The evening star and Newark advertiser., 1907-11-18


wrote a letter to Secretary cortelyo
(Which is printed on page l Of tn
EVENING slTAFl, in which heck
pressed his belief that the means
relief ought 70 prove efficacious- Late
Secretary Cortelyou issued the follow
ing statement:
grhe ayailabla cash balance of the treas
ury, amounting TO $40 156, ,4S1.S5, Is, wit
the exception of a small working balance
now on deposit IN national banks IN ever,
State and Territory in the Union, thu
placing it where it can serve the need
of the people as far as possible under ex
listing law.
: The secretarY. Of the Treasury, with tR
approval of th8 President, has announces
an issue of Panama bonds to the exten
of S50,OO0000 He has also, with the ap
proval of the president, availed himsel
Of certain provisions of the law applicabl
TO the transactions of the treasury in time
of emergency. These provisions are con
tanned in section 50 Of the act of June IL
s 1898. authorizing the issuance of interest
for one year. Certificates bearing pc
cent interest will be issued to the extent
II necessary. of $100. 100000
The Panama bonds win serve as a meas
ure Of most substa ntial relief, for, amone
other things, the law expressly provides
that they may be used as a basis for ad
dit1onal national bank circulation.
The proceeds Of the sale of certificates
provided for under the above section car
be deposited almost simultaneously with
their purchase, and can be made directly
available at points where the need is mos
urgent, and especially for the movement
of tine crops, which, " properly accelerated
will give the greatest relief and result In
the most immediate financial returns.
Secretary of the Treasury will be made
with special reference to such use.
Both the bonds and certificates are at
tractive as absolutely safe Investments
+ rvfH other things
enable the Secretary OF the Treasury to
meet public expenditures without with
drawing for that purpose any appreclapie
amount of the public moneys now depos-
tied in national banks throughout the
country.
The official circular dated today. in
yiting proposals for Panama Canal bonds,
is as follows:
Treasury Department. Office of the Secre-
Washington, Nov. 1s.. 1907.
The Secretary Of the Treasury oilers 70
the public s50000,000 of the bonds OF tne
Panama Canal loan authorized by section
OF the act approved June Is, 1902. and
supplemented by section ] Of the act OF
December 81, 1905. Both acts are quoted
below. a.. o4o
of 2 per cent per anrHm; will be dated
August l. 1906 and the interest Will pe
paid quarterly, on the first days or NO
vember, February, May and Angussts; COO iRyy e1nS
and 81, 600 of coupon bonds. and of $40 Sl0O.
81, coo and $4,000 of registered bonds. Iney
will be redeemable in United States golu
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. =,
duties of the Urdted States. as well as
from taxation in any form by or under
State, municipal or local authority.
They will be available to national banks
as security for circulating notes upon the
game terms as the per cent, consos OF
1880, to wit The semi-annual tax upon
circulating notes based upon the said bonds
as securities will be one-fourth or l per
cent They will be receivable like all
other United States bonds as securities for
public deposits in national banks.
The law forbids their sale at less tnan
par and provides that all citizens Of tho
United States shall have equal opportunity
to subscribe therefor.
In pursuance of the above announcement
the Secretary invites bids for the bonds
heretofore described, which must be sub
mitted to this department on or before the
Goth Of November, 1907 each bid should
state the amount Of bonds desired by the
. subscriber, whether coupon or registered,
the price he is willing to pay aud the place
where he desires to make payment
whether at the Treasury of the United
States or at the office of some one of the
more, Philadelphia, Boston, Chicago. st.
Louis, Cincinnati New Orleans or san
Francisco.
All bids should be addressed to the Sec.
retary of Treasury Division OF Loans ana
Currency, and the envelopes inclosng
them should be plainly marked: Bids for
Panama Canal Bonds.
Upon receipt and classification Of the bids
hereby invited the successful bidders Will
be advised of the acceptance Of their bid,
and they will be instructed as to the date
upon which payment is desired to be made
at the Treasury or some sub-treasury OF
the United States.
In considering bids the bidders offering
the highest prices will receive the first al
1otments. OF two or more bidders offering
the same price those asking for the smaller
amounts of bonds Will receive priority m
allotment. The department reserves the
right to permit bidders offering the highest
prices to increase the amount OF their pur-
chases.
For the sake of uniformity the bonds
will be dated August /, 1906. which is the
date Of the outstanding Panama Canal
bonds. but interest on the bonds OF tnts
issue will begin November l. 1907, and bid
dere will be required to pay accrued in
terest ON their bonds from that date 70
the date of payment.
The department also reserves the right
to reject any or all bids If deemed to be
to the interest OF the United States Sc
to do.
upon receipt OF payment thereafter.
Prospective bidders desiring Information
not connected in this circular may address
the Secretary of the Treasury, Division OF
Loans and Currency, Washington, d. c.
the Assistant Treasurers at Chicago. st
Louis, New Orleans or San Francisco.
GEORGE B. fCORTELYOU.
Secretary.
The Secretary's circular inviting sub
scriptions to the per cent certificates Il
as follows:
Treasury Department, Office of the Secre
tary.
Washington, Nov. 49, 1907.
The Secretary Of the Treasury offers L
the public at par and accrued interest from
November 20, 1907, 800, 900, coo of the certih
Gates OF indebtedness authorized by section
SO of the act Of June 49, 1898.
The certificates will be issued in de
nominations of $50 They will be payable
to bearer: will be dated November 20
1907, and will bear interest at the rate Of
3 per cent. per annum, payable with tn,
principal sum on and after November 20