The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1907-11-20
THE FINANCIAL CONDITION

the solvency of our moneyed lnstl-
buttons. the severest panic the
world has ever experienced would
have prevailed, wrecking and col
lapsing moneyed institutions until
it had circled the globe. That a
general panic has been averted,
that money has returned to its cir
culating channels, that the abund-
ant harvests are to be speedily
marketed, is a forecast of renewed
prosperity. The National Govern
ment through the assistance of the
President has played conspicuous
part in restoring confidence, for
which the people should be thank
full. The Presidents letter to the
Secretary of the Treasury under
date of Nov. 18th. 1907:
The White House, Washington,
ID. c., Nov. 17.-Dear Mr.. Cor
telyou: | have considered your
proposal and approve the issue of
the fifty millions of Panama bonds,
which will be Immediately avail
able as the basis for additional cur
rency. | also approve the issue of
800. 900, 900 or so much as you
may find necessary of $50 B per
cent. Understanding Government
notes, the proceeds of the sale of
which can at once be deposited by
you where the greatest need exists,
and especially in the West and
South, where the crops have to be
moved. | have learned the leaders
of Congress are considering cur
rency bill which will meet in per-
manent fashion the needs of the
situation, and which | believe will
be passed at an early date after
Congress convenes two weeks
hence.
What is most needed Just at
present is that our citizens should
realize how fundamentally sound
business conditions in this country
are. and how absurd it is to per-
NIT themselves to get into a panic
and create a stringency by hoard
INC their savings instead of trust
ing perfectly sound banks. There
is no particle of risk involved in
letting business take its natural
course, and the people can help
themselves and the country most
by putting back into active circu-
lation the money they are hoard
ing. The banks and trust compa
MES are solvent. There is more.
currency in this country today
there was a month ago, when the
supply was ample. Fifty-hye mil
lion dollars in gold has been i'm
ported and the Government has
deposited another $50, 100000.
These are the facts, and | appeal
to the public to cooperate with US
in restoringnormal business condi-
tions. The Government will see
that the people do not suffer if
only the people will act in nor
NAL 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 Astounding pros
perity. There is no analogy at all
with the way things were in 1893.
On November 80 of that year there
was in the treasury but Sl61 ,000,-
900 in gold. On November ii of
this year there was in the treasury
1904, 900, 900 of gold. Ten years
ago circulation per capita was
S23.23. 1t is now S33.23. The
steps that you now take, the abil-
ity of the Government to back
them up, and the fact that not a
particle of risk is involved therein,
give the fullest guarantees of the
sound condition of our people and
the sound condition of our treas
ury. All that our people have to
do now is to go ahead with their
normal business in normal fashion