The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-11-19


instead Of trusting perfectly sound
banks" The presidents letter to
Secretary Cortelyou. under date OF
November II. 1907, follows:
''The White Mouse,
:'Washinyton. Nov. II, 1907.
MY Dear Mr.. Cortelyou:
IT have considered your propos-
al. I approve the issue Of the $780,
100000 of Panama bonds. which will
be Immediately available as the basis
for additional currency. I also ap-
prove the issue Of $100,000Go0, or so
much as YOU may find necessary, of
$50 3 per cent interest bearing gov
ernment notes. the proceeds of the
sale Of which can be at once deposit
ed by YOU where the greatest need
exists. and especially in the west and
South where the crops have to be
moved. I have assurance that the
leaders of congress are considering a
currency bill which will meet in per-
maaent fashion the needs Of the sit
uation and which I believe will be
passed at an early date after con-
gress convenes two weeks hence. !
Country in Sound Condition.
"What is most needed just at
present is that our citizens should
realize how fundamentally sound
business conditions in this country
are, and how absurd it is to permit
themselves TO get into panic and create
stringency by boarding their say
;nss instead of trusting perfectly
sound banks. There is no particle Of
risk involved in letting business take
its natural course, and the people
can help themselves and the country
most by putting back into active cir
culation the money they are hoard
inc. The banks and trust eompan-
iesc are solvent. There is more cur
rency in the country today than
there was a month ago, when the sup
ply was ample. Fifty-fve millions OF
dollars in gold has been imported
and the government has deposited
another $60,0OO,O00. These are facts,
and I appeal to the public to cooper
ate with us in restoring normal busi-
ness conditions. The government Will
see that the people do not suffer 1t
only the people themselves will act
il normal way.
"Crops are good and business con-
ditions are sound, and We should put
the money We have into circulation
in order to meet the needs of our
abouading prosperity. There is no
analogy at all with the way things
we're in 1898. On Nov. 80 Of that
year there was in the treasury but
Sl61,OOO.0OO in gold. On November
Is cf this year there was ilthe treas
ury 1904, 100000 Of gold. Ten years
ago the circulation per capita was
$23.23. It is now S33.23. The steps
that you now take, the ability Of the
government to back them up and the
fact that not a particle Of risk Is IL
volved therein, give the fullest guar
antee Of the sound condition Of our
people and the sound condition of the
treasury. All that our people have
to do now is to go ahead with their
normal business IL a normal fashion
and the whole difficulty disappears,
and this end will be achieved at once
if each man will act as he normally
does act and as the real conditions Of
the country's business fully warrant
his now acting.
"Sincerely yours,
(Sioned) "Theodore Roosevelt.
"Hon. Geo. B. Cortelyou, Secretary
of the Treasury
Secretary .Cortelyou's Statement.
Upon receipt Of President Roose-
vc?t:S letter cf approval Today. he
following statement was .:~''ed by the
secretary OF the treasury:
"TG, available ca>L balance Of the
treasury. amounting TO S24O.l36:-
1875. is. with the exception Of a
Sr;aji working balance. ROW on de-
Dcsit IN national banks il every state
and territory in the union. thus plac-
in" il where il can serve tie needs Of
the 3eoo!e as far as possible under
vx;~tiu@ law.
THE secretary of the treasury,
with The approval + t:ie president,
i,,, s1,nnrnccI IN ;<S.... Hf Panama