The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-18
ASKS PUBLIC TO HELP
MAKE BUSINESS NORMAL
Continued from Page ope)

Continued from Page One)
President Roosevelt uses these words
I'm approving plan Of Secretary Cortel-
yous 10 make available without delay
si5O,0o0,0oo more 10 relieve the financial
stress and move the crops.
Secretary Cortelyou announced his new
plan OF relief last night. II provides for
issuing, I'm addition TO the $50.00O,0oo of
Panama canal bonds, slO0,O00,0C0 or SO
much OF that sum as may be needed. in
certificates OF indebtedness. These cer-
tlhcates are TO run year and will bear
3 per cent interest.
The plan Is the outcome OF the many
conferences which have been held OF late
at the White House and while II is un-
derstood 10 have been worked out by Sec
retary Cortelyou. he has had the advice
OF the president and his associates In the
administration in the matter.
SUBSTANTIAL RELIEF.
Secretary Cortelyou says that the Pan
anna bonds will afford most substantial
relief. as the law provides that they may
be used as a basis for additional national
bank circulation.
He also states that the proceeds from
the sale OF certificates can be made di-
rectly available at points where the need
is most urgent. and especially for the
movement OF the crops which, he says.
IF properly accelerated Will give the
greatest relief and result in the most i'm
mediate financial returns"
The secretary calls attention TO the
attractiveness OF the bonds and certif-
Gates as absolutely safe investments.
Secretary Cortelyou adds that these relief
measures will enable him to meet public
expenditures without Withdrawing for
that purpose any appreciable amount OF
the public moneys now deposited In ma
tional banks throughout the country.
Two treasury circulars, one inviting
proposals for the issue OF bonds and the
other asking proposals for the certifi-
Gates. will be sent out under date OF Nov.
IS
In his letter to Secretary Cortelyou ap-
proving the treasury plans. President
Roosevelt states that he has been assur-
ed that the leaders In congress have un-
der consideration currency measure
(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"
The presidents letter TO Secretary Cor
telyou is dated at the White House and
in IL he says:
PRESIDENTS LETTER.
81 have considered your proposition.
approve the issue OF the S5OOOO,0o5 OF Pan
anna bonds, which will be Immediately
available as the basis for additional cur
rency. i also approve the issue of s100.-
OK, 900 or so much as you may find neces-
sary OF $50 3 per cent interest -bearin 2
government notes, the proceeds OF the
sale OF which can be at once deposited
by you where the greatest need exists
and more especially In the West and
South, where the crops have TO be moved
what is most needed Just at present
| is that our citizens should realize how
fundamentally sound business condition:
| In this country are and how absurd II 4
| TO permit themselves to get into a panic
and create a stringency by boarding theii
savings instead OF trusting perfectly
sound banks.
There is no particle OF risk involved
In letting business take its natura
course, and the people can help them
selves and the country most by puttine
back into active circulation the money
| they are boarding The banks and trus
companies are solvent.
There is no analogy at all with tn,
! way things were i'm 1893 on Nov. 20 o
| that year there was in the treasury but
| Sl6l 100000 in gold On Nov. IL OF thii
! year there was In the treasury 1904 600, 90
of gold Three years ago the circulation
per capita was $232 II is now $33. q
! The steps that you now take, the ability
| OF the government TO back them up and
/ the fact that not particle OF risk Is In
! Volved therein give the fullest guarantees
| of the sound condition of our people ant
the sound condition of our treasury.
| All that our people have TO do now II
/ TO go ahead with their normal business
/ in normal fashion and the whole diffi
/ Guilty disappears and this end Will IN
/ achieved at once If each man will act n!
/ he normally does act and as real condi
tions of the country fully warrant hii
now acting"
CoRTELYoU EXPLAINS.
| Upon receipt OF President Roosevelt
| letter OF approval the following state
ment was issued by the secretary OF th'
! treasury:
"The available cash balance OF tn,
| treasury. amounting to s240. 156. .431.s5, IL
with the exception OF small working
! balance, now on deposit In national bank:
/ in every state and territory In the Union
! thus placing It where IL can serve the
Z needs Of the people as far as possible un
: der existing law.
The secretary of the treasury. Will
| the approval OF the president, has an
! nounced an Issue of Panama bonds to the
extent of $50coO,oo0.
"He has also. with the approval of the
! president availed himself OF certain pro
visions OF the law applicable to the
] transactions Of the treasury In times o.
/ emergency. These provisions are con
J 1898. authorizing the issuance OF interest
bearing certificates of indebtedness tC
run for one year. Certificates bearing
! per cent interest will be issued to the ex
! tent III necessary, OF $lO0.W0OO.
! The Panama bonds will serve as
measure of most substantial relief, fol
! among other things the law expressly
provides that they may be used az a ba
/ sis for additional national bank circula
/ ton.
"The proceeds OF the sale OF certin
1 Gates provided for under the above sec
/ tion can be deposited almost simulta
J neously with their purchase upon ap
proved security. They can bs made di
rectly available at points whore the neet
| Is most urgent. and especially for th'
| movement OF the crops, which, III properl!
| accelerated, will give the greatest rele
| and result I'm the most immediate finan
! cial returns. The acceptance OF subScrip
! tions by the secretary OF the trea sur,
! will be made with special reference e
| such use.
Both the bonds and certificates ar
| attractive as absolutely safe investments
These measures Will, among othe
! things. enable the secretary OF the treas
ury TO meet public expenditures withou
withdrawing for that purpose any appre
ciable amount of the public moneys nov
| deposited In national banks Throughout
/ the country"
TREASURY CIRCULAR
! The treasury circular inviting proposal
for Panama canal bonds is dated Nov.
and reads as follows:
THE secretary OF the treasury offers &
/ tho rublfc RIO OD0 OO0 Of the bondS Of tn