Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-19
Secretary Of Treasury Takes Steps
10 Issue Panama Bones.
AMPLE FUNDS FOR ALL BUSINESS
President Roosevelt, Indorsins Sec
retary's Action, says Business Con-
ditions Are Fundamentally Sound
and Appeals to People.

WASHINGTON, ID. c.. Nov lS.-
Secretary Cortelyou has made the i'm.
portant announcement that as Il
means of affording relief to the finan.
ciai situation. the Treasury would is.
sue $50O0O,000 OF Panama bonds and
SlOO,000, 600 certificates OF indebted.
ness, or 80 much thereof rs NAV be
necessary. The certificate will nun
for one year and bear per cent in.
terest.
The Secretary's action in coming to
the relief OF the financial situation
meets with President Rooseyelt's
hearty approval, and tho plan is the
outcome of the several White House
conferences which have been held
within the past few days. when the
hnancial situation was under consid
Grafton.
Secretary Cortelyou says that the
PANAMA bonds Will afford most sinh
stantial relief, as the law provides
mat they may be used as n basis for
additional national bank circulation
Nc also states that the proceeds from
INC sale of certificates can be made
directly available at points where
me need Is most urgnt. and especial.
" ior the movement of the crops
winch ho says III properly accelerat.
cd. VIII give the greatest relief and
result IN the most immediate financial
returns"
To Meet Public Expenditures.
Secretary Cortclyou adds that these
clief measures will enatle him to
meet public expenditures without
withdrawing 10 rthat purpose any an.
preciable amount of the public mon.
throughout the country.
Two Treasury circulars--onc invit.
ing proposals for tho issue OF bonds
and the other asking for subscr;b
lions to tho certilicates-will no sent
out under date of December Is. The
h.ds Tor the bonds must be submitted
20 inc Treasury on or before Noyem.
ner 30. 1907 Each lid should state
mo amount of bonds desired by the
subscriber. whether coupon or regis
'ered, the price he Is willing to nav.
ana the place where he desires to
make Observation-Disclosures Mt the T-eas.
urS oil the United States or Mt the of
nee OF some ono Of the assistant
| reasurers at New York. Baltimore
philadelphia. Boston, Chicago. ST
| louis, Cincinnati, New Orleans or San
| Francisco.
All bids should he addressed to the
Secretary of the Treasury. Division or
Loans and Currency. and the envel.
ores inclosing them should be plainly
marked Bids for Panama Canal
bonds
In Small Denominations.
The certificates OF indebtedness
viii be issued in denominations of s5O
lhey VIII be payable to bearer, will
We dated November 20. 1907, and will
pear Interest Mt the rate OF 3 per
cent. per annum, payable with the
nrihcipal sum on and after November
70, 1908, on presentation of the certi.
ucates of redemption ut the office OF
the Secretary of the Treasury divi
sion oil loans and currency.
subscriptions will be received by
tne secretary OF the Treasurer of the
United States and the assistant treas
res located at New York. Baltimore
philadelphia. Boston. Chicago. st
Louis. Cincinnati. New Orleans and
San Francisco. beginning on Novdm.
her is, and continuing Mt the discre
ton of the Secretary OF tho Treasury
IN his letter 10 Secretary Cortelyou
approving the Treasury plans. Presi.
dent Roosevelt states that he hac|
been assured that the leaders in Con.
Gress have under consideration n GU.
rency measure which viii meet in
permanent fashion the needs of the
situation and which ! believe Will BE-
"assed ut an early date after Con
gross convenes two weeks hence"
The President also calls attention
to what is needed most at this time
INT the peoDle should realize how,
Fundamentally sound business condi
lions In this county are. and how ab
s"rd ii is TO permit themselves TO rot
into manic and create stringencrl
NV boarding their savings instead OIL