Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-11-18
INTEREST FROM NOV. |, 1907.
Will Also Issue 500, 1000, 900 of Certifi=
Gates OF Indebtedness, Bearing III
terest at Three Per Cent

business conditions arc sound and w"
should put the money We have into cir
c,ll1 i'm in order to meet the needs Of
:tl""untinS prosperity.
There is no analogy at all With tn"
WAYS things ser" in 1899. on November
- of that ycdI there was in the treas
ur.- b,it $l61 o"n 900 in gold Oh Nov
II of this year. there was in TIE treas
ury 1901, 900 Grb Of gold. Ten years ago
the circulation per capita was 1913 90.
it is now $3223 Tho steps that YOU
now take. the ability of the govern
:ncnt to rack them up. and the fact that
not a particle of risk is involved there
in give the fullest guarantees of the
aoInd CONDITION Of our people and tn"
sound conditions of our treasury. All
that orr people have to do now is to
90 ahead with their normal business
III normal fashion and the whole
difficulty disappears: and this end Will
he achieved al once if each man VIII
set rs normally as he does act and as
mo real Condit ions of the COIntryS con-
ditiun fully warrants; his now acting.
Upon receipt of President ROOSEVELT
letter If approval today tn" following
statement was issued by the secretary
at Tn" treasury:
The axs,ilaf,ie- cash balance of the
treasury amounting to s24".1'G.431 -.
with the exception Of d small working
balance. now on deposit in national
banks in every state and territory in
III" tnirn. thu; placing it whore it
can serve IL" needs Of the people as
fIr W. possible under existing law.
"'Th" enc"etIry of the treasury with
TN" approval If lie President. has an
r"unc"i an issII" IF Panama bonds to
III" ":.ton. Of $ao.""n.o 500.
He has also with the approval Of
the President awaited himself Of Ger
tain provisions If tho Jaw applicable
TO tn" transactions Of the treasury IN
time Of emergency. These provisions
{ arc contained in SectioH %. act of
Jun" tf. 1Sa2 authorizing the Issue of
interest hearing certificates Of indebt :
ednase to run for one year. Certifi
Gates bearing three per cent. interest
will he issued to the extent if neceS-
sary If 600. "hh 600.
The Panama bonds will serve as a
measure Of most substantial relief for
among other things tho law expressly
provides that they may be used a. 4
basis for adddtionaI national bank
circulation"
"'Fho proceeds Of the sale Of certifi-
cate; piovid".i for under tn" above Sc"-
, ti'.ii .H!I i" deposited almost simultane-
Gus with their purchase uiun approved
security. They can he made directly
available ~ points where til" need is
rost urgent and especially for the
movement Of the crops which. if prop
erly accelerated will give the greatest
/ relief and result in the most immediate
financial returns. Tho acceptance -:
subscriptions by the secretary Of the
treasury will DO mace with special ref-
Crci,,e to such use.
i;oth III. bonds ana certificates arc
attractive as absolutely safe invest
monts.
Tics" will among other things en-
all" tn" secretary Of tho Treasury to
m"': public expenditures without with
drawing for that purpose any apprnci-
I ahl" amount If the public moneys noy,
Deposited in national banks throughout
| the country
y" treasury circular inviting pro
continued on Pagc EineD