The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-18
SECRETARY CORTEIY)U
PLANS FURTHER RELIEF
Panama Canal Bonds to the Extent Of $50, OOO,-
900 Announced by the Secretary
of the Treasury.
Also Interest Bearing Certificates of Indebtedness Three Per
Cent to the Amount of S100,000000.

! not suffer if only the people themselves
will act in d normal way. Crops are
good and business conditions are
sound, and we should put the money we
have into circulation at once to meet
the needs of our Astounding prosperity.
| There is no analogy at all with the
way things were i'm 1898. On November
80 OF that year there was in the treas
ury but $161, 100000 in gold. On NoVem-
Der IA of this year there was in the
treasury 1904 100000 gold. Ten years
ago the circulation per capita was
$685. 1t is now S3S2S. The steps that
you now take. the ability of the gov
eminent to back them up and the fact
that not a particle of risk is involved
therein, give the fullest guarantees of
the sound condition of our people and
the sound conditions of our treasury.
All that our people have to do now is
to go ahead with their normal bust
ness in a normal fashion and the whole
difficulty disappears; and this end will
be achieved for if each man will act as
he normally does act, and as the real
conditions of the country's business
fully warrants his now acting. Sin
cerely yours,
THEODORE ROOSEVELT
Treasury Statement.
Upon receipt of President Roosevelts
letter of approval today the following
statement was issued by the secretary
of the treasury:
THE available cash balance of the
treasury, amounting to $240 156, 431, is
with the exception OF a small working
balance. now on deposit in national
banks in every state and territory in
the union. thus placing it where it can
-,
possible under existing laws.
1.-The secretary of the treasury, with
the approval of the president. has an
nOunced an issue of Panama bonds to
the extent of fifty million dollars.
HE has also, with the approval of
the president, awaited himself of GER
tain provisions Of-the- law applying-te-
the transaction of the treasury in
times of emergency. These provisions
are contained in Sec. 30 of the act of
June 49, 1893. authorizing the issuance
Of Understanding certificates of in
debtedness to run for one year. Ger
tificates bearing per cent interest will
be issued to the extent, if necessary
of one hundred million dollars.
What Is Expected.
"The Panama bonds will serve as a
measure of most substantial relief, for
among the other things the law ex-
pressly provides that they may be used
as basis for additional national bank
circulation.
THE proceeds of the sale of certifi-
Gates provided for under the above sec
ton can be deposited almost simultan-
eously with the purchase, upon ap-
proved security. They can be made di-
Tectly available at points where the
need is most urgent and especially for
the movement of the crops, which if
properly accelerated, viii give the
greatest relief and result in the most
immediate financial returns. The ac-
ceptance of subscriptions by the sec
rotary of the treasury will be made
with special reference to such use.
Both the bonds and certificates are
attractive as absolutely safe invest
ments
These measures will, among other
things, enable the secretary of the
treasury to meet public expenditures
without Withdrawing for that purpose
any appreciate amount of public mon
eys now deposited in national banks
throughout the country"
CorteIyou's Circular.
The treasury circular inviting pro-
pOsals for Panama canal bonds reads
az follows:
Treasury department. office of the
secretary, Washington, Nov. Is, 1907.
THE secretary of the treasury offers
20 the public $50, 000, 900 of the bonds of
the Panama canal loan authorized by
Sec. of the act approved June Is,
1902. and supplemented by Sec. of the
act approved Dec. q, 1905. Both acts
are quoted below:
THE bonds will bear interest at the
rate of 2 per cent per annum; will be
dated Aug. l, 1906, and the interest will |
be paid quarterly on the first days of
NovembeR February, May and Au-
gust They will be issued in denomina- !
tions of $50, 800 and $1,000 of coupon 1
bonds, and of $40, 81, 900 and $4,000 of |
registered bonds. They Will Be redeem |
able 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 exempt from |
all taxes or duties of the United |