The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-11-19
IS COMMENDED
ON EVERY HAND
COVE EMINENT PLAN OF FISCAL
RELIEF Is APPROVED.
WILL DRAW OUT IDLE MONEY
From Hoarding Places, Break the Pre-
mium on Currency and Restore
Normal Conditions In
Money Market.

New York, Nov. disqualification
was the prevailing tone in banking
circles Monday because of the govern
ment plan of relief to the money mar
ket by the issue of $4,000, 900 in Pan
anna bonds and $f00,000,000 in one
year treasury certificates. The issue
of Panama bonds had been counted
upon as probability. The issue oI
short term certificates was more of q
novelty and attracted more discussion
The general opinion in banking cir.
cles was that both measures would
tend to draw idle money from private
boards and thereby break the pre-
MUM on currency and restore normal
conditions in the money market
So strong was this feeling that II is
understood that gold engagements
will now cease. International bankers
declared that the gold already engag.
ed is as much as New York can justly
take from Europe under the strained
conditions which prevail there and
that to take more will only compel its
return at a later date. The amount
already taken or engaged approaches
$4,000 900, which is much more than
the most sanguine predicted at the be-
ginning of the movement about three
weeks ago.
The response Of the public to the Of
fer of new securities Is expected to
center largely on one year certificates.
The Panama bonds, paying only per
cent. and selling at a premium, are ex-
pected to go chiefly to the national
banks to be used as basis for circil-
lation. If the experience OF the popu.
lar loan of 1896 is repeated. however.
In respect to the certificates they will
be oversubscribed several times.
Chicago. Nov. 19.-The decision of
the national government to issue
$150,000,000 in bonds and certificates
met with general approval throughout
the west. The benefits expected to re-
suit from the move were anticipated
in higher grain markets here and in
other grain centers. Bulls were more
disposed to buy for some time past,
and shorts took to cover hastily as
soon as the plan was announced.
Washington, Nov. 19.-President
Roosevelt is being commended and
congratulated upon the wisdom and
success of the financial relief meas.
ures launched by the administration.
Many kilograms from all parts Of the
country arrived at the White House
Monday and after being. read by the
president were referred to Secretary
Cortelyou. The callers at the White
House each added an opinion on the
optimistic side of the situation.
The president was informed from
Buffalo that his letter expressing con
fidence in the fiscal soundness of the
country had been printed in several
languages in Buffalo and distributed
among depositors who were making a
run on bank there, with the effect
of checking the run.
Before the business day of the
treasury had ended many applications
arrived for new Certificates of In
debtedness." The fiscal uses to which
these certificates may be put will
make the demand for them very gen
eral, according to the opinion OF ex-
perts In the department They may
be registered in the treasury and par
take of the nature of government
bond, and as such be deposited as Sc
curity for national bank circulation or
deposits. When not registered. il is
predicted they will circulate freely as
currency.