The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-19
SPANISH WAR
REVENUE ACT
Certificates Authorized by Law
Approved June IS, 1898,
but Never Made Use Of.
CANAL BONDS IN TREASURY
TALK OF CURRENCY LEGlSLA-
TON IN WASHINGTON.

+%<AA@%%&&kAA%A%%%%@%@&S%@
= Washington. Nov 1S.-The law \
= comforting on the secretary the =
right to issue treasury certificates =
= is in SECTION 80 of the Spanish war :
= revenue act, approved June Is, =
\ 1898. =
The authority so conferred was :
= not made use of during the Span =
y ish war, but its legality in the :
= present situation is not questioned =
= by the law officers of the govern =
= ment who have for several days >
y given the matter close scrutiny. =
The Panama canal bonds are in =
y the treasury vaults and will be =
y ready for distribution Immediately =
= on the acceptance of the bills af- =
= ter Saturday, November 80.
%@+<%~%~%<+%A %%%+%
Washington, Nov 1S.-President
Roosevelt has been commended and
congratulated throughout the day on
the wisdom and success of the financial
relief measures launched yesterday by
the administration. Many kilograms
from all parts of the country. includ-
ing New York, Chicago and other large
cities, have been arriving all day at
the White House, and after being read
by the president have been referred TO
Secretary CortelyOu at the treasury de-
partment. The callers at the White
House, who have been numerous, have
each added an opinion on the optimis-
tic 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 several
languages in Buffalo and distributed
among depositors who were making a
run on a bank there, with the effect
of checking the run.
Many Applications.
Before the business day of the treas
ury had ended many applications ar
rived for the new certificates of in
debtedness. The fiscal uses to which
these certificates may be put viii make
the demand for them very general, &C
cording TO the opinion of experts in
the department They may be regis
tered 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, IL is predicted
they will circulate secretly as cur
rency. The interest on a $50 certificate
will amount TO u 10 cents a month,
for the amount of interest he is en-
titled 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
terest- bearing feature, will make them
eagerly sought.
The hint contained in the presidents
letter that financial relief legislation
was assured, resulted in many inquiries
during the day to develop the exact
situation. 1t is admitted the president
has consulted freely with the leaders
Of both houses of congress, by mail and
IN person, but just what is the present
status of the legislative plans is with
held. One point of unanimity is GER
tain. Every 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
congress. Beyond this point the unan-
unity has ceased, and many men have
proposed plans.
Variance of Opinion.
The president has been heartily sec
Onded by every comment today in his
statement of the soundness of the coun-
try's finances and that the vanishing
point Of the financial furry has ar
rived. AS indicative of the state of
mind in congress it may be stated that
I'm a gathering Of six Republican sena-
tors, Messrs. Foraker, Lodge, Warren,
Scott, Buckley and Warner, all of
them expressed the decided opinion that
some financial legislation is necessary
and will be enacted during the ap-
preaching session of congress, but there
was much variance of opinion as TO
what could or should be done. No
Democratic senators were present, and
consequently there was no opportunity
of securing the Democratic view at that
time. IN the house there is a DISPOSE
ton to demand that the fnanciers reach
an agreement before asking congress
TO act. The general impression there,
as in the senate, is that there should be