment of the amount incurred by the
foundation of said bank, or other neces-
sary expenses.
1t may be that when this sproject is
known 1 shall be called an enthusiast and
q dreamer and st will be said that 1 ought
not involve myself in matters that force
me out of the retired life which l have
and which, as I believe, nothing tina i
have done has become public until the
present time. But the contemplation Of
suffering people, exhausted by evils with
out number oblige me to leave my re-
tirement to fulfill what I believe to be
my duty. Respectfully,
Emilio Aguinaldo Fanny.