The Paducah sun. [volume] (Paducah, Ky.) 1898-1906, 1903-01-21
AgulnaIdo Sends to Secretary Root
a Petition,
Unfolds to the United States Author
titles Plans for Philippine
Betterment.
PROMPT ACTION is NECESSARY

Washington, Jan. 21-Secretary
Root transmitted to the senate snd
house copies Of petition, received by
him through Governor Taft from Ag
uinaldo, the late insurgent leader in
the Philippines. The petition is a re.
marksble presentation Of the condi.
tions now existing in the Philippines,
and Secretary Root fastened to send
it to congress because it went long
way toward supporting the statements
he had made to the committees and
also demonstrating the necessity for
prompt and exhaustive action on the
part Of the congress to prevent dis.
aster and distress in the archipelago.
The secretary's letter of transmittal
attached particular Importance to
Aguinaldo's professed desire 10 do ev.
erything in his power to aid the
Americans in carving out relief
measures and developing the islands.
In his petition he asks for ten mil.
lion dollars in cash and a credit of
eighty million to guarantee q paper
issue Of money IN the islands.
This sum shall be used for the de-
velopment and improvement of Phil.
ippine agriculture and shall be paid
within twenty years, the payments be-
ing made in three instaIlments at the
end of ten, fifteen and twenty years,
respectively, and at the rate of twen-
ty-five million st the end of the first
period, which would cancel so much
Of the credit, and twenty-five and fifty
million at the end of the two remain.
ing periods. The amount OF tho cred
il would not be taken out of the Unit
ed States treasury, like the loan, and
both would be without interest, and
could never be transferred to any 9th.
er foreign nation.
When the loan and credit were ar
proved, and the above mentioned sum
here in the Philippines. a bank would
be opened which could be called
"United States Of America Agricultu-
rsl-Philippine Bank" and which
should be under the inspection and su.
pervision of the insular government.
From the 800, 900, 900 capital will
be subtracted $4,000, 900 for the con-
struction of buildings for branch
banks throughout the archipelago, and
for other necessary preliminary ex.
penses.
Subtracting from the annual income
OF So, $40. 600 the annual expense for
salaries and other necessary expendi-
lures of the bank, which may be REQ
koned at about $500. 900, there would
remain q net annual income of S.
ago, 900, which, added to the capital at
the compound interest, under the
same conditions during the following
years, at the end of sixteen years would
free both the actual and supplemental
credit; that is, the bank would have
liquidated its debt to the United
States treasury, and there would re-
main balance of at least $40, 900, 900
for the continuance of its work. AL
lowing four years more for ample time
makes the twenty years mentioned.
BY the tina the United States treas
ury has been repaid, at the end of
the stated period of twenty years, the
Philippines treasury would have at
least $50, 900, 900, which would serve
to guarantee the issue of paper mon
ey to that amount.
In case Filipinos wish to acquire
the bank by making of it joint
stock company, without otherwise al
tering its organization and methods,
the government would concede TO
them the title without prejudice to
Its right to acquire payment of the
amounts incurred by the foundation
Of said bank or other necessary ex-
penses.