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jkvj xtson’S wee/q JEFFERSONIAN WR EDITED BY <a \\ ’'SZ If THOS. E. WATSON ' J Vol. 11. No. 43. QUICK RELIEF WILL BE GIVEN BY GOVERNMENT. • Washington, November 17. —Secre- tary Cortelyou tonight made the im portant announcement that as a means of affording relief to the finan cial situation, the treasury would is sue $50,000,000 of Panama bonds and $100,000,000 certificates of indebted ness, or so much thereof as may be necessary. The certificates will run for one year, and will bear 3 per cent interest. The secretary’s action in coming to the relief of the financial situation meets with President Roosevelt’s hearty approval, and the plan is the outcome of the several white house conferences which have been held within the past few days, when the financial situation was under consid eration. Roosevelt Approves Plan In his letter to Secretary Cortelyou, approving the treasury plans, Presi dent Roosevelt states that he has been assured that the leaders in con gress have under consideration a cur rency measure “which will meet in permanent fashion the needs of the situation, and which I believe will be passed at an early date after con gress convenes two weeks hence.” The President’s letter to Secretary Cortelyou, under date of November 17, follows: “The White House, Washington, D. C., November 17, 1907. —My Dear Mr. Cortelyou: I have considered your proposal. I. approve the issue of the of Panama bonds, which will be immediately, available as the basis for additional currency. I also approve the issue of $100,000,- 000, or so much as you may find nec essary of SSO 3 per cent interest bearing government notes, the pro ceeds of the sale of which can be at once deposited by you where the greatest need exists, and especially ent, is that our citizens should real crops have to be moved. I have been assured the leaders of congress are considering a currency bill which will meet in permanent fishion the needs of the situation, and which I believe will be passed at an early date after congress convenes, two weeks herxe. Business Conditions Sound. “What is most needed just as pres ent, is that our citizens should real ize how fundamentally sound busi ness conditions in this country are, and how absurd it is to permit them selves to get into a panic and create a stringency by hoarding their savings instead of trusting perfectly sound banks. There is no particle of risk involved in letting business take its natural course, and tIL people can help themselves and the untry most by putting back into active circulation Atlanta, Ga., Thursday, November 21, 1907. the money they are hoarding. The banks and trust companies are sol vent. There is more currency in the country today than there was a month ago, when the supply was ample. Fifty-five million dollars in gold has been imported, and the government has deposited another $60,000,000. These are facts; and I appeal to the public to co-operate with us in re storing normal business conditions. The government will see that the peo ple do not suffer if only the people will act in a normal way. Crops are good, and business conditions are sound; and we should put the money we have into circulation in order to meet the needs of cur abounding prosperity. “There is no analogy at all with the way things were in 1893. On November 30, of that year, there was in the treasury but $161,000,000 in gold. On November 14, of this year, there was in the treasury $904,000,- 000 of gold. Ten years ago circula tion per capital was $23.23. It is now $33.23. The steps that you now take, the ability of the government to back them up, and the fact that not a particle of risk is involved therein, give the fullest guarantees of the’ sound condition of our people and the sound condition of our treasury. All that our people have to do now is to go ahead with their normal business in normal fashion, and the whole dif ficulty disappears; and this end will be achieved at once if each man will act as he normally does act, and as the real conditions of the country’s business fully warrant his now act ing. Sincerely vours, “THEODORE ROOSEVELT. “Hon. George B. Cortelyou, Secre tary of the Treasury.” Statement by Cortelyou. Upon receipt of President Roose velt’s letter of approval today, the following statement was issued bv the secretary of the treasury: “The available cash balance of the treasury, amounting to $240,156.- 441.85, is, with the exception of a small working balance, now on de posit in national banks in every state tand territory in the Union, thus plac ing it where it can serve the needs of Ihe people as far as possible under existing law. “The secretary of the treasury, with the approval of the President, has announced an issue of Panama canal bonds to the extent of $50,- 000,000. 