The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-11-18
BOARDING
OF MONEY
NEAR END
Treasury Measures Relied
on to Pit Stop to Cur
rency Conditions.
CASH TO CONE At ONCE
CASH TO COME At ONCE
Issue of $lOO,OOO,OOO Interest,"
Bearing Certificates and S5O,-
100000 Panama Canal Bonds
Calculated to Restore
Confidence Completely.

NEW YORK, Nov. 1s.--Bankers. cap
italists and tinanciers here generally
approve the action of Secretary CorteI-,
you in issuing $4,000. 900 of Panama
bonds and $100O0O000 of certificates of
Indebtedness. for the relief of the flnan-
cial stringency.
The issue of temporary receipts, it is
expected, will immediately relieve the
currency scarcity and Danish the pre-
MUM on cash. The putting out of
this government security in small de-
nominations is a good move, 1t is be-
lieved, as it will attract from its hid
ing places much of the currency which
has been taken out of circulation by
timid bank depostors.
One suggestion as to the effective use
to which the new issue may be put
was made by an international banker.
He expressed the opinion that a large
proportion of the new bonds would ffnd
their way to France, and in exchange
we would get some of the millions OF
French gold which the Bank Of France
has already expressed its willingness
| to allow to flow towards these shores,
provided it had some sort of govern
ment guarantee of its security.
Some of the favorable expressions re-
garding the govornEnent's action foi--
low:
Leslie NJ. Shaw, president of the Car
negie Trust Company and ex-Secretary
of the Treasury: II thoroughly approve
of both measures and expect most benz
ehcial results therefrom-"
| Frank A. Vanderbilt, vice-president
of the National City Bank: II regard
the action as admirable, and believe
that 1t fully meets the necessities of
the present situation 1t ought to cause
an immediate disappearance Of the pre-
mium on currency. The main relief
win come from the short-term notes" "
Paul Morton, PRESIDENT of the Equital-
BILE Life Assurance Society: 1T viii
have a very healthful effect"
]. Edward Simmons, president of the
Fourth National Bank: "It can hardly
fail to bring a much-needed financial
relief"
William A. Nash. president of the
Corn Exchange Bank: "The action of
Secretary Cortelyou viii not only do a
great deal of good here in the present
financial stringency, but it will tend
to establish American credit upon a
hrmer basis in England, France and
Germany, showing as 1t does that we
are willing and able to handle the situ-
alton here at home through our own
government"
| WASHINGTON, Nov. 1S.--Ihe meas
ures of financial relief determined on
by the administration are the outcouae
of much deliberation on the part OF
the President and Secretary Cortelyou.
who did not hesitate to take
advantage of the advice of some meTn-
bers Of the cabinet and leading finaTa-
ciers. There is very hopeful, in fact
a confident. feeling in the official circles
most concerned that no further steps
will be necessary to bring about res
toration of normal conditions.
The Panama bonds viii bear interest
at the rate of per cent, from August
1, 1906. They will be issued in denomi-
nations of $40, 800 and $1,000 OF coupon
bonds and OF $40, 800, $1,000 and 10000
of registered bonds. They will be re-
deemable at the government's pleasure
after ten years and payable thirty years
from their date. Proposals for their
purchase must be submitted before No
vember 30.
The per cent certificates Of indebt-
edness will be issued in denominations
of $50, made payable to bearer, and will
be dated November 20, 1907. They may
Dc presented lOF pdyDtS1ll at duy lA4AA9
within the year from the date Of issue.
OF these certificates $50. 100000 will be
allotted by the Secretary of the Treas
ury and the remaining $50, 100000 VIII
be allotted through the Assistant Treas
urers of the United States and the
Treasurer of the United States
In considering ways and means to re-
lieve the financial stringency Secretary
Cortelyou and those with whom he con-
ferred were actuated by the conviction
that the main thing to be accomplished
was to restore confidence They felt
that temporary relief would not meet
the issue: some action must be taken
which would demonstrate to the people
that business and financial conditions
were sound and that there was no real
warrant foT supposing that hard times
were Inevitable
When the virtual determination TO iS-
sue $50, ,000. O00 in Panama Canal bonds
was reached 1t was felt that this action
would not be sufficient to give the
banks and the people the degree Of con-
fidence required to make them under
stand that conditions were sound.
Out of that feeling came the decision
to mako the measures OF relief offered
so COMPREHENSIVE that those who had
lost confidence would see that they had
nothing to fear.
The President in Offering the PLAN