The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-21
FINANCIAL PROJECT
is PROPOSED BY
ACUlNALDO
In a Petition to the secre-
tary of War He Suggests a
Large Loan From the Unit
ed States and the Estab-
lishment of a Bank.

WASHINGTON, d. c., Jan. 20.-Sec-
rotary Root transmitted to the senate
and house copies of a petition received
by him, through Gov. Taft, from Agui-
nald0, the late insurgent leader in the
Philippines. Secretary Root fastened
to send the petition to congress be-
cause it goes a long way to supporting
the statements he has made to COM
mittees of that body and also demon
strating the necessity for prompt and
urgent action on the part of congress
to prevent disaster and distress in the
archipelago. The Secretary's letter of
tranSmittal recited the character of
the document and alluded to the pic
turesque and graphic language in
which Aguinaldo had described the
conditions in the Philippines. The sec
rotary attached particular Importance
to Aguinaldo's expression of desire
to aid the Americans in carrying relief
measures and remedying the condition
of the islands.
AguinaIdo's Words.
AguinaldO says in part:
PROFOUNDLY impressed by the sor-
rows and calamities which afflict my
people and bearing in mind the good
intentions which have inspiAed the acts
OF the civil commission, I have taken
heart to present project of a purely
economic character, which, in my opin-
ion, would remedy, if not completely
at least in great part, the precarious
situation in which we all find our
selves.
Il proposee to the honorable civil
commission to obtain from congress a
United States treasury loan Of $40, 900, :
OOO, gold, in cash, and also a credit Of
$50, 100000, gold, which will guarantee
the-lssue of paper to serve as money in
the islands. This sum shall be used for
the 6PVQlOnn0pnt inn Of
Philippine agriculture and shall be
paid within twenty years, the pay
mentS being made in three INSTALL
mentS at the end of ten, fifteen and
twenty years, respectively, and at the
rate of $25,000,000 at the end of the first
period, which would cancel so much of
the credit, and $25,000,000 and $50, o.
600 at the end of the two remaining
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 for
eign nation.
Open Bank.
when the loan and credit are APP
proved and the above mentioned sum
is here in the Philippines, a bank could
be opened which would be called the
United States American Agricultural
Philippine bank and which should be
under the inspection and supervision of
the insular government.
After the civil service commission
had dictated the proper regulations
and established all the necessary safe
guards for the safety and stability of
the bank, the bank would begin to op-
crate, making available for the agri-
cultur1StS such sums as they should
ask for, in compliance with the neces-
sary formalities,at an annual maximum
| of per cent, payable semi annually.
From the 500, 100000 capital will
be subtracted 100000 for the con-
struction Of buildings for branch banks
throughout the archipelago and for
other necessary preliminary expenses
of the bank, which may be reckoned
at about 100000; there would remain
net annual income of $3,200,000,
which, added to the capital at COM
pound interest, under the same condi-
tons during the following years, at the
| end of sixteen years would free both
| the actual capital and the supplement
tary credit; that is, the bank would
have liquidated its debt to the United
| States treasury and there would re-
main a balance of at least $4,000, 900
| for the continuance of its work. AL
| lowing four years more for ample time,
| makes the twenty years mentioned.
The Paper Money.
by the Time InaC the OnlIeQ states
| treasury has been repaid at the end of
the stated period of twenty years, the
Philippine treasury would have at
least $50,000,000, which would serve to
| guarantee the issue of paper money to
| that amount.
In case Filipinos should wish to ac-
quire the bank by means of a joint
stock company without otherwise al
! tering it's organization and methods
| the government would concede to them
the title, without prejudice to it's right
to require repayment of the amounts
| incurred by the foundation of said
bank or other necessary expenses.
TT may be that when this project is
known I shall be called an enthusiast
and dreamer, and it will be said that
I ought not involve myself in matters
that force me out of the retired life
! which I have intended to follow since
my Imprisonment, and which, as l be-
| lieve, nothing that l have done has
| broken into until the present time. But
the contemplation of the bitter mis-
fortunes which Cypress this suffering
people, exhausted by evils almost ca
lamities without number, obliges me
to. leave my retirement to fulfill what
| believe to be my duty"