The Birmingham age-herald., 1907-11-18
Treasury Will Issue Panama Bonds to ths Amount
 of $5O,OOO,OOO
ALSO CERTIFICATES
 OF INDEBTEDNESS
This Plan Will Enable Secretary to Delay Withdrawal of Deposits From National Banks-Pres-
 dent Approves Plan.

Washington, November 17.--Secretary cortelyou tonight made the important an- nouncement that as means of affording relief to the financial situation. the treas- ury would issue s5o,OO0000 of Panama bonds and s100.00o,000 certificates of in- debtedness, or so much thereof as may be necessary. The certificates will run for one year and bear 8 per cent inter- est.
 The secretarys action in coming to the relief of the financial situation meets with President Roosevelts hearty approval, and the plan is the outcome of the sev- eral White House conferences which have been held within the past few days when the financial situation was under consid- eration.
 Secretary Cortelyou says that the Pan anna bonds will afford most substantial relief. as the law provides that they may be used as basis for additional national bank circulation. He also states that the proceeds from the sale of certificates can be made directly available at points where the need is most urgent, and es- pecially for the movement of the crops, which, he says. If properly accelerated will give the greatest relief and result in the most immediate financial returns. The secretary calls attention to the alt tractiveness Of the bonds and es. difcates | as safe investments.
 Relief Measures.
 Secretary Cortelyou adds that these re- lief measures will enable him to meet public expenditures without withdrawing for that purpose any appreciable amount of the public moneys now depo, e,in na- tional banks throughout the coltor. Two treasury circulars. og,.l,f,iti,,g als for the issue 5f ponds and the othe ski ing for subscriptions to the certif ca tes, will be sent out under date of November IS. The bids for the bonds must be sub mitted to the treasury on or before No vember 30, 1907. Each bid should state the amount of bonds desired by the suo- scriber. whether coupon or registered, the price he is willing to pay, and the place where he desires to make payment, whether at the treasury of the United States or at the office of some of the as- sstant treasurers at New York, Balt- more Philadelphia, Boston, Chicago, St. Louis, Cincinnati. New Orleans or San Francisco. All bids should be addressed
 
 of loans and currency, and the envelopes inclosing them should be plainly marked Bids for Panama canal bonds."
 In his letter to Secretary Cortelyou ap- proving the treasury plans, President Roosevelt states that he has been as- sured that the leaders in Congress have under consideration a currency measure, which will meet in permanent fashion the needs of the situation, and which 1 yril1 he 1t n after Congress convenes two 'weelSs hence." The President also calls atten- tion to what is needed most at this time is that the people should realize how fundamentally sound business conditions in this country are. and how absurd it is to permit themselves to get into a panic and create a stringency by hoardng their savings instead of trusting perfect ly sound banks" The Presidents letter to Secretary Cortelyou, under date of November 17, was as follows:
 Presidents Letter.
 'The White House,
 "Washington, November IT, 1907. My Dear Cortelyou:
 q have considered your proposal. l ap- prove the issue of the $50,0OO,0Oe of Pan ana bonds which will be immediately available as the basis for additiopal cur rency. l also approve the issue of $l0O,- OO0,000 or so much as you may find neees- ary of $50 3 per cent interest bearing gov ernment notes, the proceeds of the sale of which can be at once deposited by you where the greatest need exists, and es- pecially in the west and south, where the crops have to be moved. q have assurance that the leaders of Congress are considering a currency Dill which will meet in permanent fashion the needs of the situation which I believe at I'll 6af to eress convenes two weeks hence. What is most needed just at present is that our citizens should realize how fun damentally sound business conditions in this country are, and how absurd It IS to permit themselves to get into a panic and create stringency py hoaruihs tileir savings instead of trusting perfectly sound banks There is not particle Of risk involved in letting business take It's natural course, and the people can help themselves and the country most by put ting back into active circulation the money they are hoardng. "The banks and trust companies are solvent There is more currency in the country today than there was a month ago, when the supply was ample. Fifty five millions in gold has been imported and the government has deposited an- other s6o,Oo.Ooo. These are facts; and l appeal to the public to cooperate with us in restoring normal business condi- tions.
 Government to Help. ssThe government will see that the peo- ple do not suffer if only the people them selves will act in a normal way. Crops are good and business conditions are sound. and we should put the money we have into circulation in order to meet the needs of our abounding prosperity
 There is no analogy at all with the way things were in 1893. On November % of that year there was in the treasury but $161 100000 in gold. On November 1s