The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-01-21
PETITION FROM AGUlNALDO
WISHES 500, O0C, 900 LOAN FOR
THE PHILIPPINES.

Million to Guarantee the Issue of
Paper to Selve as Money In the Islands
Provision for Payment-SerlOus
Situation Necessary to be Relieved.
Washington, Jan. 2O.-Secretary Root
to-day transmitted to the senate and
house copies of petition received by
him through Governor Taft. from
Aguinaldo, the late insurgent leader in
the Philippines. The petition is a re-
nlarlable presentation Of the condi-
tions now existing in the Philippines
and Secretary Root hastened to send it
to congress because it went long way
toward supporting hte statements he
had made to the committees of that
body and also demonstrated the neces-
Sity for prompt and exhaustive action
on the part Of congress to prevent dis
aster and distress in the archipelago.
The secretary's letter of transmittal
was very short, simply reciting the
CIdEdCLGE UL TIE uUCuIlGIll anu dllubLli5
to the picturesque and graphic manner
in which Aguinaldo had described the
conditions in the Philippines. The sec
retary attached particular Importance
to Aguinaldos profession to a desire
to do all in his power to aid the Amer
leans in carrying out relief measures
and developing the islands. Aguinaldo
says in part:
PROFOUNDLY impressed by the sor-
rows and calanities which aff1ict my
people, and bearing in mind the good
intentions which have inspired the acts
of the civil commission, I have taken
heart to present a project Of 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 ourselves.
''I profess to the honorable civil COM
mission to obtain from congress Unit
ed States treasury loan of $20,0OO,OO0
gold, in cash, and also a credit of $780,
000, 900 gold, which will guarantee the
issue Of paper to serve as money in the
islands. This sum shall be used for the
development and improvement of Phil
ippine agriculture and shall be paid
within twenty years, the payments be-
ing made in three installments, at the
end of ten, fifteen and twenty years
respectively, and at the rate of $25,-
100000 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 remaining pc
riods. 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 ma
ton.
when the loan and credit were ap-
proved and the above mentioned sum
here in the Philippines, bank would
be opened which could be named Unit
edyStates of America Agricultural Phil
ippine bank and which should be un-
der the inspection and supervision of
the insular government.
"After the civil commission had dc
tated the proper regulations and estab-
lished all the national safeguards for
the security and stability of the bank,
the bank would begin to operate. MAX
ing available for the agriculturists such
sums as they should ask for, in COM
plance with the necessary formalities,
at an annual maximum interest Of A
per cent, payable semi-annually.
"F'rom the $100, 100000 capital would
be subtracted s2,O0OOOO for the con-
structlon of buildings for branch banks
throughout the archipelago and for
other necessary preliminary expenses.
"Subtracting from the annual income
of SO, 920, 900 the annual expense for sal
aries and for other necessary ex-
penses of the bank, which may be reck-
oned at about 100000, there would re-
main net annual income of 1920, 600,
which, added, to the capital at COM
pound interest, under the same condi-
tions during the following years, at the
end of sixteen years would free both
the actual capital and the supplement-
ary credit; that is, the bank would
have liquidated it's debt to the United
States treasury and there would re-
main balance of at least $4OOO0,O 900 for
the continuance 70 it's work. Allowing
four years more for ample time makes
the twenty years mentioned.
''By the time that the United 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 as
q guarantee for the issue of paper
money to that amount,
''In case Filipinos should wish to ac-
quire the bank by making Of it joint
stock company without otherwise alter
ing its organization and methods the
government would concede to them the
title, without prejudice to its right to
REQUIRE repayment of the amounts in
CURED by the foundation of said bank
or other necessary expenses
''Tt may be that when this project is
known | shall be called an enthusiast
and a dreamer and it will be said that
I ought not to involve myself in mat
+ers that forced me out Of the retired
life which I have intended to follow
since my Imprisonment and which be-
lieve nothing that 1 have done, broken
into until the present time. But the
contempla ton of the bitter misfortunes
which Cypress this suffering people, eX-
hausted by evils and calamities with
out number, obliges me to leave my re-
tirement to fulfill what believe to be
my duty.
(siened) "Respecfully.
"Fp,ilio Arl1inaIdo Fany"