The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1907-11-21
KEEPS,,|Sp0OM|SE
TOFURN|sH RELIEF
CREDIT OF THE UNITED STATES
EXTENDED TO RELIEVE RI.
NANCiAL SITUATION.
ONE-YEAR NOTES TO
LIMIT o. S,iOu,CoC,"co
viii Be Issued, While S5o,ooocco In
Panama Bonds Are $3.50 Oae. ed
Presidents Letter Wri,ten IN Most
Earnest Tones.

Washington. Nov. lS.--ln order to
restore no, NAL coalitions in business
and financial cnc,es the secretary OF
the treasury mas decided to issue
$50.000,000 OF 2 per cent Panama canal
bonds Sl00,000,0OO Oh 3 per cent. inter.
est bearing United States notes, or as
large a percentage of that amount as
he may deem ii necessary to the anne
lioration of the present situation
The Panama bonds will be disposed OF
To the highest bidders and beyond all
doubt will bring a premium. inasmucb
as they may and will be used as basis
OF additional circulation by national
banks.
The government notes, or certifi.
Gates of Indebtedness, will be allotted
at par among the public as rapidly as
the money is paid over. They will be
redeemed In year. while the Panama
redeemed in a year, while the Penema
FROM the date Of issue and payable In
80 years.
Announcement concerning the two
issues was made Sunday night. Ac-
companying Cortelyous Invitation OF
proposals Is a letter addressed to him
by the president, cordially approving
both expedients and exhorting the pep
pie Of the country to recover from
their apprehension and assist the adj.
ministration in restoring confidence.
The presidents letter Is written IL
his most earnest tone and Is designed
to convince the public that there Is no
ground for alarm-much less than
panic. II directs attention to the fact
there is no analogy between conditions
to-day and those OF 1893, when the ma
tiOn entered upon its last period of de-
preston; that the per capita circula-
tion has increased $40 since then and
that our prosperity is on too sound a
basis to be turned into adversely.
That Secretary Cortelyou had vir.
tually concluded to issue $50.000.0 900
of Panama bonds was known two days
ago. and his announcement on this
score has been discounted. so to speak,
but II will! be surprise to the country
that unusual expedient OF issuing
800, 900 900 of United States notes had
been decided upon. although vague
rumors had been afoat that something
out of the ordinary was also In con-
temptation.
However, this second proposition
should not, and probably will not,
a tonish men familiar with the finan-
cal situation the country over, for the
fc IN that they realized, as did Sec
retary Cortelyou. that the canal bond
issue would not fully solve the prob
lem with which the business interests
are confronted. What Ia needed most
to relieve the strain Is more circulat-
ing medium. and the certificates OF
Indebtedness will supply the demand,
whereas the proceeds from the sale OF
bonds would fall short.
The administration moreover. is re-
lying upon the good sense of the peo-
pie, who have placed their money In
hiding and also upon such banks as
are holding tight to theirs. to replace
countless millions in the channels OF
trade.
The United States notes are to he
issued under authority of the law OF
congress of June Is. 1898.