St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1907-11-23
Panama Bonds to be Is
sued, and One-Year
Certificates.
Much Relief Expected to
Result from These
Measures.

CortIelyou tonight made the lmpor-
tant announcement that as o means Of
aHording relief to the financial situ&.
tion the Treasury would issue $50, ,000,-
900 of Panama bonds and @10O, 100000
certificates Of indebtedness, or 90 much
thereof es may be necessary. The GER
ti6cates will run for one year, and will
bear 8 per cent interest.
The Secretaey's action in coming to
she relief of the financial sitUstion
meets with President Roosevelt's hearty
approval, and the plan is the outcome
of the several White House conferences
which have been held within the past
few days, whom the financial situation
WAS under consideration.
Secretary Cortelyou says shat the
PanNna bonds will afford most sub
stantisl relief, Gs the Law provides that
they may be used Is basis for addi-
tionGl national bank circulation. He
also States that the proceeds from the
sale Of the certificates can be made di-
rectly available ct points where the
need 10 most urgent, and especially for
the movement Of crops, which, he GAYS,
''if properly accelerated, will give the
greetest relief and reuslt in the most
immediate financial returns" The
Secretary calls attention to the sttrac.
tiveuess of the bonds and certificates
as absolutely safe investments.
secretary Cortelyou adds that these
relief measures will enable him to meet
public expenditures without withdraw
ing for that purpose any appreciable
amount of the public moneys now de-
posted In national banks throughout
the country. Two Treasury circulars,
one inviting proposals for the issue of
bonds and the other asking for certil-
eates, will be sent out under date of
| Nov. 10.
In this letter TO Secretary Cortelyou
approving the Treasury plans, Presi-
dent Roosevelt states that he has
been assured that the leaders in Con-
gress have under consideration cur
rency measure (Which will meet In
permanent fashion the needs Of the
situation, and which, bslive, will be
passed st an early date after Congress
convenss, two weeks hence"
The Presidents letter 10 Secretary
Cortelyou, under date of Nov. II, fol-
lows:
"The White Houae,
"Wsshington, D. t., Nov. u, 1907.
"Ny Dear Mr.. Cortelyou-I have
considered your proposal. 1 approVe
the issue of the CSC, 1000, 900 of Panam1
bonds, which will be Immediately avail
able a. the basis for additional cur
rency. l also approve the issue OF
100000, 900 or 90 much as you may
And necessary, Of $50 per cent inter
est-bearing Government notes, the pro-
ceeds of the sale of which can be at
once deposited by you where the great.
est need exists, and especially in the
West and South, where the crops have
to be moved. have been assured that
the leaders of Congress are considering
O currency bill which will meet In per-
Mant fashion the needs Of the situation
and which / belisYe will be passed q
an early date after Congress convensl
two weeks hence.
"What is most needed just ut present
is that our citizens shoHld realize how
fundamentally sound business condi
tions in this country are and how
absurd it is to permit themselves to &c
into q panic and create stringency b.
hoardings, instead Of trusting perfectl.
sound banks. There 10 no particle o
risk involved IN letting business tax
its natural course, and the people cal
help themselves aud the country mos
by putting back into active circulation
the money they are boarding, Th
banks and trust companies are solvent
There lie more currency in the countr
to-day than there was o moRth ago
when the supply was ample. 955,0Oo,
600 in gold has been imported, and tn
Government has deposited anothe
&sO, 900, ,000. These are facts; and
appeal to the public TO cooperate wit
us IN restoring normal business condi
tions. The Government will see ths
that the people do not suffer, if th
people will act in normal way. Crop
are good and business condition or
sound, and we should put the none
We have into circulation in order
meet the needs of our aboundiug pro-
peritY. There 10 no analogy at all wit
the way things were in 1898. On Nov
80 of that year there was in the Treas
ury but $50, 600, 900 in gold. On No
II of this year there was in the Trea
ury 99O4, ZOO, 900 of gold. Ten yea
ago the circulation per capita WI
323.9S. It is now Sass. The steE
that you now take, the ability of tt
Government to back them up, and tt
fact that not Q particle OF risk is il
volved therein give the fullest guaral
tee of the sound condition of our PEI
pie. and the sound condition Of OF
Treasury. All that our people have
do now is to 80 ahead with their mol