The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-11-19
s15O,OO0,OOO FOR RELIEF.
Government to Issue Bonds and
Certificates to Relieve Financial
Situation.


ant announcement that, as a means
Of affording relief to the financial
situation. the treasury would issue
S5O,OOO.O0O Of Panama bonds and
$100,0OO,00O certificates Of indebted
ness, or so much thereof as may be
necessary. The certificates will run
for one year and bear per cent IN
terest.
The secretary's action in coming to
the relief Of the financial situation
meets with President Roosevelt's
hearty approval, and the plan is the
outcome of several White House con-
ferences which have been held with
in the past few days when the finan-
cial situation was under considera-
ton.
Secretary Cortelyou says that the
Panama bonds will afford most sub
stantial relief, as the law provides
that they may be used as basis for
additional bank circulation. He also
states that the precoods from the sale
Of the certificates can be made direct
" available at points where the need
is most urgent and especially for the
movement of the crops, which 'he
says :'if properly accelerated Will
give the greatest relief and result in
the most immediate financial re-
turns The secretary calls attention
to the attractiveness Of the bonds
: and certificates as absolutel y safe III
vestments.
Proposals Asked For.
Secrtary Cortelyou adds that these
relief measures will enable him to
meet public expenditures without
Withdrawing fdr that purpose any
appreciable amount of the public
moneys now deposited in national
banks throughout the country. Two
treasury circulars, one inviting pro-
posals fer the issue Of bonds and the
other asking for subscriptions to the
certificates Will be sent out under
date Of Nov. Is. The bids for the
bonds must be submitted to the treas,
ury on or before Nov. 30, 1907. Each
bid should. state the amount OF bonds
desired by the subscriber, whether
coupon or registered, the price he IS
willing to pay aid the place where
he desires to make payment. whether
at the treasury Of the United States
or the Office Of some Of the assistant
treasrrers at New York, Baltimore,
Philadelhia. Boston, Chicago, St.
Louis, Cincinnati, New Orleans or
San Francisco. All bids should be ad-
dressed to the secretary Of the treas
ury, division Of loans and currency,
and the envelopes inclosing them
should be plainly marked, "bids for
Panama canal bonds.''
The certificates of indebtedness
will be issued in denominations OF
$50. They will be payable to bearer;
will be dated November 20, 1907,
and will bear interest at the rate Of
3 per cent per annum, payable with
the principal sum on and after No.
vember 20, 1908, on presentation OF
the certificates for redemption at the
Office Of the secretary Of the treasury,
division of loans and currency.
Subscriptions will be received by
the sec, .tai'y Of the treasury direct
or through the treasurer Of the Unit
ed States and the assistant treasur-
ers l:ca,2d at New York. Baltimore,
Philadelphia, Boston. Chicago, St.
Louis. Cincinnati. New Orleans and
San Francisco, beginning on Novem-
be- y atI> continuing at the dlScre-
item OF ihe secretary Of the treasury.
Presidents Letter Of Approval.
In his letter to Secretary. .Cortti lou
approving the treasury plans, PreSl-
den, Roosevelt states that he has
terr assured thai the leaders t. con-
zlta> nave under consideration u ca1-
rencx measure ''whieh will meet IN
permanent fashion the needs OF The
situation and which I believe will be
passed at an early dao after co'l-
pre<s r~nvr~'a two weeks hence.
TIE president also Gals attention
to what is needed most at thlS time
is that the people should "re"ize
how fundamentally sound business
conditions in this country are, and
how absurd it Is to permit themselves