Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-11-18
TreaSuryOeCideS tOlSSueS50, :
100000 in Panama Bonds
Hundred Million in Interest
Bearing Certificates.
PLAN HAS THE HEARTY
APPROVAL OF PRESIDENT
Believed Bonds viii Afford
Substantial Relief by Provid-
ing Basis for Additional Ma
tionaI Bank Circulation.
forming journal Special Leased wlre.I

tionaI Bank Circulation,
IBy Morning journal Special Leased Wire.l
Washington, Nov 17-Secretary
Cortelyou tonight made the important
announcement that as means of af-
fording relief to the financial situation
the treasury would issue fifty million
dollars of Panama bonds and $780,
O0O.0 certificates of Indebtedness, or
so much thereof as may be needed.
The certificates will run for one year
and will bear 3 per cent interest
The secretarys action in coming to
the relief of the financial situation
meets with President Roosevelt's
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 discus
sion.
Secretary Cortelyou says that the
Panama bonds will afford 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 decidedly
available al points where the need is
most urgent, especially for the move
ment of the crops which he says IF
greatest relief and result in the most
Immediate financial returns" The
secretary calls attention TO the at
tractveness of the bonds and certifi-
Gates and the absolutely safe charac-
ter of the investments.
Secretary Cortelyou adds that these
measures Will enable him TO meet pub
lie expenditures without Withdrawing
for that purpose any appreciable
amount of the public moneys now de-
posted In national banks throughout
the country.
Two treasury circulars. one inviting
proposals for the issue of bonds and
the other asking for bids for the GER
tificates will be sent out under date
of November IS. In his letter to Sec
retary CortelyOu approving the treas
ury plans. President Roosevelt states
that he has been assured that the
leaders i'm congress have under con-
sideration currency measure (which
will meet in permanent fashion the
needs OF the situation and which l be-
lieVe will be passed at an early date
after congress conVenes two weeks
hence"
President Deprccates Hoarding.
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 alb
surd 4 is to permit themselves TO get
into panic and create stringency by
boarding their savings instead of
trusting perfectly solvent banks.
Congress to Consider Currency.
The presidents letter to Secretary
Corteyou follows:
THE White House, Washington,
Nov Il. 1907.
My Dear Mr.. COrtelyou:-I have
considered your proposal. | approve Of
N..Nf NfHaaaaH
Of Panama bonds which Will be inn
mediately available as the basis for
additional currency | also approve
of the issue of Sl00.000.000. or so
much as you may find necessary. Of
$50 per cent interest bearing gov
ernment 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 1 believe will be passed at an
early date after congress convenes two
weeks hence.
What is most needed Just now is
that our citizens should realize how
fundamentally sound business cOndi-
tions in this country are and how ab-
Nuiu " ~ 10 DtfilllA lhtiiNtlNtS 70 EtA
into panic and create stringency by
boarding their savings instead OF
trusting perfectly solvent banks.
There Is no particle OF risk in
volved in letting business take its ma
tUral course and the people can help
themselves and the country most by
putting back into active circulation the
money they are boarding. The banks
and trust companies are solvent
Currency supply Fully Adequate.
There Is more currency In the
country today than there was month
agu. when the supply was ample. Since
then 355, 900. 600 In gold has been inn
ported and the government has de-
posted already $50. 900. These
are facts and I appeal 10 the public
to cooperate with a. in restoring nor
maj business conditions. The govern
ment will see that the people do not
suffer II the people themselves VIII
act IN normal way. Crops are good
and business conditions are sound, and
we should put the money We have into
circulation at once to meet the needs
OF our abounding prosperity. There
is no analogy ~ all with the way
things were in 1898. on November 80.
of that year. there was in the treasury
but SI6l, ,0OO 0Oe In gold on Novem-
Der i4. OF this year. there was In the
treasury ssos.0e0, 0o0 in gold. Ten
years ago the circulation was SZS.2S
per capita: u Is now S3323.
Plenty OF Money In Treasury.
The steps that you now take the
ability Of the government To back
them up. and the fact that not par
ticie Of risk is involved therein. give