The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1903-01-30
AGUINALDO HAS
A CURRENCY PLAN
Former lnsurgent Leader Wants
to Negotiate a Loan for
Philippines.
PETITION TO CONGRESS
Would Borrow s2o,ooo,ooo Cash ane
Credit Of sso,ooo,ooo for Develop
ment and Improvement of
Agriculture in Islands.

Washington, Jan. 22.-Secretary Roo,
has transmitted to the senate and house
copies of a petition received by him,
through Gov. Taft, from Aguinaldo, tbs
late insurgent leader in the Philippines
The petition is a remarkable presen-
,tation of the conditions ROW existing
in the Philippines, n 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 abiding
to the picturesque and graphic name
in which A%guinaldo had described the
conditions in the Philippines.
The secretary attached particular inn
portance to A~guinaldo's profession of a
desire to do everything in his power tc
aid the Americans in carrying relief
measures and developing the islands.
Aguinaldo'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
commission, l a 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 precarious situation in which we ali
find ourselves.
1 propose to the honorable civil COM
mission to obtain from omgr T a United
cash, and also q credit Of $50, 600, 600 gold,
which will guarantee the issue Of paper
to serve as money in the Islands. This
and improvement Of Philippine agricul-
ture, and shall be paid within twenty
years, the payment being made in three
installments at the end of ten, fifteen and
twenty years respectively, and at the rate
Of $25, 0O0,O 600 at the end of the first period,
which would cancel so much of the credit.
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.
!! When the loan and credit were approved
and the above mentioned sum here in the
Philippines, a bank would be opened
which could be called the United States
Of America Agricultural Philippine bank
and which should be under the inspec.
ton md supervision of the insular gov.
After the civil commission had dictated
the proper regulations for the security
and stability of the bank, the bank 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, 0O0, 600 capital will be sub.
! tracted $2,OV0,OO for the construction OF
buildings for branch banks throughout
the archipelago, and for other necessary
! rfsn In I N n rJy Ylc Cnc H EGaEE4LA
I Subtracting from the annual income OF
$3,920,CW the annual expenses for salaries
! and other necessary expenses of the bank,
which may be reckoned at about 100000.
there would remain a net annual income
Of $3,220,0C0, 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 $40,0000,0N 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 hat 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
600, which would serve to guarantee the
issue Of paper money to that mount.
In case Filipinos should wish to acquire
the bank by making of 1t a joint stock
company. without otherwise altering it's
organization and methods, the govern
ment would concede to them the title,
without prejudice to its right to require
repayment of the amounts incurred by the
oundation of said bank, or other neces-
sary expenses.
1t may be that when this eproject is
known / shall be called an enthusiast and
q dreamer, and 1t will be said that / ought
not involve myself in matters that force
me out Of the retired life which / have
intended to follow since my Imprisonment
and which, as I believe, nothing that 1
have done has become public until the
the bitter misfortunes which Cypress this
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 AoripaIdo Eary