The Greenville journal. [volume] (Greenville, Ohio) 1850-1918, 1907-11-21
KEEPSHISPROMISE
TOFURNISHR RELIEF
CREDIT OF THE UNITED STATES
EXTENDED TO RELIEVE FL
NANcIAL SITUATION.
ONE-YEAR NOTES TO
LIMIT OF $Ioo,ooo,ooo
Will Be Issued, While $5o,ooo,ooo In
Panama Bonds Are Also offered
Presidents Letter Written in Most
Earnest Tones.

Washington, Nov. 1S.-In order to
restore normal conditions in business
and financial circles the secretary OF
the treasury has decided to issue
$5C,OOO,000 of per cent Panama canal
bonds $l00,OO0,000 of per cent inter.
est bearing United States notes, or as
large percentage of that amount as
he may deem it necessary to the anne.
llorati0n Of the present situation.
The Panama bonds will be disposed OF
to the highest bidders and beyond all
doubt will bring premium, inasmuch
as they may and will be used as basis
OF additional circulation by national
banks.
The government notes, or certiti.
Gates OF Indebtedness, Will be allotted
at par among the public as rapidly as
the money is paid over. They will be
redeemed in year, while the Panama
redeemed in year, while the Penema
from the date of issue and payable in
80 years.
Announcement concerning the two
issues was made Sunday night. Ac.
companying Cortelyou's invitation of
proposals is letter addressed to him
by the president, cordially approving
both eXpedientS and eXhOrting the pep
pie of the country to recover from
their apprehension and assist the ad.
ministration in restoring confidence.
The presidents letter is written IL
his most earnest tone and is designed
to convince the public that there is nc
ground for alarm-much less than
panic. 1t directs attention to the fact
there is no analogy between conditions
to-day and those of 1898, when the na-
tiCn entered upon its last period of de-
preston; that the per capita circula-
ton has increased $40 since then and
that our prosperity is on too sound a
basis to be turned into adversity.
That Secretary Cortelyou had vir-
tually concluded to issue $50,000,000 |
Of Panama bonds was known two days |
ago, and his announcement on this |
score has been discounted, so to speak, |
but it will be a surprise to the country |
that unusual eXpcdient of issuing
$780, 100000 Of United States notes had |
been decided upon, although vague |
rumors had been afiOat that something !
out of the ordinary was also in con-
temptation.
However this second proposition
should not, and probably will not,
astonsh men familiar with the finan-
cial situation the country over for the
reason that they realized, as did Sec
r'Sts-,sI, ga teaagi~l, that the canal, bond !
issue W0dld not fully solve the prob
lem with which the business interests
are confronted. What is needed most
to relieve the strain is more circulat-
ing medium, and the certificates of
Indebtedness will supply the demand.
whereas the proceeds from the sale of
bonds would fall short.
The administration moreover, is re-
lying upon the good sense of the peO-
pie, who have placed their money in
hiding and also upon such banks as
ere holding tight to theirs, to replace
millions in the channels Of
trade.
The United States notes are to be
issued under authority of the law of
congress of June IS, 1898.