The Cairo bulletin., 1907-11-18


Cortelyou tonight made the an
nouncement that as means of af-
fording relief for the financial stu
alton, the treasury would issue $50,-
100000 of Panama canal bonds, and
$100,000,000 certificates of indebted
ness, or so much thereof as may be
necessary. The certificates will run
for one year and bear three per cent
interest.
The secretarys action in coming
meets with President Roosevelts
hearty APPROVAL, and the plan is the
outcome Of several conferences that
have been held within the past few
slays.
The secretary says That the Pana
ma bonds will afford most substan-
tial relief, as the law provides that
they may be used as basis for adj
ditional national bank circulation.
He also states that the proceeds from
the sale OF the certificates can be
made directly available at points
where the need is most urgent, and
especially for the movement Of crops.
which, he says, 'if properly accaler.
ated will give the greatest relief, and
result in most immediate financial re-
turns" The secretary calls attention
to the attractiveness of the bonds AMI
certificates as absolutely safe invest
ments.
The secretary adds that these re-
lief measures will enable him to meet
public expenditures without with
drawing any appreciable amount Of
public moneys now deposited in the
national banks throughout the coun
try. Two treasury circulars, one in
viting proposal for the issue of the
bonds, and the other asking for GER
tificates, win be sent out under date
of November IS.
In his letter to Secretary Cortel-
you, approving the treasury plans,
President Roosevelt states that he
has been assured that the leaders
in congress have under consideration
a currency measure (which will meet
in a permanent fashion the needs Of
the situation. and which believe will
be passed at an early date after con
gress convenes two weeks hence"
The presidents letter says:
White House,
Washington, Nov. IL. 1907.
"My Dear Mr.. Cortelyou:-I have
considered your proposal. ! approve
the issue of fifty millions of Panama
bonds. which will be Immediately
available as a basis for additional
currency. also approve the issue
of one hundred million dollars or 50
much as you may find necessary. OF
fifty dollar, three per cent. inter
est bearing government notes, the
procee,ls of the sale of which can be
at once deposited by you where the
greatest need exists. and especially
in the west and south. where crops
have to be moved. | have assurance
that the leaders of congress are con-
Yress are considering a currency bill
which will meet in permanent fash
ion the needs of the situation, AMI
which believe will be passed at an
early date after congress convenes
two weeks hence.
What is most needed just now Is
that our citizens should realize how
fundamentally sound the business
conditions in this country are. and
how absurd it is to permit them
selves to get into panic and create
stringency by boarding their saw
ings instead Of trusting the perfectly
sound banks There is not a particle
Of risk involved in letting business
take its natural course, and the peo-
ule can help themselves and the
country most by putting back into
active circulation the money they are
boarding. The banks and trust CON-
NAMES are solvent There Is more
currency in the country today than
there was month ago, when the
supply was ample. s55eoe-ee9 gold
has been imported and the govern
meut has deposited another sge.eeo,-