The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-11-19
$15O,OOO,OOO FOR RELIEF.
Government to Issue Bonds and
Certificates to Relieve Financial
Situation.

Washington, Nov. 17.-'Scrrelary
Cortelyou tonight made the import
ant announcement that, as Il means
of affording relief to the financial
situation. the treasury would issue
$50,000,O00 Of Panama bonds and
$l00,000,000 certificates Of indebted
ness, or so much thereof as may be
necessary. The certificates will run
for one year aid bear 3 per cent i'll
terest.
The Sccretary's action in coming to
the relief Of the financial situation
meets with President Roosevelt $
hearty approval, and the plan is The
outcome Of several White House con-
fcrcnccs which have been held with
il the past few days when the finan-
cial situation was under considcra-
ton.
Secretary Cortelyou says that the
Panama bonds will afford most sub
stantial relief, as the law provides
that they may be used as a basis for
additional bank circulation. He also
states that the precoods from the sale
of the certificates can be made direct
ly available at points where the need
is most urgent and especially for The
movement OF the crops. which he
says "ii property accelerated will
give lnc greatest relief and result in
Al, II
turns" The secretary calls attention
to the altractiveness of the bonds
and certificates as absolutely safe in
vestmcnis.
Proposals Asked For.
Secretary Cortclyou adds that these
relief measures will enable him to
meet public expenditures without
withdrawing for that purpose any
apprcriahlc amount Of the public
moneys now deposited in national
banks throughout the country. Two
treasury circulars. one inviting pro-
posalS fer the issue Of bonds and the
other asking for subscriptions TO the
certificates will be sent out under
date Of Nov. IS The bids for the
bonds must be submitted to the treas
ury on or before Nov. 30. 1907. Each
bid should. state the amoun, Of bonds
desired by the subscriber, whether
coupon or registered, The price he is
willing TO pay and the place where
he desires /" make payment. whether
al The treasury Of the United States
or the office Of some Of the assistant
trcasurcrs at New York. baltimore,
Philadelhia, Boston, Chicago, st.
Louis. Cincinnati. New Orleans or
San Francisco. All bids should be adj
dressed to the secretary Of The treas
ury, division of loans and currency,
and thc envelopes mclosing them
should be plainly marked "bids for
Panama canal bonds.'
The certificates Of Indebtedness
will be issued il denominations Of
$50 They will be payable to bearer;
will be dated November 20, 1907,
and will bear interest at the rate Of
3 per cent per annum, payable with
the principal sum on and after No.
vembrr 20, 1908, on presentation Of
the certificates for redemption al the
Office Of the secretary Of the treasury,
division of loans and currency.
Subscriptions will be received by
the see, 1ialy Of the treasury direct
or through the treasurer OF the Unit
ed States and the assistant trcaSUr-
ers l@ra,2d at New York, Baltimore,
Philadelphia, Boston, Chicago, st.
Louis, Cincinnati. New Orleans and
San Francisco, be"i;min@ on Novcm-
be, - an,. continuing at the discrc
tion Of the secretary OF The treasury.
President S Letter Of Approval.
In his letter TO Secretary Cprrclyou
approving the treasury plans, Prc>i-
dcni Roosevelt states that he has
beer assured inal The leaders il con-
A.ras have under consideration cu.-
rency measure ,"which will meet in
permanent fashion the needs Of thc
situation and which | believe will be
passed at an early dale after coa-
gr1ss crIlvrnh two weeks hence"
The president also calls attention