The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1903-01-23
A PHILIPPINE BANK.
AguinaldO Sends d Petition to
the Congress.
Proposes Loan of $4,000, 900 in Gold
and Credit of 10000, 600 Gold to
Sc Used For the Develop
nent of Agriculture.

Washington. Jan. I'll Secretary
Root transmitted to the senate and
house copies of petition received by
him, through Gov. Taft from Aguinal-
do, the late insurgent leader IN the
Philippines. 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 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, if not COM
pletely, at least in great part. the pre-
earious situation in which we all find
ourselves.
''I propose to the honorable CON-
mission to obtain from congress a
United States treasury loan of $20.-
100000 in gold in cash, and also a
credit loan of $SO,000,00 gold, which
will guarantee the issue of paper to
serve as money in the islands. This
sum shall be issued for the develop
-ment and improvement of Philippine
agriculture and shall be paid within
60 years. the payments being made in
Three installments at the end of 10, 10
md 20 years respectively and at tho
rate of S25,O00,00O at the end of the
first period, which would cancel SO
much of the credit, and $4,000 900 and
$4,000 900 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
Dther foreign nation.
when the loan and credit were APP
proved and the above mentioned sum
here in the Philippines, bank would
be opened which could be called Unit
ed States America Agricultural Philip
pine bank and which shall be under
the inspection and supervision of the
insular government.
After the civil commission had die
lated the proper regulations and es-
tablished all the necessary safeguards
for the security and stability of the
bank. the bank would begin to operate,
making available of the agriculturists
such sums as they should ask for in
compliance with the necessary formali-
ties, at an annual maximum OF per
cent. payable semi-annually.
From the $100,O0O.000 capital will
be subtracted $2,000,000 for the con-
Etruction of buildings for branch
banks throughout the archipelago and
for other necessary preliminary ex-
penses.
"Subtracting from the annual in
rome of 1890 900 the annual expense
for salaries and other necessary ex-
penses of the bank, which may he
reckoned at about 100000. there
would remain a net annual income Of
$3,22O,000, which, added to the capital
at compound interest, under the same
condition during the following years,
at the end Of 16 years would free both
the actual and the supplementary
credit; that is, the bank would have
liquidated its debt to the United States
treasury, and there would remain a
balance of at least $4,000 900 for the
continuance of it's work. Allowing
four years more for ample time makes
the 20 years mentioned.
''By the time that the United States
treasury has been repaid at the end Of
the stated period of 20 years, the Phil
ippine treasury would have at least
$50, 600 900. which would serve to guar
~ 41,ok
amount.
In case Filipfnos should wish to ac-
quire the bank by making of it joint
stock company without otherwise al
tering It's organization and methods,
the government would concede to them
the title, without prejudice to its right
10 require repayment of the amounts
incurred by the foundation of said
Dank or other necessary expense.
at may be that when this project is
Anown l shall be called an enthusiast
and a dreamer and it VIII be said that
] ought not to involve myself in mat
tiers that force me out of the retired
life which I have intended to follow
since my Imprisonment and which, as
/ believe, nothing that I have done
has broken into until the present time.
But the contemplation of the bitter
misfortunes which Cypress this suffer
ing people, exhausted by evils at most
calamities without number. obliges me
TO leave my retirement to fulfill what /
believe to be my duty.
(Signed) Respectfully,
snnont Elected Senator