The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1907-11-18
GOVERNMENT WILL
MAKE BIG BOND
ISSUE
In Relief Of Shortage in Money
Market.
TO PAYsFOR PANAMA CANAL.
viii Draw Out Millions Being Hoarded
BY People Who Distrust The
Banks


WASHINGTON, Nov. 1S.-Secretary
Cortelyou, with the approval of the
president, has announced an issue OF
Panama bonds to the extent of $50,
100000.
The treasury will also issue interest
bearing certificates of Indebtedness,
to run for one year, to the extent If
necessary of $1000O0,O00. This action
is the result of the series Of many
night conferences at the White House.
Fifty million dollars of the certifi-
in his discretion upon offers of sub
scriptions addressed to him, and the
remaining $50.000,000 will be allotted
through the several assistant treas
urers authorized to receive subscrip-
tons at the following points:
San Francisco. New Orleans, st.
Louis. Chicago. Cincinnati, Boston, Bal
timore, Philadelphia and New York
and through the treasurer of the Unit
ed States at Washington.
1t is expected that this will enable
the government to tempt from their
hiding places millions of dollars which
have been boarded by persons distrust-
full even of national banks.
In n letter to Secretary Cortelyou
President Roosevelt says:
"What is most needed just at pres
ent is that our citizens should realize
how fundamentally sound business
conditions in this country are and how
absurd it is TO permit themselves to
get into panic and create a stringen-
cy by boarding their savings instead
of trusting perfectly sound banks.
"There is no particle of risk involved
In letting business take its natural
course, and the people can help them
selves and the country most by put
ting back into active circulation the
money they are boarding. The banks
and trust companies are solvent. There
is more currency in the country today
than there was month ago, when the
supply was ample. Over $55,000,000
has been imported, and the govern
ment has deposited another $60.O00,000.
These are facts. and l appeal to the
public to cooperate with us in rest0r-
ing normal business conditions.
1.-The government will see that the
people do not suffer II only the peo-
pie themselves will act i'm normal
way. Crops are good and business
conditions are sound, and we should
put the money we have into circula-
ton In order to meet the needs Of
Astounding prosperity
The treasury circular inviting pro-
posals for Panama canal bonds reads
as follows:
"The secretary of the treasury offers
to the public $5O,OOO,O0O Of the bonds
of the Panama canal loan.
"The bonds will bear interest at the
rate of per cent per annum, will be
dated Aug. l, 1906, and the interest
will be paid quarterly on the first days
OF November, February, May and Au-
gust. They will be issued in denOmi-
nations Of $40, 500 and $1,000 Of cou-
pom bonds and of $50, 500, $1,000 and
$4,000 of registered bonds,
'They will be redeemable I'm United
States gold coin at the pleasure Of the
United States after ten years from the
date Of their issue and will be payable
thirty years from such date.
'They will be exempt from all taxes
or duties of the United States as well
as from taxation in any form by or
under state municipal or local authori.
ty. They will be available to national
banks as security for circulating notes
They will be receivable, like all other
United States bonds, as security fol
public deposits in national banks.
1.-THE law forbids their sale at less
than par and provides that all citizens
of the United States shall have equal
opportunity to subscribe therefor.
"In pursuance of the above an
nouncement the secretary invites bids
for the bonds heretofore described
which must be submitted to this de
partment on or before the Both Of No
vember, 1907"
Authority for such action is contain
ed in an almost forgotten section of the
revised statutes enacted for war reve
nue. purposes in 1898.
President Roosevelt called to the
White House Frank B. Kellogg, spe
cial counsel for the government in the
suit for dissolution Of the STANDARD
Oil company; Secretary Cortelyou
Postmaster General Meyer, Secretary
Garfield of the interior department ant
his own secretary. Mr.. Loeb.