The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1907-11-21
THE DAILY TELEGRAM
THURSDAY, NOVEMBER Fl. 1907.
RooseveIe,s Letter on Finances.

RooseveIe.s Letter on Finances.
President Roosevelt in his letter
to Secretary corteIyou concerning
the money situation, pledges himself
TO see thai the Government does its
full share in the lettering of the
financial conditions OF the country.
No one could have said 50 much in.
so few words as he, when he said the
public must act in q normal way,
and normal conditions Will immed-
lately follow. He is right, when he
reminds the people that they must
put their money into circulation. IL
the best conditions are to follow, and
his guarantee Of protection by the
government a even thus early
largely restored confidence. and, in
a short time at most better times
than ever will from the present in
dicatioDs be experienced.
President Roosevelt's letter on
this subject should o escape the
observation of n one, and. all
Telegram readers will agree with US,
after they have read it as follows:
Here's the Note.
=. White House,
washington, Nov. II, 1904 I.
my Dear Cortelyou: I have con-
sidered your proposal and / approve
the bond issue of 100000 of
Panama bonds, which Will be Imme-
diately available as the basis 0 adj
ditional currency. j also approve
the issue Of $780, 900, 900, or so.
much as you may find necessary. OF
$50 3-per cent. nterest-bearing Gov
eminent notes. the proceeds of the
sale of which a re at once deposit
ed by you where the greatest need
exists, and especially In the West
and South, where the crops have to
be moved. l have assurance that
the leaders of Congress are consider
ing a currency bill which will meet
in permanent fashion the needs OF
the situation and which / believe
Will be passed at an early date AZ
ter Congress two weeks
henceI
Panic Absurd.
What is most needed just at
present is that III citizenship should
realize how fundamentally sound
business conditions in the country
are and no wabsurd it is to permit
themselves to give in TO a panic and
create a stringency by boarding their
savings instead of trusting perfectly
sound banks. There is no particle
of risk involved in letting business
AXE its natural course, and the peo-
pie 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. There is
more currency in the country today
than there was a month ago, when
the supply was ample. Fifty-five
million dollars in gold has, been inn
ported, and the Government has de-
posted another $36,OOO,O 900. These
are facts, and | appeal to the public
to cooperate with us in restoring
normal business conditions.
Crops are Good.
The Government will see that the
people do not suffer, If only the peo-
pie themselves will act in a normal
way. Crops are good and business
conditions are sound, and We should
put the money We have into circu-
lation in order 10 meet the need of
our Astounding prosperity. There
is no analogy at all with the way
things were in 1898. On Nov. 30
of that year there was in the Treas
ury but $161, 900, 700 in gold. On
Nov. IA of this year there was in the
Treasury 100000, 900 in gold. Ten
ear ago the circulation per capita
was s23.23. 1t is now s33.23.
Will End Mt Once.
The steps that you take, the
ability of the Government to back
them up. and the fact that not a
particle of risk is involved therein
gives the fullest guarantee of the
sound condition Of our Treasury.
All that u people have TO do now
is to go ahead with their normal
business in a normal fashion and the
whole. difficulty disappears. and this
end will be achieved at once IL each
nan will act as he normally does
act and as the relations OF the
country's business fully warrant his
now acting.
tSincerelSsSour
THEODORE ROOSEVELT.
Hon. George b. Co%rtelyou. secre-
tary of the Treasury"