Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-11-18
Pre.id.nt RooseveIt's Letter.

President Roosevett's Letter.
4 Washington, Nov. 18.-The govern
,nent announced last night the issu-
ance Of $4,000, 900 of 2 per cent Pan
anna canal bonds, and Of treasury GER
ltificates Of indebtedness to such IN
amount as may be necessary up te
500, 100000 to meet emergencies. The
certificates will bear per cent inter-
est and run for one year.
A public statement from Secretary
of the Treasury Cortelyou and an oper
letter to him from President Roose-
Welt lifted the veil Of the administra-
tons plans for restoring confidence to
the banking world and relieving the
financial stringency that has prevailed
for the last few weeks. At the same
time great weight has been lifted
from the business and Industrial inter-
ests Of the country, The mighty re-
sources Of the governments Re pledged
TO maintain the integrity Of the ma
tion's financial system, and the honor
Of the government is pledged to pro-
tect the interest OF all people In the
words of the president:
The White House, Washington,
Nov. II. Ny Dear Mr.. Cortelyou:
have considered your proposal.
approve Of the fifty millions of
Panama bonds. which will be Inn
4 mediately available as the basis for
additional currency. also approve
the issue Of 100000, 900 oriso much
as you may find necessary, Of $50
per cent interest bearing govern
ment notes, the proceeds Of the
sale Of which can be at once depos-
tied by you where the greatest
& need exists, and especially In the
west and south, where the crops
have to be moved. have ass,lr..
ance that the leaders of congress
are considering currency bill
which will meet In permanent
fashion the needs Of the situation,
and which believe will be passed
at an early date after congress
convenes two weeks hence.
What 10 most needed just at
present is that our citizens should
realize how fundamentally sound
business conditions in this country
are, and how absurd 1t is to permit
themselves to get into q panic and
create a stringency by boarding
their savings instead Of trusting
perfectly sound banks.
There iss no particle Of risk in
volved in letting business take it's
natural course. and the people can
help themselves and the country
most by putting back into active
circulation the money they are
boarding.
4 The banks and trust companies
are solvent. There is more cur
rency in the country today than
there was month ago, when the
supply was ample. Fifty-five mill
lion dollars in gold has been i'm
ported and the government has de-
posted another $60,00,000.
These are facts; and appeal
to the public to cooperate with
us in restoring normal business
conditions. The government will
: see that the people do not suffer
if only the people themselves 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
4 abounding prosperity.
There is no analogy at all with
the way things were in 1898. On
Nov 80 Of that year there was in
the treasury but $16,O00,O00 in
GOLD. On Nov IA of this year
there was in the treasury $780,
100000 of gold. Ten years ago
circulation per capita was $2a.23.
It is now 1928.
The steps that you now take
! the ability of the government to
Nark them up. and the fact that