The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-18
Will Extend Fur.
ther Relief to Financiers.
Fifty Millions in Canal Seeuri-
ties to Be Put Out.
3 PER CENT NOTES
To the Amount Of 500, ,OO0, 900
If They Are Needed.
They Will Run One Year From
Date of Issue.

Washington. Nov. 1S.-Secretary
Cortelyou has made the important an
nouncement that as a means OF afford
ing relief to the financial situation the
treasury will issue $50, 900 OF Pan
anna bonds and $100,0oo,000 oertih-
Gates of Indebtedness, or SO much
thereof as may be necessary. The GER
tihcates will run for one year and viii
bear per cent interest.
The secretary's action in coming to
the relief of the financial situation
meets with President Roosevelt's hear
ty approval, and the plan Is the out
come of the several White House con-
ferences which have been held within
the past few days when the financial
situation was under consideration
Secretary Cortelyou says that the
Panama bonds will afford substantial
relief as the law provides that they
may be used as a 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 especially for the
'1f properly accelerated will give the
greatest relief and result in the most
immediate financial returns"
The secretary calls attention to the
attractiveness of the bonds and GER
tificates as absolutely safe investments.
Secretary Cortelyou adds that these
relief measures will enable him to
meet public expenditures without
withdrawing for that purpose any ap-
preciable amount of the public moneys
now deposited in national banks
throughout the country. Two treas
ury circulars. one inviting proposals
for the issue Of bonds, and the other
asking for the certificates will be sent
dIIf Hof nf he
In his letter to Secretary Cortelyou.
approving the treasury plans, Presi-
dent Roosevelt states that he has been
assured that the leaders in congress
have under consideration a currency
measure (which will meet in perma-
snent fashion the needs of the situation,
and which believe VIII be passed at
an early date after congress conyenes
two weeks hence"
The president also calls attention to
what is needed most at this time is
that the people should realize how
fundamentally sound business condi-
tions in this country are, and how abb
surd it is to permit themselves to get
into q panic and create q stringency
by boarding their savings instead of
trusting perfectly sound banks"
The Presidents Letter.
The presidents letter to Secretary
''The White House. Washington. Nov.
1T. 1907.
"My Dear Mr. Cortelyou:
'I have considered your proposal
approve the issue of the fifty millions
of Panama bonds which will be imme-
diately available as the basis for addi-
tional currency. i also approve the
issue of 100, 100000 dollars, or so
much as you may find necessary Of
$50, three per cent interest bearing
government notes, the proceeds 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 the crops have to be moved. I
have assurance that the leaders of
are considering a currency
bill which will meet in permanent
which I believe will be passed at an
early date after congress oonvenos
two weeks hence.
What is most needed just now Is
that our citizens should realize how
fundamentally sound business condi-
tions in this country are, and how alb
surd 1t is to permit themselves to get
into a panic ana create a stringency by
boarding their savings instead of trust
Ing perfectly sound banks. There Is no
particle of risk involved in letting busi-
ness take its natural course and the
people can help themselves and the
most by putting into active CIR
culation the money they are boarding.
The banks and trust companies are
solvent. There Is more currency in the
today than there was month
ago. when the supply was ample Since
then $55,00o,o 900 in gold has been import
ed and the government has deposited
$60,000,000. These are facts,
and appeal to the public to cooperate
with us In restoring normal business
The government will see
that the people do not suffer, II only
the people themselves will act in q nor
nal 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
abounding prosperity.
There is no analogy at all with the
way things were in 1893. On November
10 of that year, there was in the treas
lry but $161 900 900 in gold. On Novem-
Der IA of this year there was in the
treasury $904, 900 in gold. Ten years
ago the circulation per capita was t23-23.
t is now s33 23. The steps that you now
pack them up and the fact that not a
particle of risk In involved therein give
he fullest guarantee OF the sound con-
iitions of our treasury. All that you
people have to do now is to go ahead
With their normal business in q normal
ashton and the whole difficulty disap-
pears and this end will be achieved II
lct, and as the real conditions of the
,ountry's business fully warrant his
low acting. Sincerely yours,
THEODORE ROOSEVELT"
Cortelyou's Statement.
Upon receipt of President RooseveIt's
etter of approval the following state
nent was issued by the secretary Of
he treasury:
The available cash balance of the
With the exception Of a small working
Valance now on deposft in national