Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1907-11-23
MEASURES OF RELIEF
Government to Issue Bonds
For $15O,oOo,ooO.
TO PAY FOR PANAMA CANAL WORK.
ROoseveIt's Letter to Secretary OF the
Treasury COrtelyOu Says That
COuntry's Finances Are ON
ssSafe and sane" Basis.

WASHINGTON, Nov. 20.-Secretary
Cortelyou, with the approval OF the
president, has announced an Issue or
Panama bonds to the extent of $780,
100000.
The treasury will also issue interest
bearing certificates OF Indebtedness.
90 run for one year, to the extent IL
necessary of S1O0,OO0.OO0. This action
Is the result OF the series of many
night conferences at the White House.
Fifty million dollars of the certih-
Gates viii be allotted by the secretary
In his discretion upon offers OF sub
scriptions addressed 10 him, and the
remaining S5OOO0.300 will be allotted
through the several assistant treas
urers authorized to receive subscrip-
lions at the following points:
San Francisco, New Orleans, ST.
Louis. Chicago. Cincinnati. Boston, Bal
timore, Philadelphia and New York
and through the treasurer Of the Unit
ed States at Washington
It is expected that this viii enable
the government TO tempt from their
hiding places millions OF dollars which
have been boarded by persons distrust-
AuA even VI MALAQMdA DAukHs
In n letter TO Secretary Cortelyou
President Roosevelt says:
what is most needed just at pres
ent is that our citizens should realize
how fundamentally sound business
conditions in this country are and how
absurd It is TO permit themselves to
get into panic and create stringen-
cy by boarding their savings instead
of trusting perfectly sound banks.
There is no particle Of risk involved
in letting business take its natural
course, and the people can help them
selves and the country most by put
ting back into active circulation the
money they are boarding. The banks
and trust companies are solvent There
is more currency I'm the country today
than there was a month ago, when the
supply was ample. over sos, 1000. 600
has been imported. and the govern
ment has deposited another 100000, 900.
These are facts, and I appeal TO the
public to cooperate with us in restor-
ing normal business conditions.
The government viii see that the
people 90 not suffer n only the peo-
pie themselves viii act In a normal
way. Crops are good and business
conditions are sound. and we should
put the money we have into circula-
tion ia order to meet the needs OF
Astounding prosperity"
The treasury circular inviting pro-
posals for Panama canal bonds reads
as follows:
THE secretary OF the treasury offers
10 the public $4,000 600 OF the bonds
or the Panama canal loan.
The bonds viii bear interest at the
rate OF ? per cent per annum. Will be
dated Aug. 1. 1906. and the interest
viii be paid quarterly on the first days
of November, February, Nay and Au-
gust. They viii be issued In denomi-
nations or 500. 500 and $1,000 OF cou-
pom bonds and OF $50. 500, 81, 900 and
$4,000 OF registered bonds,
They viii be redeemable I'm United
States gold coin at the pleasure OF the
United States after ten years from the
date OF their issue and viii be payable
thirty years from such date
They Will be exempt from ell taxes
or duties of the United States as well
as from taxation In any form by or
under state, municipal or local authori-
ty. They will be available to national
banks as security Tor circulating notes.
They viii be receivable, like all other
United States bonds, as security for
public deposits In national banks"