The Montgomery advertiser., 1907-11-18
BATCH OF PANAMA BONDS
 AND CERTIFICATES
$loo,Ooo,0oo of Latter ts Bear
 3 Per Cent.
xavitation to Bidders for Baocks-- CIaim Made That This Method VIII Anord the Country : Ready Finanei.l W
 Relief.

Washington, Nov. f7.--Secretary Cor telyou tonight made the important an- nouncenent that, az means of amord- ing relief to the financial situation. the treasury would issue $50.000,00O or Panarns bonds and s1o0,ogo.o00 certn- cates of indebtedness or so much there- of as may be necessary. The certin- cates will run for one year and bear per cent interest
 The Secretary's action in coming to the relief of the financial situation meets with President Rooseveit's hearty approval and the plan Is the outcome or { the several White House conferences which have been held within the past few days when the financial situation was under consideration.
 Secretary Cortelyou says that the Panama bonds will afford most sub stantiaI relief, as the law provides that they may be used as d basis for addi- tionaI national bank circulation. He also states that the proceeds from the sale of certificates can be made directly available at points where the need ia most urgent. and especially for the movement Of the crops which he says, If properly accslerated will give the greatest relief and result in the most immediate financial returns"
 The Secretary. calls attention to the attractiveness of the bonds and certifi- eates as absolutely safe investments.
 Secretary Cortelyou adds that these relief measures will enable him to meet public expenditures without with drawing for that purpose any appre- ciEble amount of the public moneys now deposited in national banks throughout the country.
 To Send Out CIrcmlaxm.
 Two treasury circulars. one inviting proposals for the issue of bonds and the other asking for subscriptions to E fha searff9cataa tzeffr ha nas,f .,r,f .,xNns. date of November 1S The bids for the bonds must be submitted to the treas ury, on or before November 90. 1907. Each bid should state the amounts of bonds desired by the subscriber. whefb . CT coupon or registered, the price he fs willing to pay, afid the place where he desires to make payment--whether at the hetreasury of the United States or at the office of some of the assistant treasurers at New York. Baltimore, Philadelphia, Boston. Chicago, St Louis, Cincinnati. New Orleans or San Fran- cisco. All bids should be addressed to the Secretary of the Treasury, divisionl of loans and currency, and the envel- opes tnclosing them should be plainly marked Bids for Panama canal bonds'
 The certificates of indebtedness will be Issued In denominations of $50 They will be payable to bearer; will be dated November 2. 1907, and wlii bear interest at the rate of three per cent per annum payable with the prin- cipai sum on and after November 20 7 1908, en presentation of the certifi- cates for redemption at the office of the Secretary of the Treasury, division of loans and currency. Subscriptions will be received by the secretary of the treasury direct or through Che treasurer of the United States, and the assistant treasurers Lecated in New York. Baltimore. Philadelphia. Boston. Chicago, St. Louis. Cincinnati. New Orleans and San Francisco, beginning on November 1s. and continuing at the discretion of the Secretary of the Treasury.
 sE President's Approval.
 In his letter to Secretary Cortelyou, approving the treasury plans, President Roosevelt states he has been assured that the leaders in Congress have under confederation a currency measure the needs of the situation and which believe will. be passed at an early date after Congress convenes two weeks hence"
 The President also calls attention to what Is needed most at this time is that the people should realize how fundamentally sound business condi-, tions in this country are. and how absurd it is to permit themselves to get into Q panic and create a strin- gency by hoarding their savings in- stead of trusting perfectly sound banks"
 The Presidents letter to Secretary Cortelyou under date of November IT was as follows:
 ''The White House, Washington, D. C..
 Nov. IT. 1907.
 My dear Cortelyou--I have con- issue of the fifty millions of Panama bonds which will be immediately avail able as the basis for additional cur rency. also approve the issue of $100. .O00,0 900 or so much as you may find necessary of $50. three 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 Tn tn West and South where the crops have to be moved
 T have assurance that the leaders of Congress are considering currency bill which will meet in permanent fashion the needs of the situation and which I believe will be passed at an early date after Congress convenes two weeks hence.
 Words of Advice.
 What is most needed justgat present is that our citizens should realize how fundamentally. sound business condi- | tions in this country are. and how ab- | surd it, is to permit themselves to get | into a panic and create a stringeucy by | hoardinR their savings instead of trust | ing perfectly sound banks. There is not & particle of risk involved in let | ting business take its natural course, and the people can help themselves and | the country most by putting back into | active circulation the money they are | hearding The banks and trust com panies are solvent.
 ''1here is more currency in the coun- | try today than there was month ago. l when the supply was ample. Fifty | i've millions in gold has been imported. | and the Government has deposited nn- other $60.000. 900. These are facts. and | I appeal to the public to corporate with us In restoring normal business | conditions.
 "Tho Government will see iEat the | people do not suffer if only the people aharaselyes will act in a normal way. |