The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-18

| WASHINGTON, d. c., November 1,.--
Secretary Cortelyou tonight made tile
important announcement that, as ~
lmeans of affordlng relief to the hasn-
Icia situation, the Treasury would Issue
4 100000 of Panama bonds and $780,
/ 100000 certificates OF indebtedness. or
|so much thereof ns may be neces sary. n
The certificates will run Tor one year
and bear per cent. interest
! The secretary'A action In coming to
the relief of tile financial situation
meets with President Roosevelt's hearty
! approval, and the plan As the outcome 4
| of the several White House conferences
which have heenSh held within the past
I few days. when the financial situation
{, was under consideration.
Secretary Cortelyou says that the
| Panama bopds will afford most sub
/ stantial relief. as the law provides
4 that they may be used as a basis for
i additional national bank calculations.
He also states that the proceeds from
i the salesof certificates can he made dt-
rectly available at points where thu
need Is mo st urgent, and especially for
the n}oyenient OF the crops. which: he
says. III properly accelerated, VIII give
! the greatest relief and result In tho {
i most Immediate financial 4ret,trhsss
The secretary calls attentlonft to tie
!, attractiveness OF the bonds and cer-sS
tihcates as absolutely safe Investments.
| To Meet Public Expenditures. u
| Secretary Cortelyou adds that ilese
relief measures will enable him to meet
!! public expenditures without withdraw-
| Ing for. that purpose any appreciable
amount OF the public moneys now de-
| posted In national banks throughout
| the country.
Two Treasury circuiars-one inviting
proposals forN the issue OF bonds and
the other asking for subscriptions TO
the certificates-wlll be sent out under
date of December 18th. Tile lids for
! the bonds must be submitted to the
Treasury on or before November 80,
1907 Each bid should state the amount
of bonds desired by the subscriber.
whether coupon or registered, the price
he is willing to pay. and the place
where he desires to make paymen t.
whether at the Treasury of tho United
States or at the office of some one OF
the assistant treasurers ut New York, Y
Baltimore. Philadelphia. Boston, Ghi-
lcago, st. Louis. Cincinnati, New Orleans
or San F'rancisco. IS
All bids should be addressed to the
Secretary OF the Treasury. Division of
Loans and Currency. and the envelopes
inclosing them should be plainly
marked Bids for Panama Canal
hondsn
In small Denominations. r
The certificates OF indebtedness viii
be Issued in denominations of; $780,
They will be paySble to bearer, viii
be dated November 30. 1907, and viii
bearAinterest at the rate of 3 per cent
per annun,. payable with the principal
sun, on and after November 20. 9OS,
on presentation Of the certificates OF
redemption at the Office OF the Secre-
tary of the Treasury division OF loans
and currency. ,g sSsSg
subscriptions will be received by the
Secretary. OF the Treasury direct Or
through the Treasurer OF the United
states and the assistant treasurers lo-
Gated Mt New York, Baltimore. Phila-
delphia, Boston, Chicago. st. Louis.
Cincinnati. New Orleans and San
Francisco. beginning on November
18th, and continuing at the discretion
of the Secretary. of the Treasury.
| In his letter to Secretary Cprte'you Il
approving the Treasury plans. Prcsi-
dent Roosevelt states tha lie has been
assured that the leaders In Congress
have under consderation currency
nent fashion the needs of the siluation.
and which | believe vii be passed at
an early date after Congress convenes
two wee ks = hence. !. n nj 5l{
y The Pres ent also ca lis attention to
what is needed most at this tlnles that
lne people gSnoulu tHrealfzs now tundd-
mentally sound business conditions In
this country are. and how absurd II Is
to permit themselves to gal into q NJ
panic ana /. create 3 strin geney BY \
thoarding their savings Instead sof trust.,l
ing perfectly sound ban KS .ss9sS
The President's Letter. % 53
The Presidents letter TO Secretary
GortelSou, U rdsr date Of November
II TIL, follows: q 3s3 s3s;} S RI s s
ss The White House,
..Wushlns ton,s D. c., Nov. m, 1907 II, ND
NY Dear Mr.. Corteis' 'otl, ri have
considered your proposal I APP
prove the Issue ot. Sc 1000 900 OF ;is
Panama bonds, which will be ir1-
naedtately available la $ the bssts
Tor additional currency, v also APP M
prove tho lis sue OF 81 90, 900, QUO, or q
so much az you may find necfs-
sary. OF $50 s. per cent, intsrest-
bearing government no tss, tha pro- a
ceeds of the sale OF Which can he sst
at once deposited by you where Sthe
~ greatest need exists. nd espseiA ll3r
In the West and So4t !, !, where the
# crops have to be moved. ssS Il ES ~ s
ST have assurance that the Hlet4- us;