Rocky Ford enterprise., 1907-11-22
CANAL BONDS
WILL Be SOLD
PROCEEDS ARE TO De USED TO
RELIEVE THE FINANCIAL
sirUArIoN.
PRESIDENTS LETTER
COUNTRY PROSPEROUS AND GOV.
ERNMENT WILL NOT LET
THE PEOPLE SUFFER.

washington.-Secretary cortciyou
Sunday night made the Important an
nouncement that as n means of AFFORD.
ing relief to the financial situation
the treasury would Issue S5o.O00.00o
OF Panama bonds. and 100000. 900 Ger
tificates Of Indebtedness. or 10 much
thereof as may be needed. The Ger.
tificates will run for one year and will
bear three per cent. interest.
The secrctary's action In coming to
tho relief Of the financial situation
meets with President Rooseveit's
hearty approval. and tho plan is the
outcome OF the several White House
conferences which have been held
within the last few days when the n.
nancial situation was under discus.
sion.
Secretary cortciyou says that the
Panama bonds will afford substantial
relief an the law provides that they
may bc used as basis for additional
national bank circulation. He also
states that the proceeds from the sale
Of certificates can be made decidedly
available nt points where the need In
most urgent. and especially for the
movement Of crops which hc says ''if
properly accelerated will give the
greatest relief and result In the most
immediate financial returns" The sec.
rctnry calls attention To the atirnc.
Sivcncss OF the bonds and certificates
IN absolutely safe Investments.
The Presidents letter to Secretary
Cortciyou follows:
''Thc White House. Washington.
Nov. i7.-My Dear Mr. Cortclyou:
have considered your proposal. ! MP.
prove the Issue OF tho 9s0.00o.ooO Of
Panama bonds which will be immc-
dinicly available M the basis for nd.
ditionnl currency. ! also approve the
issue Of &ioo.o00.0o0. or 50 much Ms
YOU may IND necessary. OF $50 three
per cent. interest bearing government
notes. the proceeds OF the sale ot
which can be nt once deposited by
you where the greatest need exists.
and especially In the West and South
where the crops have To be moved.
II have assurance that the leaders
OF Congress- nrc considcrin. a cur
rcncy bill which will meet In pcrma-
ncnt fashion the needs Of the situa-
tion, and which believe will bc
passed Mt nm carly date after Con.
Ercss convcncs two weeks hence.
what IL most needed Just now is
that our citizens should realize how
fundamentally sound business condi.
;ions In this country arc. and how
absurd II IN to permit themselves to
get into panic and create n string.
cncy by boarding their savings In.
stead OF trusting perfectly sound
banks.
There is no particle of risk In.
volvcd In letting business take it's
natural course. and the people can
help themselves and the country most
by putting back into active circuia-
tion the money they nrc boarding.
Tho banks and trust companies are
solvent.
There is more currency in the
country today than there was n month
ago. when the supply was ample. Since
then $55.O00.O00 in gold has been i'm
ported and the government has de-
posted already $Go.000.00O.
These are facts and I appeal to
the public TO cooperate with us In
restoring normal business conditions.
Tho government will see that the peo.
pie do not suffer, II the people them.
selves will act in n normal way.
Crops are good and business con-
ditions arc sound. and VIC should put
tho money We have into circulation at
once to meet the needs OF our abound.
ing prosperity. There is no analogy
at all with the way things were in
1893. On November 30th of that year
there was in the treasury but s16l.-
900. 900 In gold. On November 18th of |
this year there was In the treasury
1904. 100000 in gold. Ten years ago |
the circulation was $23.23; It is now
1928.
1.-THE steps that you now take. the |
ability Of the government to back |
them up. and the fact that not n
particle Of risk Is involved therein.
give the fullest guarantee of the |
sound condition OF our people and the |
sound conditions OF our treasury.
'All that our people have to do now |
is to go ahead with their normal busi- |
ness in normal fashion and the |
whole difficulty disappears: and this |
will be achieved II each man will act |
as he normally does act, and as the |
real conditions OF the country's bust.
ness fully warrants his acting.
Sincerely yours.
"PRESIDENT ROOSEVELT"