Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1907-11-19
GOVERNMENT PROMISES RELIEF.
Will Sell $50yooo,ooo Panama Bonds
and s1oo,0oo,0oo Certificates Of In


and s1oo,ooo,ooo Certificates Of In
debtedness.
Washington, Nov. 17.-Secretary
Cortelyou tonight made the important
announcement that, as a means Of af-
fording relief to the financial situa-
ton, the treasury would issue $50,000,-
900 Of Panama bonds and 100000 900
certificates of Indebtedness, or 80 much
thereof as may be necessary. The GER
tifcates 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 Roosevelts
hearty approval and the plan is the
outcome Of the several White House
conferences which have been held
within the past few days when the
financial situation was under consid-
Grafton.
Secretary Cortelyou says that the
Panama bonds will afford most sub
stantial relief, as the law provides that
they may be used as basis for addi-
tional national bank circulation. He
also states that the proceeds from the
sale Of certificates can be made d.
rectly available at points where the
need is most urgent, aud especially
for the movement OF the crops which,
he says. IF properly accelerated will
give the greatest relief and result In
the most immediate financial returns" :"
The secretary calls. attention to the at
tractiveness Of the bonds and certif-
icates as absolutely safe Investments
Bids BY November 30th.
Secretary cortelyou adds that these
meet public expenditures without with
drawing for that purpose any appre-
ciable amount Of the public moneys
now deposited in national banks
throughout the country. Two treas
ury circulars, one inviting proposals
for the issue Of bonds and the other
asking for subscriptions to the certifi-
Gates will be sent out under date Of
November 18th. The bids for the bonds
must be submitted. to the treasury on
or before November 30th, 1907. Each
| Did should state the amount Of bonds
desired by the subscriber, whether
coupon or registered, the price he Is
Wiling to pay, and the place where he
| desires to make Observation-Disclosures at
the treasury Of the United States or at
| the office of some one Of the assistant
treasurers- at New York, Baltimore,
philadelphia, Boston, Chicago, st.
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
pc plainly marked, Bids for Panama
Canal bonds" iiH i2ff
The certificates of indebtedness will
be issued in denominations Of $50.
They will be payable to bearer; viii 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, 1908, on
presentation of the certificates for re-
demption at the Office of the treasury,
division OF loans and currency.
Points Of Receipt.
Subscriptions will be received by the
secretary OF the treasury direct or
| through the treasurer OF the United
States and the assistant treasurers at
New York, Baltimore, Philadelphia,
Boston, Chicago, st. Louis, Cincinnati,
New Orleans and San francisco, be-
ginning on November 18th and con-
tinuing at the discretion OF the secre-
tary or the treasury.
In his letter to Secretary Cortelyou
approving the treasury plans Presi-
dent Roosevelt states that he has been
| assured that the leaders In congress
have under consideration q currency
measure which will meet In perma-
nent fashion the needs Of the situation
and which I 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 bus
mess conditions In this country are,
and how absurd 1t is to permit them
selves to get into a panic and create q
stringency by boarding their savings
instead Of trusting perfectly sound
banks" The presidents letter to Sec
retary Cortelyou under date Of Novem-
ber 18th follows:
The Presidents Letter.
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