, 1907-11-19
FAvoRs PLAN PROPOSED BY SEC
RETARY OF THE TREASURY
cORTELYoU TO RELIEVE
THE SITUATION.
Hear.y Letter Upon the Financial Con-
ditions, Executive Holding That
All That Is Needed Is Conservative
Action by Peop,e-Times Not Like
Those During the Cleveland Adj
m~inistration Panic of 1893.

Washington, Nov. 19.-President
Roosevelt's letter to Secretary of the
Treasury Cortelyou, approving the Is
sue of $4,000 900 of Panama canal
bonds bearing 2 per cent interest anu
running for thirty years, and $lOO, OOo,'
900 of certificates of indebtedness III
the rate of 3 per cent and running FOL
one year, to relieve the present anan'
cial distress, is as follows:
Presidents Letter.
II have considered your proposal. !
| approve the issue of the S50,OOO,0OO OF
Panama bonds which will be immedl'
ately available as the basis for addt
tional currency. | also approve the Is
sue of 500, 0O0, 900, or so much as you
may find necessary, of $50 8 per cent
Understanding government notes, the
| proceeds of the sale of which can be
at once deposited by you where the
greatest need exists, and especially In
the west and south where the crops
have to be moved | have assurance
that the leaders of congress are consid'
ering a currency bill which will meet
in permanent fashion the needs OF the
situation and which ] believe Will be
passed at an early date after congress
convenes two weeks hence.
Sound Business Conditions.
What is most needed just at pres
ent is that our citizens should realize
how fundamentally sound business
conditions in this country are, and how
absurd it is to permit themselves t"
get into a panic and create a strin'
gency by boarding their savings instead
of trusting perfectly sounu banks.
There is no particle OF risk involVe'.
in letting business take its natural
course, and the people a help them
selves and the country most by putting
back into active circulation money they
are now boarding. The banks and trust
companies are solvent. There Is more
currency in the country today thah
there was a month ago, when the sup
ply was ample. Fifty-fve million dol
lars in gold has been imported n
the government has deposited already
SOU ,UUU,UU hSSC AZ ~
appeal to the public to cooperate with
us in restoring normal business condi-
tons. The government will see that
the PEOPLE do not suffer II only the
people will act in a normal way. Crops
are good and conditions are sound ana
we should put the money we have into
circulation in order to meet the needs
OF Astounding prosperity.
Not Like Cleveland Times.
There is no analogy at all with the
way things were in 1898. On Novem'
Der IA of this year there was in the
treasury 1904, 900 900 of gold. Ten
years ago the circulation per capita
was s23,23. 1t is now 1928. The
steps that you now take, the ability
of the government to back them up,
and the fact that not a particle OF FISK
is involved therein give the fullest
guarantee of the sound condition OF
our people and the sound condition
of our treasury. All that u people
have to Go now is to go ahead with
their normal business in a normal lash
ion and the whole difficulty disappears;
and this end will be achieved If each
man will act as he normally does act
and as the real conditions of the coun'
try's business fully warrant his o
acting"