4 “He has also, with the approval of the President, availed himself of cer tain provisions of the law applicable to the transactions of the treasury in times of emergency. These provis ions are contained in section 32 of the act of June 13, 1898, authorizing the issuance of interest-bearing certifi cates of indebtedness to run for one year. Certificates bearing three per cent interest wall be issued to the ex tent, if necessary’, of $100,000,000. Basis for Bank Notes. “The Panama canal bonds will serve as a measure of most substan tial relief, for, among other things, the law T expressly provides that they may be used as a basis for additional national bank circulation. “The proceeds of the sale of cer tificates provided for under the above section can be deposited almost sim ultaneously with their purchase, upon , approved security. They can be made directly available at points where the need is most urgent and especially for the movement of crops which, if properly accelerated, will give the greatest relief and result in the most immediate financial returns. The ac ceptance of subscriptions by the sec retary of the treasury will be made with special reference to such use. “Both the bonds and certificates -are attractive as absolutely safe in vestments. “These measures will, among other things, enable the secretary of the treasury to meet public expenditures without withdrawing for that pur pose any appreciable amount of the public moneys now deposited in na tional banks throughout the coun try.” Bids Asked for Panama Bonds. The treasury circular inviting pro posals for Panama canal bonds reads as follows: Treasury Department, Office of the Secretary, Washington, D. C., No vember 18, 1907. —The secretary of the treasury offers to the public $50,- 000,000 of the bonds of the Panama canal loan, authorized by section 8 of the act approved June 28, 1902, and supplemented by section 1 of the act of December 21, 1905. The bonds will bear interest at the rat 3 of two per cent per annum, will be dated August 1, 1906, id the in terest will be paid quarterly on the first days of November, February, May and August. They will be issued in denominations of S2O, SIOO and SI,OOO of coupon bonds, and of S2O, SIOO, SI,OOO and SIO,OOO of registered bonds. They will be redeemable in United States gold coin, at the pleas ure of the United States, after ten years from the date of their issue, and will be payable thirty years from such date. They will be exempt from all taxes or duties frem the United States, as well as from taxation in any form, by or under state, muni cipal or local authority. They will be available to national banks as se curity for circulating notes upon the same terms as the two per cent con sols of 1930, to wit: The semiannual tax upon circulating notes based upon the said bonds as security will be one-forth of one per centum. They Price Five Cents. will bo receivable like all other United States bonds as security for public deposits in national banks. The law forbids their sale at lower than par, and provides that all citi zens of the United States shall have equal opportunity to subscribe there for. What Bids Must State. Tn pursuance of the above an nouncement, the secretary invites bids for the bonds heretofore described, which must be submitted to this de partment on or before the thirtieth of November, 1907. Each bid should state the amount of bonds desired by the subscriber, whether coupon or registered, the price he is willing to pay, and the place where he desire® to make payment, whether at the treasury of the United States or at the office of some one of the assist ant treasurers at New York, Balti more, Philadelphia, Boston, Chicago, St. Louis, Cincinnati, New Orleans or San Francisco. All bids should be ad dressed to the Secretary of the Treas ury, Division of Loans and Currency, and the envelope enclosing them should be plainly, marked, “Bids for Panama Canal Bonds.” Upon receipt and classification of the bids hereby invited, the success ful bidders will be advised of the ac ceptance of their bids and they will be instructed as to the date upon which payment is desired to be mads at the treasury or some sub-treasury of the United States. In considering the bids, the bidders offering the highest prices will re ceive the first allotment. If two or more bidders offer the same price, those asking for smaller amounts of bonds will receive priority in allot ment. The department reserves the right to permit bidders offering the highest prices to increase the amount of their purchases. For the sake of uniformity, the bonds will be dated August 1. 1906, which is the date of the outstanding Panama canal bonds, but interest on the bonds of this issue will begin No vember 1, 1907, and bidders will be required to pay accrued interest on their bonds from that date to the date of payment. The department also reserves the right to reject any or all bids, if deemed to be to the interests of the United States so to do. The bonds will be ready for deliv ery upon receipt of the payment therefor. Prospective bidders desiring infor mation not contained in this circular may address the’ Secretary of the Treasury, Division of Loans and Cur rency, Washington, D. C., the assist ant treasurers at Chicago, St. Louis, New' Orleans or San Francisco. GEORGE B. CORTELYOU, Secretary. —ConsUtiMon,