The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1907-11-21
CERTIFICATES or
INDEBTEDNESS AND
BONDS, Sl5O,OOO,OOO
CorteIyou Adds 10 His $780,
100000 Canal Bond An
nouncement.
ROOSEVELT REAssuREs
Declares Business Conditions Funda'
mentally Sound and That the
idea Of a panic" Is
Absurd.
LONDON STOCKS
RISE, UPON NEWS
FROM WASHINGTON.

FROM WASHINGTON. !
London. Nov. 20.-The official y
announcement from Washington =
thai treasury certificates for =
500. OO0, 900 and Panama bonds for =
100000. 900 will be issued had an z
4 Immediate effect on the markets =
here today and prices promptly =
moved up. It is thought prob =
ably this will stop the drain OF =
gold from this market n OBJ =
yiate the necessity of further in =
crease / II the Bank of England's =
discount rate. y
washington, Nov. 1S-Secretary Cor
N telyou makes announcement that as a
means OF affording relief to the finan-
ciaI situation the treasury will issue
in ADDITION to the $50, 600, 900 of Panama
canal bonds, announced in the evening
papers OF Saturday, 500, DOC, 900 certif-
81 Gates of Indebtedness, or so much there
VIZ or as MAJ be necessary. The certif-
Gates win run for n year and will
bear 3 per cent. interest.
The law comforting upon the gee
fetary Of the treasury the right to is
sue treasury certificates is found in
M nection 30 OF the Spanish war revenue
bet, approved June 10, 1898. The au-
khority was not made use of during the
war but its legality i'll the present sit
Biation is not questioned by officers of
he government. The Panama canal
bonds are now in the treasury vaults,
will be ready for distribution i'm
fnediately upon the acceptance OF the
bids after November 80, The treasury
Certificates will not be printed and the
INK sufficiently dried to admit Of their
being handled for some time, but tenn
borary certificates will be ready for
distribution within a day OF so. The
esue at par of reasury certificates
bearing 8 per cent. interest is expected
o bring TO light practically all the cur
tency that has been withdrawn from
he banks by small depositors during
he last three weeks. It's issue, ii is
believed, will prove exceptionally at
lractive to the small as we'll as the
large investors n treasury officials
re confident the demand for them will
be unprecedented.
The secretary's action meets with
President Roosevelt's hearty approval,
nd the plan is the outcome OF the sew
kral White House conferences which
have been held within the past few
DAYS, when the financial situation was
bnder consideration.
Secretary Co%rtelyou says that the
Panama bonds will afford most sub
~ttantlal relief, as the law provides that
hey may be used as a basis for addi-
fional national bank circulation. He
Alsu states that the proceeds from the
sale OF certificates can be made directly
eyaiiable at points where he need is
host urgent, and especially for the
inoyement OF crops, which, he says, IF
properly accelerated will give tie great
fst relief d result in the most IMAM
tial returns" The secretary calls at
tention to the attractiveness Of the
bonds and certificates as absolutely
fafe investments.
A Currency Measure.
Ccrtelyou says these relief measures
VIII enable him to meet the public ex-
benditures without withdrawing for
hat purpose any appTeciable amount
Il public money now deposited in ma
xonai ank throughout the country.
Two treasury circulars, one inviting
Proposals for the issue OF bonds and
{he other asking for the certificates,
glll be sent out under date Of today.
In his letter to Cortelyou, approving
be treasury plans, President Roosevelt
ttates hat he has been assured that
he d In congress have under con-
Iteration a. currency measure which
Gilt meet in permanent fashion the
eeds OF the situation, and which, l
@elieve, will be prepared at an early
" ate after congress cCnVeneS two weeks
hence"
The president also calls attention to
Fhat Is needed most at this time. say
ng that the ''people should realize how
fundamentally sound business condi-
Sons in this country are and how alb
pro II is to permit themselves to get
ITO q panic II create n stringency by
boarding their money instead of trust
tlg perfectly sound banks.''
The presidents letter to Secretary
ortelyou follows;
The White House, Washington. ID. G..
.WA 70 10 10N7 ATU Dann A.. 90
ave considered your proposal. an.
owe the issue of the $50, OO0,O 600 of Pan.
na bonds. which will be Immediately
valuable, as The basis for additional cur.
F0,OCv, or so much as you may find neces.
FRry, OF $50 3 per cen interest bearine
pyernment notes. the proceeds of the
lie OF which can be at once deposited
AANG you where the greatest need exists, and
peclaliy IN the west and south, where
g crops have 10 be moved. [ have as
france that the leaders of congress are
pnsldering q currency bill which will
set in a permanent fashion the needs
the situation, which believe will be
PEHenes two weeks hence.
Panic an Absurdity.
What is most needed Just AT presen
XN that our citizens should realize how
ndanlentally sound business conditions
TINS country are. and how absurd 1t |,
p permit themselves to get into a DaniC
al create 4 stringency by boarding theiI
wings instead of trusting perfectly sounC
nks There Is no particle OF risk in.
pived In letting business take It's natura
N purse and the people can help themselves
u the country most by putting back intC
tive circulation honey they are hoard
The banks III trust companies arr
PlNsnt, There is more currency In tho
puntry today than there was a month
30, when the supply was ample. Fifty,
million dollars I'm gold has been i'm,
@ptted q the government has deposited
ready $6O.O00.O0O These are facts, and
ppeal TO the public 20 cooperate with u.
restoring normal business conditions
~ government will see that the people
not suffer, III only the people themseIVe.
act In normal way. Crops are sooC
9 conditions art sound, and We shoGl,
the money we have INTO circulation II
Ger 10 meet the needs OF our Astounding
VSperlty. There Is no analogy at al
IN the way things were in 1893. on No
Hoer 10 OF that year there was In tn,
easury but Sl6l yOO0,O0o OF gold. On No
Hlper ~ OF this year there was in tn,
easury 500. 10000 OF gold. Ten years agt
Z circulation per capita was $23.23, Nov
Us 49,. The steps you now take. thu
putty OF the government to back then
ana the fact that not a particle OF risl
involved therein give the fullest guar