The semi-weekly messenger., 1907-11-22

Washington, November 17.-Secre-
Lacy CortelyOu tonight made the i'm
pOrtant announcement that, as
means Of affording relief to the 4inan-
ciai situation, the treasury would issue
00Co, 900 Of Panama bonds and $780,
900, 900 certificates of indebtedness, or
SO much thereof as may be necessary.
The certificates will run for one year
and bear 3 per cent interest,
The secretary's action in coming to
the relief of the financial situation
meets with President Roosevelt's hear
ty approval. and the plan is the out
come of several White House confer
ences which have been held within the
past few days when the financial stu
alton was under consideration.
Secretary Cortelyou says that the
Panama bonds will afford most sub
stantial relief, as the law provides
that they may be used as a basis for
additional bank circulation He also
states that the proceeds from the sale
of the certificates can be made directly
available at points where the need is
most urgent and especially for the
movement of the crops, which he says
''if properly accelerated will give the
greatest relief and result in the most
Immediate financial returns. - The sec
retary calls attention to the attractive
ness Of the bonds and certificates as
absolutely safe Investments
Secretary COrtelyou adds that these
relief measures will enable him to meet
public expenditures without withdraw
ing for that purpose any appreciate
amount Of public moneys now de-
posted in national banks throughout
the country. Two treasury circulars,
one inviting proposals for the issue OF
bonds and the other asking for sub
scriptiOns to the certificates will be
sent out under date of Nov. IS. The
bids for the bonds must be submitted
to the treasury on or before Nov. 50
1907. Each bid should state the amount
of bonds desired by the subscriber:
whether coupon or registered, tho
price he is willing to pay and the
place where he desires to make yay-
ment, whether at the treasury of the
United States or the Office of some Of
the assistant treasIrers at New York,
Baltimore, Philadelphia, Boston, Chic
ago, st. Louis, Cincinnati, New Or
leans or San Francisco. All bids should
be addressed to the secretary of the
treasury, division OF loans and curren-
should be plainly marked bids for
Panama canal bonds.'
The certificates of Indebtedness will
be issued in denominations 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 with the principal
sum on and after November 20, 1908,
on presentation OF the certificates for
redemption at the office of the secre-
tary of the treasury, division Of loans
and currency
Subscriptions will be received bv
the secretary of the treasury direct or
through the treasurer of the United
States and the assistant treaSurers To-
Gated at New York, Baltimore, PhiIa-
delphia. Boston, Chicago, ST. Louis,
Cincinnati, New Orleans and San Fran
cisco. beginning OH November IS, and
continuing at the discretion of tie
secretary of the treasury.
in his letter to Secretary Cortelyou
approving the treasury plans. Presi-
dent Roosevelt states that he has been
assured that the leaders in congress
have under consideration a currency
measure (which will meet in perma-
nent fashion the needs Of the situation
and which l believe will be passed at
two weeks hence"
The president also calls attention to-
what is needed most at this time is
that the people should realize how
fundamentally sound business condi-
tiODs in this country are, and how at
surd it is to permit themselves to get
into a panic and create a stringency
by boarding their savings instead of
trusting perfectly sound banks"
Both the bonds and certificates are
attractive as absolutely safe invest
ments.
These measures will among other
things, enable the secretary cf the
treasury to meet public expenditures
without withdrawing for that purpose
any appreciable amount of the public
moneys now deposited in national
banks throughout the country.
New York, November 1S.-Gratifica-
tion was the prevailing tone In bank
ing circles today over the government
nlan of relief To the money market hv