Show I AGUINALDOS SCHEME E it i Petition Sent by Him to Secretary Root I HE SENDS IT TO CONGRESS j Remarkable Presentation of Conditions Islands Demonstrates Necessity for Prompt and Exhaustive Action on the Part of Congress Washington Jan 20 Secretary Root has transmitted to the Senate and House copies ot a petition received by 1 him through Gov Taft from Agulnnldo the lain Insurgent leader I In the Philippines Tho petition Is 1 n uMimrknble presentation of the conditions now existing in tho Philippines Phil-ippines and Secretary Root hastened to send It to Congress because It wont along a-long way toward supporting slnlemonts ho made to the committee of that body awl also demonstrated the necessity for prompt and exhaustive action on tho part or the Congress to prevent dhmstor and distress In the archipelago The secretarys letter of transmlttnl was vry short simply reciting tho character of the document and alluding to the picturesque pict-uresque and 1 graphic manner In which A ITU I n a 10 o had described tho conditions In the Philippines The secretary attached particular Importance to Agulnaldos profession pro-fession of a desire to do everything in his power to aid the Americans In carrying out relief measures and developing the Islands Agulnnldo saY5 Jn part WHAT LETTER SAYS Profoundly Impressed by the sorrows ruin calnrnllics 1 which afflict my people and bearing In mind the good Intentions which have Inspired the acts of the civil commission 1 have taken heart to present u project of a purely economic character which In my opinion would remedy if not complete nt least in part the present aliiintion In which we find ourselves 1 propose to the honorable civil commission com-mission to obtain from Congress IL United Slates treasury loan of TOKrtOlO gold In cash and also a credit ot SSO000000 gold which will guarantee the Issue of paper lo serve as money In the Inlands This Hum shall by used for tho development and Improvement of Philippine agriculture agricul-ture and shall be paid within twenty years the payments being made In three Installments at the end of ten fifteen and twenty years respectively and at ihe rate of S25OWVOO at the end of the first l period which would cancol so much of tho credit cred-it and 25OOD00 and STiOOOOOOO at the end of the two remaining periods The amount of the credit would not he taken out of the United Suites treasury like the loan and both would be without Interest and could never bo transferred to any other foreign nation Vhcn the loan and credit were approved ap-proved and Hie l above mentioned sum heroin hero-in the Philippine a bank would he opened which could be called the United States or America Philippine Agricultural Agricultu-ral bank and which would be under the Inspection of tinInsular government After the civil commission had dictated dic-tated the proper regulations and established estab-lished all the necessary safeguards for the security and stability of the bank the bank would begin to operate making available for the agriculturists such sums all they should ask for In compliance with tho necessary formalities at nn annual maximum rato oC 1 per l cent payable scmlnnnually From tho SIOOOOGOO capital will be subtracted sub-tracted JOOtyfJ for construction of buildings for branch banks throughout the archipelago ami for other necessary preliminary expenditure Subtracting from the annual Income of WWOCO the annual I expenditures for salaries sala-ries and for necessary expenditures of the bank which may be reckoned at about 57000 there would remain a net annual Income of J32JQOOO which added to the capital at compound Interest under the same conditions during Lime following Tatars at the end of sixteen years would free both the actual capital and tho supplementary > sup-plementary credit that is the bank would have liquidated Us debt to the United Stules treasury and there would remain a balance of at least IOOOOOC < for the continuance of Its work Allowing four years more for ample time makes tho twenty years mentioned By the lime that tho United Stales treasury hud been lopald at the end of time stated period of twenty years tim Philippine treasury would have at least 0Cy to < > which would serve to guarantee the Issue of paper money to that amount III case Filipinos should wish toac quire the bank by making of li a Joint rtocl company without otherwise alter ing UK capitalization and methods the Government would concede to them the title without prejudice to Its right to require re-quire repayment of tho amounts Incurred In-curred by the foundation of said bank or ether necessary expenditures It I may be i that wiiuii this project Is known 1 shall bu called an enthusiast ami a dreamer and It will bo said that 1 ought not lo Involve myself In matters that force me out of the retired life which 3 have Intended to follow since my 1m prlHonmcnt and which as 1 believe noth lag that I have done him broken Into until un-til tho present time Hut the contempla tion of the bitter misfortunes which op prcjiB thin mirroring people exhausted bv evils almost calamities without number obliged me to leave my retirement to ful fill what I believe to be my duly 12MILIO J AtJUlNALDO KAMY ° |