Los Angeles herald., 1907-11-18
TO RAISE
$50, 100000
FOR PANAMA
ADMINISTRATION DECIDES ON
TWO MOVES
PROCEEDS OF SALE DIRECTLY
AVAILABLE
President Assured the Congressional
Leaders Are Considering Currency
Measures-WilI Be Rushed at
Approaching Session
Continued from Page one,

! Continued frop, Page One1
the people so far as possible under ex-
listing laws.
THE secretary of the treasury with the
approval of the president has announced
an issue of Panama bonds to the extent
of $50. .000. .000
HE has also, with the approval of the
president, availed himself of certain pro-
visions of the law applying to the trans
actions of the treasury in times of
emergency. These provisions are con-
tanned in section 80 of the act of June
13, 1898, authorizing the issuance of in
terest bearing certificates of Indebtedness
to run for one year Certificates bearing
) per cent interest will be issued to the
extent, If necessary, of S100, ,0O0000.S
THE Panama bonds will serve as a
measure of most substantial relief, for
among the other things the law expressly
provides they may be used as a basis for
additiona national bank circulation
1.-The proceeds of the sale of certificates
! provided for under the above section can
be deposited almost simultaneously with
the purchase upon approved security.
They can be made directly available at
points where the need is most urgent
and especially for the movement of the
crops which if properly accelerated will
give the greatest relief and result in the
InOSL lI1UleuldlG lllldHCldl iStul hS
acceptance of subscriptions by the secre-
tary of the treasury will be made with
special reference to such use.
Both the bonds and certificates are at
tractive as absolutely safe investments.
These measures will, among other
things, enable the secretary of the treas
ury to meet public expenditures without
withdrawing for that purpose any APP
preciable amount of public moneys now
I
the country"
The circular inviting proposals for
Panama canal bonds reads - follows:
Interest Per Cent
1.-THE secretary of the treasury offers
to the public $50, 900, 900 of the bonds of
the Panama Canal loan, authorized by
section 8 of the act approved June 2S,
1902, and supplemented by section /
of the act of December 81. 1905. Both
| acts are quoted below:
The bonds will bear interest at the
rate of two per cent per annum; will
be dated Aug /, 1906, and the interest
will be paid quarterly. They will be
| issued in denominations of $50, 800
and $1,000 coupon bonds, and OF $50,
| 500, $1,000 and $4,000 of registered
bonds. They will be redeemable in
| United States gold coin at the pleasure
of the United States, after ten years
from the date of their Issue, and will be
| payable s years from such date. They
will be exempt from all taxes or du-
| ties of the United States, as we'll as
from taxation in any form by or under
state, municipal or local authority.
They will be available to national
banks as security for circulation notes
upon the same terms as the 2 per cent
| eonsols of 1903, towit:
THE semi-annual tax upon circulat-
ing notes based upon the said bonds
as security will be one-fourth of one
per centum. They will be receivable,
like all other United States bonds, as
security for public deposits in ma
tional banks.
Cannot Sell for Less Than Par
"The law forbids their sale at less
than par, and provides that all citizens
of the United States shall have equal
opportunity to subscribe therefor.
! I'm pur; uance of the above an
nouncement, the secretary invites bids
| for the bonds herewith described,
which must be submitted to this de-
partment on or before the 30th of
November, 1907. Each bid should state
the amount of bonds desired by the
subscriber. whether coupon or reg
1
and the place where he desires to make
Observation-Disclosures at the treasury of
| the United States, or at the office of
some one of the assistant treasures
at New York, Baltimore, Philadelphia,
| Boston, Chicago, st. Louis, Cincinnati,
New Orleans or San Francisco. All
bids should be addressed to the secre-
| tary of the treasury. division of loans
and currency, and tho envelopes in
| closing them should be plainly marked
| Bids for Panama Canal Bonds
| 'In considering bids, the bidders
Offering the highest prices will receive
the first allotment. OF two or more
bidders Offering the same price, those
| asking for the smaller amounts of
bonds will receive priority in allot-
ments. The department reserves the
right to permit bidders offering the
highest price to increase the amount
of their purchases.
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 this
Issue will begin November /, 1907, and
bidders will be required to pay accrued
/ interest on their bonds from that date to
the date of payment.
| 1.-The department also reserves the right
to reject any or all bids,
prospective bidders desiring informa-
tion not contained in this circular may
address the secretary of the treasury,
division of loans and currency, Washing
ton, d. c., or the assistant treasurers at
Chicago. st. Louis, New Orleans and
San Francisco"
Certificates Term Year
\ The treasury circular, asking for sub
| scriptions to the 100000 900 per cent
| certificates of Indebtedness, reads as fol-
! lows:
1.-THE secretary of the treasury offers 10
the public at par and accrued interest
from November 20, 1907, $1000O0,0OO of the
certificates of Indebtedness authorized
by section of the act of June 1S, 1895.
1.-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 per
cent per annum. payable at the principal
ksum on or after November 20. 1908. ON
presentation of the certificates for re-
demption at the office of the secretary of
II "a