The Owosso times. (Owosso, Mich.) 1897-1926, 1907-11-22

III approving the plan or Secretar,
or the Treasury Cortelyou to issu,
$5O,OOO,O00 in Panama bonds, bear
ing interest at 2 per cent, and 500,
100000 in certificates of indebted
: ness In denomination of $50, bearins
per cent interest, President Roose
: welt wrote the following letter to the
secretary which all citizens will dc
we'll to carefully consider:
THE White House, Washington,
Nov. II. My Dear Mr.. Cortelyou:-
have considered your proposal. APP
prove of the fifty millions of Panama
bonds, which will be Immediately
available as the basis OF additional
currency. also approve the issue of
100000, 900, or so much as you may
find necessary, of $50 per cent in
terest-bearing government notes, the
proceeds of the sale of which
can be at once deposited by
you where the greatest need ex-
lists, and especially in the West
! and South where the crops have to be
moved. | have assurance that the
leaders of congress are considering
currency bill which will meet in per-
manent fashion the needs of the sit
uation, and which l believe will be
passed at an early date after congress
convenes two weeks hence.
~
What Is most needed just at pres
ent Is that our citizens should realize
how fundamentally sound business
conditions in this country are, and
how absurd 1t is to permit themselves
to get into a panic and create a
stringency by boarding their savings |
instead of trusting perfectly sound !
banks.
There is no particle OF risk involv-s
ed in letting business take it's natural |,
course, and the people can help them
selves and the country most by put
ling back into active circulation the I
money they are boarding.
The banks and trust companies /
ire solvent, there is more currency in
he country today than there was e
month ago when the supply was am
'le. Forty-f1ve million dollars in
sold has been imported and the gov
has deposited another $685.
10000.
These are facts; and l appeal to
he public to cooperate with us in re-
toring normal business conditions.
The government will see that the peo-
lie do not suffer if the people them
elves will act in a normal way
Jrops are good and business condi-
ions are sound and we should put |
he money we have into circulation in |
'rder to meet the needs of our
bounding prosperity.
There is no analogy at all with |
he way things were in 1898. On |
Nov. 80 of that year there was in |
the treasury but $161, 100000 in
gold. On Nov. IA OF this year there
was in the treasury 1904 100000 of |
gold. Ten years ago circulation per
capita was $23.23. 1t is now S3S.23. |
The steps that you now take, the |
ability of the government to back |
them up, and the fact that not par
ticle of risk is involved therein, give /
the fullest guarantees of the sound
condition of our people and the
sound condition of our treasury. All
that our people have to do now is to
go ahead with their normal business
in normal fashion and the whole
difficulty disappears; and this end
will be achieved at once If each man
will act as he normally does act and
as the real conditions of the country's
business fully warrant his now acting.
Sincerely yours,
Theodore Roosevelt
"Hon George B. Cortelyou, Secre-
tary of the Treasury"