Evening star., 1907-11-18

year. Certificates bearing per cent in
tereSt viii be issued to the extent, IL nee
essary. of s1O0, 600 GOO.
''The Panama bonds will serve a
| measure of most substantial relief. for,
among other things, the law expressly pro-
vides that they may be used as basis fer
additional national bank circulation.
The proceeds of the sale of certificates
provided for under the above section can
be deposited :'most simultaneously with
their purchase upon approved security.
They can be made directly available at
points where the need is most urgent. ana
especially for the movement of the crops,
which. If properly accelerated will give
the grea atest relief and result In the most
immediate financial returns. The accept
ance of subscriptions by the Secretary OF
the Treasury will be made with special
reference to such use.
Both the bonds and certificates are at
tractive as absolutely safe investments.
These measures VIII, among other
things. enable the Secretary of the Treas
ury to meet public expenditures without
withdrawing for that purpose any appre-
caable amount Of the public moneys now
deposited in national banks throughout
the country"
Proposals Asked for Bonds.
The Treasury circular inviting proposals
for Panama canal bonds reads as follows:
TREASURY DEPARTMENT,
Office OF the Secretary,
Washington. November Is. 1907
The Secretary Of the Treasury offers to
the public $50.Oeo. COO Of the bonds of the
Panama canal loan authorized by section
OF the act approved June %, 1902, and
supplemented by section 1 of the act Of
December n, 1895. Both acts are quoted
below.
The bonds will bear interest at the rate
Of 2 per cent per annum: will be dated
August /. 1906, and the interest VIII be
paid quarterly on the first days of Ne
vember. February. May and August. They
and 81 900 of coupon bonds. and of SO.
500. 81 600 and $4,000 Of registered bonds.
They will be fedeemabie in United States
gold coin. at the pleasure of the United
States. after ten years from the date OF
their issue. and will. be payable thirty
years from such date. They will be ex-
empt from all taxes or duties of the
United States, as we'll from taxation
IN any form by or under state. municipal
or local authority. They will be avail
able to national banks as security for
circulating notes upon the same terms as
the per cent consois of 1880. to wit:
The semi-annuaI tax upon circulating
notes based upon the said bonds as Sc
tum. They will be receivable. like all
other United States bonds. as security for
public deposits tn national banks.
the law forbids their sale at less than
par. and provides that all citizens OF the
United States shall have equal opportunity
70 subscribe therefor.
In pursuance Of the above announce
ment. the Secretary invites bids for the
bonds heretofore described. which must be
submitted to this department on or before
the 30th Of November, 1907. Each bid
should state the amount of bonds desired
by the subscriber. whether coupon or reg
istered. the price he is willing to pay. and
the place where he desires to make pay
naent-whether 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 addressed
to the Secretary OF the Treasury, division
inclosing them should be plainly marked
bids for Panama Canal Bonds.''
Cpon receipt and Classification of the
bid hereby invited, the successful bidders
vii, be advised Of the acceptance of their
oaas' ana tney %il oe Ss as 70 - >,e ne
made at the Treasury or some subtreasury
of the United States.
In considering oads. .he b.oaers OHelane
oMo.ms,, X tuo or nore h,ddera of
SeT1n- the same price. those asking for
the small ller ano,mts of bonds viii receive
nriorfty in allotment The department re-
serves the right to permit bidders Offering
hf their purchases.
Far the sake of uniformity the bonds
~, he dated August 1. 1906. which is the
date of the outstanding Panama canal
bonds but fnterest on the bonds Of this
Sss,,e will bepin November /. 1907. and
niSders Will he required to oey accrued
interest on their bonds from that date
to the date of payment,
The department also reserves the right
tn reject any or all bids. If deemed to be
ta the interests of the United States 90
to do
The bonds will be ready for delivery
unon recent Of payment therefor.
Prosnectiye bidders desiring informa-
,ioa not contained in this circular may
address the Secretary OF the Treasury,
division OF loans and currency. washing
tnn D G. the assistant treasurers at
Chicago st. Louis. New Orleans or San
Son Frsncisco
GEORGE r. CORTEI.YOIy
Secretary.
,.
subscriptions Tor Certificates.
The Treasury circular asking for SUBJ
.....,o 80 .,a .1oo noo cuo . o. con,
seriItoas ~ '.'e s,ooo"o So'
cerf1tlcates or fndeDleoness reaos as 1oi-
lows: