The Ordway new era., 1907-11-22
L..reos ARE TO BE USED TO
BELIEVE THE FINANCIAL
SITUATION.
RESIDENTS LETTER
kuuray PROSPEROUS AND GOV.
e 7NMENT WILL NOT LET
THE PEOPLE SUFFER.

washington. on.-Secretary Cortelyou
nday night made the important an.
uncement that as n means OF afford
relief to the financial situation
treasury would issue $5O.O00.O 900
Panama bonds and 800. 100000 Ger.
cates OF Indebtedness. or so much
preof as may be needed. The Ger.
eates will run for one year and will
ar three per cent. interest.
The secretary's action in coming to
relief OF the financial situation
eets with President Roosevelt's
ary approval, and the plan is the
tcome OF the several White House
uferences which have been held
Thin the last few days when the Il.
lpcial situation was under discus,
pn.
Secretary Cortelyou says that the
kpama bonds will afford substantial
lief as the law provides that they
Nv be used as a basis for additional
iional bank circulation. He also
aies that the proceeds from the sale
certificates can be made decidedly
bailabe at points where the need is
ost urgent, and especially for the
pyement OF crops which he says III
pperly accelerated Will give the
eaiest relief and result In the most
bmediate financial returns" The sec
fary calls attention to the attrac.
seness OF the bonds and certificates
absolutely safe Investments.
The Presidents letter to Secretary
buelyou follows:
The White House. Washington.
bv. l7.-My Dear Mr.. Corteiyou: |
I've considered your proposal. | ap-
)oye the issue OF the $50.000,00 OF
mama bonds which Will be imme.
kiely available as the basis for ad.
fional currency. ! also approve the
sue OF 100000. 900. or so much as
Pa may find necessary. OF $50 three
cent. interest bearing government
pies. the proceeds Of the sale OF
hich can De at once deposited by
pu where the greatest need exists.
ID especially In the West and South
here the crops have to be moved.
have assurance that the leaders
Congress are considering n cur.
ncy bill which will meet In perma-
fnt fashion the needs OF the situa-
20, and which believe will be
used at nm early date after Con
ess convenes two weeks hence.
What is most needed Just now Is
Al our citizens should realize how
ndamentally sound business condi-
pms in this country are, and how
Psurd II is to permit themselves to
INTO panic and create a string.
Pcy by boarding their savings in.
links.
ihere is no particle OF risk In
PNed In letting business take its
,ural course. and the people can
up themselves and the country most
putting back into active circula-
ga the money they are boarding.
blvent.
mere is more currency in the
Puntry today than there was n month
~ when the supply was ample. Since
" so5,OOO,O00 In gold has been i'm.
P1,ed and the government has de-
fs,.ed sm, already 100000. 900.
inese are facts and appeal to
paoiic 10 cooperate with us in
s"rlhg normal business conditions
E' government will see that the peo-
10 not suffer. II the people them.
||rss .ca VIII act In normal way.
,srops are good and business con.
|sVns are sound. and we should put
y money We have into circulation at
y -. 70 meet the needs of our abound.
= mosperity. There Is no analogy
les ~ with the way things were in
' 'ss. oh November Both OF that year
n M ooo was In the treasury but $751;.
'S''vv 4. In gold. On November 14th Of
NJ y, yea year there was in the treasury
s'yvO.oOo \ In gold. Ten years ago
4 ., circulation was $23.23; 1t is now
MI me steps that you now take. the
S en- VI the government to back
rt,,,p M up' and the fact that not a
re e',e y. OF risk is involved therein,
ma mn 'ne fullest guarantee of the
ma condition Of our people and the
aAi, ohditions Of our treasury.
n mat our people have to do now
A. eo ~ ahead with their normal busi-
,o,o ~ "a a normal fashion and the
il h, uiicuity disappears; and this
ho W achieved II each man will act |
II o,a ,normally does act, and as the
II Is"n,,ditions s.,,, Of the country's bust.
WY ..Ss warrants his acting.
Sincerely yours.