St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1907-11-23
THEODORE ROOSEVELT"

acting.
Sincerely yours,
THEODORE ROOSEVELT"
Upon receipt of President Roose-
Velts letter of approval to-day, the
following statement WAS issued by the
Secretary of the Treasury:
"The available cash balance of the
Treasury amounting to S14o, ,1s6, ,441.85
is, with the exception Of small work
ing balance now on deposit in national
banks in every State and Territory in
the Union, thus placing it were it can
serve the needs of the people as far as
possible under existing law.
"The Secretary Of the Treasury, with
the approval of the President, has an
nounced the issue of Panama Canal
bonds to the extent Of $50, 100000.
He has also, with the approval of the
President, availed himself Of certain
provisions of the law applicable to the
transactions Of the Treasury in times
Of emergency. These provisions are
contained in section 80 of the act Of
June 1898, authroizlDg the issuance of
interest bearing certificates of indebt-
odneSs TO run for one year. Certifi-
Gates bearing 8 per cent interest will be
issued to the extent, If necessary, of
Sl0O, 100000.
"The Panama Canal bonds will serve
as a measure of most substantial relief,
for, among other things, the law ex-
pressly provides that they may be used
as basis for additional national bank
circulation.
1.-The proceeds of the sale of certif1-
Gates provided for under the above
section can be der osited almost stimuli
taneously with their purchase, upon
approved securities. They can be made
directly available at points where the
need is most urgent, and especially for
the movements of crops, which, il
properly accelerated, will give the
greatest relief, and result in the most
immediate financial returns.
"The acceptance of subscriptions by
the Secretary of the Treasury viii be
made with special refer, nee to such
use.
Both the bonds and certificates are
attractive and absolutely safe invest
ments.
"These measures will, among othel
things, enable the Secretary OF thG
Treasury to meet public expenditures
without Withdrawing for that purpose
any aprreciable amount of the public
moneys now deposited in national
banks throughout the country"
The Treasury circular inviting pro-
pesals for Panama Canal bonds reads
Ss follows:
Treasury Department,
'Ofice of the Secretary.
"Washington, D. G., Nov. lS, 1907.
"The Secretary OF the Treasury
offers to the public $50. 100000 OF thu
bonds of the Panama Canal loan, autho
rized by section Of the act approved
June %, 1902, and supplemented BY
section / of the act of Dec. 21, 1905.
The boz ds will bear interest at the
rate Of 2 per cent per annum, will b'
dated Aug. l, 1906, and the interest viii
be paid quarterly on the flrst days o.
November, February, May and August
They will be issued in denomination
of go, 500. and $1,000 of coupon
bonds, and of $40, 800, 1000 and SO,
600 Of registered bonds. They will b'
redeemable in United States gold coli
at the pleasure of the United States
after ten years from the date OF thei
issue, and will be payable thirty year
from such date. They will be exemp
from all taxes or duties from the Unit
ed States, as we'll as from taxation il
sny form, by or under State, municipa
or local authority. They will be avail
able to national banks as security 70
circulating notes upon the same term
as the 2 per cent consols of 1880 to-wit
'The semi-annual tax upon circulat
ing notes based upon the said bonds q
security will be one-fOurth Of l pc
centum. They will be receivable liz
all other United States bonds rs securi
ty for public deposits in nations
banks.
"The law forbids their sale at lowe
than par and provides that all citizen
OF the United States shall have equi
opportunity to subscribe therefor.
In pursuance Of the above announce
ment, the Secretary invites bids for th
bonds heretofore described, Whic
must be submitted to this Departmer
on or before the 30th Of Novembe
1907. Each bid should ethe amour
of bonds desired by the subscribe
whether coupon or registered, tt
price he is willing to pay, and the plae
he desires to make payment, wheth'
at the Treasury of the United States
at the ONCE Of some one Of the sssis
ant treasurers at New York, Baltimor
Philadelphia, Boston, Chicago, s
Louis, Cincinnati, New Orleans or So
Francisco. All bids should be addres
ed to the Secretary Of the Treasur
Division of Loans and Currency, al
the envelope inclosing them should
plainly marked "Bids tor Panau