The Washington times., 1907-11-18

Inspiring and startling Is the plan
for relieving the financial stringency
which as the result OF three days OF
conferences eliminated late Sunday
night In the announcement made by
Secretary Cortelyou. coupled with an
appeal TO the American people by Presi-
dent Roosevelt.
A mOmentous plan for restoring pub
lie confidence in which the Federal Gov
ernment takes the lead. involving the
issuance Of Treasury certificates
amounting TO 500. 900 900 and the offering
OF Panama canal bonds amounting to
S5O,0O0.000 was made public by the Sec
retary OF the Treasury last night With
the announcement was sent word TO the
country from the President that every
thing is all right, that it is the duty OF
every one to get over his fear and re-
sumo business, and that no man who is
patriot viii longer hoard his resources.
Raises Money for Banks.
The public is expected to invest in the
Treasury certificates, which run a year
and bear g per cent interest This
r7oney, when 1t reaches the Treasury,
can be deposited in the banks, and then
The Government and not the banks Will
Oe responsible to those making the
iOsns. In this way an object lesson IN
confidence in the financial institutions
OF the country is given by Mr.. COrtei-
you If the public does not want ali
the Treasury certificates they can be
taken by the banks and used as reserve.
The banks are expected 20 buy the
Panama canal bonds. The last issue Of
tEese bonds was one OF S3UOCOOOO and
they We're sold as high as I04, although
bearing only ? per cent.
CortelyOu Found Solution.
To Secretary Cortelyou alone is at
tTiDUted the discovery of the hitherto
unused provision of the war revenue
law of June 13, 1S9S, whereby the Gov
eInment Is enabled to float a maximum
OF $100,0O0.0O0 per cent certificates OF
Indebtedness, the proceeds Of which will
be deposited in the national banks Of
the South and West, to relieve the pres
ent money stringency and facilitate the
movement of the crops.
Most Of that law has been repealed.
bat, strange TO say, section 30, the only
one TO; repealed. and the only one of
which the Government had never
awaited itself. stin remains on the
statute books.
After his discovery the Secretary went
10 New I N4 a last WEEh dAltA GOAAFELtU
with several leading fnanciers. They
gave their unqualified indorsemnt of The
plan and expressed confidence that 1t
would accomplish the results desired.
Following this. there were daily CON
fereuces al the White House between
cne President and various members Of
the Cabinet The COrtelyOu plan was
speedily approved. The only question
was whether or not the President should
make public a personal statement in
connection with It's PRONUNCIATION.
Root Prepared Letter.
Secretary Root, upon whose advice
the President has been relying 10 a
great extent in the recent crisis, ad-
vOcated "A statement from the President
that would tend to reassure the public,
and release from safe deposit boxes the
large amounts OF currency that had re-
Gently beCn Withdrawn from the banks.
III fact. IL Is understood that the
President intrusted largely to Root the
preparations of the open letter 10 Sec
retary Cortelyou. signed by the Presi-
dent. which was given 70 the press last
night
Expect Eager Response.
II is the expectation Of the Admins
tradon that the certificates proposition
win meet with a direct response from
tEe people. In view OF this arrangements
have been made 10 issue temporary re-
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