The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-11-18
PRESIDENT ORDERS
BOND AND NOTE ISSUE
Panama Loan and Debt
Certificates up to $780,
100000 on Market.
BEAR 2 AND 3 Per CENT
West and South to Get Much of the
Money to Move the Crops
Formal Announcement.

Washington, Nov. 17.-President
Roosevelt took measures tonight to
provide $3.50 600 900 in new circuIa-
tion to tide over the financial situa-
ton until such time as congress can
effectively and permanently deal with
the question.
The orders of the president, which
were promulgated through Secretary
CorteIyou, provide for the issuing of
$50,0OO,0OO Of thirty year per cent
Panama canal bonds which were APP
proved by the act of 1902 and which
have never been issued
Provision is also made for the issu-
ing of 100000, 900 interest bearing gov
eminent notes to run for one year The
act under which this latter item is
provided is that Of June Is, 1898, which
was an act to provide ways and means
to meet war expenditures and for 9TH
er purposes.
VIII Send Proceeds West and South.
In his letter to the secretary author
izing him to act the president says the
proceeds of the sale of government
notes could be deposited at once where
the greatest need exists, and especi-
ally in the west and south, where there
is an urgent need OF ready money to
move the crops
The president adds that he has the
assurance that the leaders OF congress
are now considering a currency bill
which will meet in permanent fashion
the needs of the situation. He ends
with a plea to the public to quit hoard
ing it's money and to return it to the
banks, which he declares are solvent
in order that business may resume
its normal course
These bonds and notes are to be is
sued in small denominations and are
to be advertised for sale at the various
subtreasuries and in the various fnan-
cial centers in the United States.
Nearly $24O,OOO,OOO Now Out on Deposit.
Secretary Cortslyou in his statement
following the presidents letter, says
there is an available cash balance at
present In the treasury amounting to
over $4,000, 900, all OF which. with
the exception of small working bal
ance. is on deposits in the national
banks in every state and territory.
The statement was issued after a
close conference al O'Clock this even
ing between the president and Score
tary Cortelyou at the White house
While the statement is credited to Mr.
Cortelyou it is known that it was
the subject of conference at the White
house on Thursday, Friday and Sat
urday night. During some of these
conferences there were present per
sonally Senator Knox Of Pennsylvania
and Secretary Root.
In taking this action President
Roosevelt has gone further in the di-
rection of supreme governmental con
troll without specific authorization from
congress than at any time during his
incumbency. The issuance of certif-
Gates of Indebtedness Is authorized un-
der an act approved June 10. 1898. re
lating in all provisions to raising fund.
for prosecuting the spanish-Americar
war!
Sell Certificates Immediately.
The bonds and certificates of indebt
edness will be sold Immediately. Tn,
bonds bear per cent interest ant
must be redeemed in twenty years
The certificates hear per cent inter
est and must be recalled in one year.
There was much hesitation on tn
part of the president to sell bonds whei
the government has S12000,O00 on de
posit In national banks. but this i
needed to relieve financial stringency
and the government cannot Withdraw
these funds al this time without grav
danger of precipitating serious com
mereial disturbances.
subject of Many Conferences.
For more than a week the president
Secretary Cortelyou. Secretary Root an
Postmaster General Meyer have ha'
the question of a bond issue and emery
ency certificates under consideration.
President Roosevelt has declared t
his closest friends that he would d
everything IN his power to avert
panic, especially as he did not desir
10 have one occur during his admins
tration. lie has feared that if such
calamity would occur the glory of hi
administration would be dimmed.
Other measures viii be taken by hir
to avert trouble in the financial an
commercial world. if such steps becom
necessary.