The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-11-19

Slrnrency DN huardlnE tnclr savings
instead Of trusting" perfectly sound
banks. - The president : letter TO
Secretary Cortclyo,l. under date Of
November II. 1907, follows:
"Thc White Mouse,
Washington. Nov. II, 1907.
"My Dear Mr.. Corlelyou:
"I have considered your propos-
al. | approve the issue Of the $780,
100000 Of Panama bonds, which will
be Immediately available rs the basis
for additional currency. | also APP
prove the issue of 800, 100000, or so
much as YOU may find necessary, Of
$50 3 per cent interest bearing gov
crnmcat notes. the proceeds Of the
sale Of wlrich can he al once deposit
ed by YOU where thc greatest need
exists. and especially in the west and
South where the crops have TO be
moved. | have assurance that the
leaders Of congress are considering Il
currency bill which will meet in per-
manent fashion the needs of the sit
uation and which | believe will be
passed at an early date after con-
eress convenes two weeks hence.
Country in Sound Condition.
"What is most needed just at
present is that our citizens should
realize how fundamentally sound
business conditions in this country
are, and how absurd it is to permit
themselves 10 get into panic and create
Il StrinYency by boarding. their saw
:m:s instead OF truSlin" perfectly
sound banks. There is no particle Of
risk involved in letting business take
its natural course. and the people
can help themselves and the country
most by putting back into active cir
culation the money they are hoard
ing. The banks and trust compan-
ir:r arc solvent. There is more eur
rcncy in lie country today than
there was a month AGO. when The sup
ply was ample. Fifiy-hvc millions Of
dollars in ~oll has Been imported
and The government has deposited
another 10000. 900. These are facts,
and | appeal to the public TO COOPER
ale with us in reStorin" normal busi-
ness conditions. The government will
see that the people do not suffer if
only the people themselves will act
il normal way.
"tropS are good and business con-
| litions are sound, and we should put
| the mrncy we have into circulation
in order to meet the needs Of our
abouldin" prosperity. There is no
analogy M all with the way things
| were in 1898. On Nov. 30 of that
year there WAS in the treasury but
| $l61 100000 in gold On November
as ct This year there was ilthc treas
ury *004 100000 of gold. Ten years
AGO the circulation per capita was
1923. 1t is now 1928. The steps
that vou now take, the ability of the
government to back them up and the
fact that not a particle Of risk is il
| volved therein, give the fullest GUAR
nntcc Of thc sound condition of our
people and the sound condition Of the
treasury. All that our people have
| to do now is to 90 ahead with their
normal business II a normal fashion.
and the whole difficulty disappears,
and this end will be achieved at once
| if each man will act as he normally
! does act and as tnc real conditions of
the country's business fully warrant
| his now acting.
Sincerely yours,
| (SiTncdD 'Thcodore Roosevelt.
"EIon. Geo. B. Cortclyou. Secretary
Of the Ircasury..'
Secretary .Cortelyou' Statement.
Upon receipt of President Roosc-
! vril' letter rf approval .oday. IN"
! following :,',tcmcnt wNS ,|%rcd by the
| secretary Of thc treasury:
"TE, available caSL balance Of the
treasury. amounting to H2l0.l5G,-
l3l .S5, is, with Tie exception Of Il
SmaD working balance. now on de-
pc%it IN national banks in every state
and territory in the union, thus place
jim" il where it can serve The needs Of
the ocoplc as far rs possible under
existing law.