The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-18

currency bill which will meet In
permanent fashion the needs ot
tho situation. and which I beiievc
viii DO passed at an early date
after Congress convcncs two weeks
hence.
what is most needed just at
y present is that our citizens should
realize how fundamentally sound
business conditions In this country
nre. and how absurd II Is to per-
nit themselves to get into panic
and create q stringency By Hoard
ing their savings instead OF trusting
perfectly sound banks. There is no
particle OF risk involved In letting
business teke Its natural course.
and the people can help themselves
and the country most by putting
back into active circulation the
money they are boarding. The
banks and trust companies are
solvent There Is more currency
In the country to-day than there
was month ago, when tho supply
was ample; $4,000, 900 in gold has
beep imported, and the government
has deposited another s60000,0o0.
These are facts. aud appeal to the
public to cooperate with us IN re-
storing normal business conditions.
The government will see that the
people do not suffer II only the
people themselves will act in a
normal way.
Crops are good and business
conditions are sound, and we
should put the money we have into
circulation In order to meet the
needs OF our aboundlng prosperity.
There is no analogy at all with
the way things were in1SsS. On
November 30th of that year there
was In the treasury but $l6l.00O,-
600 in gold. On November 18th
of this year there was in the treas
ury $aoi, 100000 Of gold. Ten years
ago the circulation per capita was
s233o It is now s33.23. The steps
that you now take. the ability OF
the government to back them up.
risk is involved therein give the
fullest guarantees OF the sound
condition of our people and the
sound condition OF our treasury.
All that our people have 10 do now
is to go ahead with their normal
business in normal FASH
ion and the whole diff
the way things We're in 1898. On
Guilty disappears. and this end
will be achieved at once II each
man VIII act as ..e normally does
act, and as the real conditions of
the country's business fully war
rants his now acting.
Sincerely yours.
tsigned)o
THEODORE ROOSEVELT.
Hon. George B. Cortelyou, Sec
rotary of the Treasury"
Plenty OF Money Available.
Upon receipt of President Roose-
elts letter Of approval to-day. the
GLOWING statement was issued by the
ecretary of the Treasury:
THE available cash balance Of
the Treasury. amounting to
s240,15s.i31.s5. is, with the cNcep-
tion Of small working balance.
now on deposit In national banks
in every State and Territory in the
Union. thus placing 1t where 1t can
serve the needs OF the people as
far as possible under existing law.
The Secretary of the Treasury.
with the approval of the President.
has announced an issue Of Panama
bonds to the extent of s50,0oQ,000.
He has also, with the approval
of the President, availed himself of
certain provisions of the law APP
plicable to the transactions Of the
Treasury in times of emergency.
These provisions are contained in
If acy IS
1888, authorizing the issuance OF
interest-bearing ccrtiticates III in
debtedness to run for one year.
Certificates bearing 3 per cent. in
terest will be issued to ths extent,
II necessary. OF S100.000.0o0.
THE Panama bonds will serve
as measure OF most substantial
relief. for among other things the
law expressly provides that they
may be used as basis for addi-
tional national bank circulation.
The proceeds of the sale OF GER
ttficates provided for under the
above section can be deposited al
most simultaneously with their
purchase. upon approved securities.
They can be made directly avail
ablo at points where the need is
most urgent and especially for the
movement of the crops, which, II
properly accelerated, Will give the
greatest relief and result In the
most Immediate financial returns.
The acceptance of subscriptions by
the Secretary of the Treasury
will be made with special refer
ence to sucift use. s.
Both TIE bonds and the certifi-
Gates are attractive as absolutely.
safe Investments.
These measures will, among
other things. enable the Secretary
of the Treasury to meet public eX-
tpenditures without withdrawing
for that purpose any appreciate
amount of the public moneys now
deposited in national banks
throughout the country