The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1907-11-19
FINANCIAL LEADERS APPROVE
HIS RELIEF PLAN.
PUBLICATIONS. RECEIVED
People Want to Secure a Portion Of
Issue of Treasury Certificates Which
Will Be Made by the Government.
Plan Financial Legislation.

Washington. Nov. Is. S.-President
Roosevelt has been commended and
congratulated throughout the day on
the wisdom and ssuccess Of the finan-
.cisR relief measure launched yester-
day by the administration Many tel
egrams from all parts OF the country
have been arriving all day at the
White House, and after being read
by the president, have been referred
to Secretary Cortelyou at the treas
ury department. The callers at the
White Mouse, who have been numer-
GUS, have secured an opinion on the
optimistic side Of the situation.
The president was informed from
Buffalo that his letter expressing con-
fidence in the financial soundness of
the country had been printed in sew
eral languages in Buffalo and distrib-
uted among depositors, who were
making run on bank there, with
the effect Of checking the run.
Before the business of the treas
ury had ended today many applica-
tions arrived for the new certificates
of Indebtedness. The fiscal uses to
which these certificates may be put
will make the demand for them very
general. They may be registered in
the treasury and partake of the virtue
of a government bond and as such be
deposited as security for national
bank circulation or deposits. When
not registered, it is predicted, they
will circulate secretly as currency.
The interest on a $50 certificate will
amount to 121s cents month and a
holder may easily obtain credit for
the amount of interest he is entitled
to at his bank Assurance was given
today that the gold reserve of the
government was behind these certifi-
Gates and this fact, added to their in
teresting bearing feature, will make
them eagerly sought.
Financial Legislation Assured.
The hint contained in the presi-
dents letter that financial relief leg
islation was assured. resulted in
many inquiries during the day to de-
velop the exact situation. It is ad-
mitted that the president has consult
ed freely with the leaders of both
houses of congress by mail and in
person, but just what is the present
standing of the executive plans is
withheld. One point is certain. Ev-
cry senator and member of the house
of representatives who has called at
the White House during the financial
distress, has been free to say that
financial legislation would be the first
business of the next session of con-
gress.
The president has been seconded
by every comment today in his state
ment of the soundness Of the coun-
try's financial circumstances and that
the end of the financial furry has ar
rived. AS indicative of the state Of
mind in congress, it may be stated
that in gathering of six republican
senators, all of them expressed a
deep, decided opinion that some
financial legislation is necessary and
will be enacted during the approach
ing session of congress, but there
was much variance of opinion wheth-
er it could be done.
Applications for the new certia-
Gates reached the treasury in consid-
erable numbers this afternoon, but
no allotments have yet been made.