The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1907-11-20

o1seeee.ses of Certiacsscs and ESQ.,
eo4eoo of Rnnama Bonds %. be
Isssed - Oa0e-ROosevclt APP


WAshinston. Nov 17.-secretary
Ccrtsiyou made tonight the important
announcement that as a means OF
aGording relief to the financial situa-
tien the treasury would issue $780,
100000 Of Panama bonds and $780,
600 Of certificates Of Indebtedness. or
% much thereof as may be necessary.
The certificates will run for one year
and bear per cent interest. ti.l
The secretary's action In coming to
the relief OF the financial situation
meets with President Roosevelt hoar-
~ approval. and the plan IL the out
come OF the several White House con-
fersnces which have been held within
the post few days. when the financial
situation was under consideration.
Secretary Cortelyou says that the
Panama bonds will afford most sub
stantial relief az the law provides that
they may be used as basis for ad-
ditionai national bank circulation. He
|. also ssatss that the proceeds from the
sale OF certificates can be made di-
rectiy 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
most immediate financial returns"
The secretary calls attention to the at
tractiyeness OF the bonds. and certifi-
Gates az absolutely safe investments.
Secretary coreiyou adds that these
elief 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 for subscriptions to
the certificates. will be sent out un-
der date OF November IS. The bids
for the bonds must be submitted to
the treasury on November 20, 1907.
Every bid should state the amount of
bonds desired by the subscriber.
whether coupon or registered, the
price he is willing to pay and the place
where he desires to make payment
whether at the treasury Of the United
States or at the Office of some Of the
assistant treasurers at New York Bal
timore Philadelphia. Boston Chicago,
~. Louis. Cincinnati. New Orleans, or
San francisco. All bids should be ad-
dressed TO the Secretary OF the Treas
ury. division. OF loans and currency.
and the envelopes enclosing them
should be plainly marked. bids for
Panama Canal bonds"
The certificates OF Indebtedness viii
be issued In denominations OF $50.
They will be payable to bearer. will
be dated November 20. 1907 and will
bear interest at the rate OF per cent.
per annum. payable with the principal
sum on and after November 20. 1903.
on presentation of the certificates for
redemption at the office OF tn notary
OF the treasury. division of loans and
currency.
subscriptions will be received by
the Secretary of the treasury or
through the Treasurer Of the United
States or the assistant treasurers To-
Gated at New York. Baltimore Phila-
deIphia. Boston Chicago st. Louis,
Cincinnati. New Orleans and San
Francisco. beginning on November
18th. and continuing at the discretion
'of the Secretary OF the Treasury.
In his letter to- Secretary Cor elyuu
approving the Treasury plans Presi-
dent Roosevelt states ne has been as
sured that the leaders In congress have
under consideration a currency meas
ure witch will meet I'm permanent
fashion the needs of the situa don. and
which believe will be pass ! at an
early date after congress convenes two
weeks hence" The PPresident also
cals attention To- the fact that what
r. most needed at this time Is that the
people should realize how fundamen-
ally tound business conditions In this
country are. and how absurd II is 10
permit themselves to set Into panic