The Owosso times. (Owosso, Mich.) 1897-1926, 1903-01-23
SAVE bis COUNTRY
Aguinaldo Petitions That q. 8.
Grant Philippines q Loan.
WANTS $2O,OOO,OOO IN GOLD
And Credit For $50 ,ooo, ooo-start an
Agricultural Bank and Sublet the
Money-He Figures on Returning
Loan In Twenty Years.

Washington, Jan. 21.-Secretary
Root Tuesday transmitted to the SEN
ate and house copies Of petition re-
ceived by him, through Governor Taft,
from Aguinaldo, the late insurgent
leader in the Philippines. The petit
ton Is a remarkable presentation of
the conditions now existing in the
Philippines, and Secretary Root hast
ened 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 dem
onstrating the necessity for prompt
and exhaustive action on the part of
congress to prevent disaster and dis
tress in the archipelago.
Aguinaldo says in part:
profoundly impressed by the sor-
rows and calamities which affiict 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, IL not COM
pletely, at least in great part, the pre-
carious situation in which we all find
ourselves.
81 propose to the honorable civil
commission to obtain from congress a
United States treasury loan of twenty
million dollars, gold, in cash, and also
credit Of eighty million dollars, gold,
which will guarantee the issue of pa
per to serve as money in the islands.
This sum shall be used for the devel-
opment and improvement of Philippine
agriculture and shall be paid within
twenty years, the payments being
made in three installments at the end
of ten, fifteen and twenty years re-
spectively, and at the rate of twenty
five million at 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 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.
when the loan and credit were ap-
proved and the above mentioned sum
here in the Philippines, bank would
be opened. The bank would begin to
operate, making available for the agri-
culturists such sums as they should
ask for, in compliance with the neces-
sary formalities, at an annual maxi
mum of per cent, payable seminar
nually.
"Subtracting from the annual in
come OF $3,920,000 the annual expense
for salaries and other necessary ex-
penses of the bank, which may be
reckoned at about 100000, there
would remain a net annual income of
$3,220,0 900 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 supple
mentary credit; that Is, the bank
would have liquidated its debt to the
United States treasury, and there
would remain a balance Of at least
$40,000,000 for the continuance of its
work. Allowing four years more for
ample time makes the twenty years
mentioned.
at may be that when this project
Is known l shall be called an enthusi-
asst and a dreamer, but the contempla-
ton of the bitter misfortunes which
Cypress this suffering people, exhaust
ed by evils and calamities without
number, obhges me to leave my re-
tirement to fulfill what believe to be
my duty. Respectfully,
EMILIO AGUINALDO FANNY"