Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1907-11-28
s150,0OO,OOO CURE
FOR MONEY ILLS.
President Approves Sale of Canal
Bonds and Government Notes
to Swell Currency.
CALL FOR BIDS IS ISSUED.
Small Denominations Adopted So
General Public Can Buy; Finan-
ciers Eager for Entire Lot.


measures to end the financial stringen-
cy from which the country is suffering
He his directed Secretary Of the
Treasury Cortelyou to issue 100000
worth Of Panama canal bonds, bearing
interest at the rate Of per cent per
annum, and S1OO,OO0,00O of 8 per cent
interest bearing government notes.
Of this immense sum S5O,OOOOOO is
to be deposited in the south and west
to facilitate the moving of the crops.
SO far as the resources and the de-
mand for the products of the country
are concerned, there has never been the
slightest doubt that they are as great,
if not greater, than they ever have
been. But there has not been sufficient
currency to meet the situation.
From all sections have come calls for
currency, and these became so insist
ent that the President concluded that
it was desirable for him to take fur
Their action.
Following the cabinet meeting on Fri
day, he discussed the situation with
Secretaries Root and Cortelyou and
Postmaster General Meyer.
Mr.. Cortelyou had Just returned from
New York, where he had received ap-
peals from bankers in that city. Fri
day night another conference occurred.
Two councils were held Saturday, and
the final conference took place at 6
O'Clock Sunday evening, when the Presi-
dent approved the circulars prepared by
the Treasury Department calling for
bids for the bonds and certificates.
Presidents Seal of Approval
The plan adopted was submitted by
Secretary Cortelyou and was approved
by the President in the following let
ter:
The White House, Washington, D. c.
My Dear Mr.. Cortelyou: l have consid-
cred your proposal. l approve the issue
Of the $50,O0O000 of Panama bonds.
which will be Immediately available as the
basis for additional currency. | also ap-
prove the issue of S100,0OO,0OO, or so
much as you may find necessary, of $50
per cent interest bearing 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 considering a currency bill
which will meet in permanent fashion the
needs of the situation, and which I be-
Iieve will be passed at an early date after
Congress convenes, two weeks hence.
Country's Prosperity UnequaIed.
What is most needed just at present is
that our citizens should realize how fun
damentally sound business conditions in
this country are, and how absurd it is to
permit themelves to get into a panic and
create a stringency by boarding their saw
ings instead of trusting perfectly sound
banks.
There is no particle of risk involved in
letting business take its natural course,
and the people can help themselves and
the country most by putting back into ac-
tive circulation the money they are hoard
ing.
The banks and trust companies are
solvent. There is more currency in the
country to-day than there was a month
ago. when the supply was ample; 500
100000 in gold has been imported and
the government has deposited another
sec, 0OC, 600.
These are facts; and 1 appeal to the
public to cooperate with us IN restoring
normal business conditions. The govern
ment will see that the people do not suf-
fer if 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 circu-
lation in order to meet the needs of our
Astounding prosperity.
No Analogy with '93 Conditions.
There is no analogy at all with the way
things were in 1898. On Nov. 80 of that
year there was in the treasury but $751;
100000 in gold. On Nov. II of this year
there was in the treasury 1901, 100000 of
gold. Ten years ago the circulation per
capita was $23.23. 1t is now 1898. The
steps that you now take, the ability of
the government to back them up, and the
fact that not particle of risk is involved
herein gives the fullest guarantees of the
sound condition of our people and the
sound condition of our treasury.
All that our people have to do now is
to go ahead with their normal business
in a normal fashion, and the whole diff
Guilty disappears and this end will be
achieved at once if each man will act as
he normally does act, and as the real
conditions of the country's business fully
warrant his now acting.
THEODORE ROOSEVELT,
The Hon George B. Corteiyou, Secre-
tary of the treasury.