The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-19
President ROOsevelt's Letter On
the Financial Situation.
Was Printed in Several Ian
guages in Buffalo.
GENERAL APPROVAL.
OF the Action of the Govern
ment Has Been Expressed
By Men Prominent in All Lines
of Business.

Washington, Nov. 19.-President
Roosevelt has been commended and
congratulated on the wisdom and sue
cess of the financial relief measures
launched by the administration. Many
kilograms from all parts of the coun-
try. including New York, Chicago and
other large cities have been arriving
at the White House and after being.
read by the president have been re-
ferred to Secretary Cortelyou at the
Treasury department. The callers at
the White House, who have been num-
erous. have each added an opinion on
the optimistic side of the situation.
The president was informed from
Buffalo that his letter expressing con-
fidence in the fiscal soundness of the
country has been printed in several
languages in Buffalo and distributed
among depositors, who were making a
run on a bank there, with the effect
Of checking the run. Before the busi-
ness day of the treasury had ended
yesterday many applications arrived
for the new certificates of indebted
ness. The fiscal use to which these
certificates may be put will make
the demand for them very general ac-
cording to the opinion of experts in
the department. They may be reg
istered in the treasury and partake of
the nature of a government bond, and
as such be deposited as security for
national bank circulation or deposits
When not registered it is predicted
they will circulate freely as currency.
The interest on a $50 certificate will
amount to 12h cents a month and a
holder may easily obtain credit for
the amount of interest he is entitled
to at his bank. Assurance was given
today that the gold reserve of the
government was behind these certif1-
Gates and this added to their interest
o..
eagerly sought.
Relief Legislation.
The hint contained in the presi-
dents letter that financial relief legis-
lation was assured, resulted in many
inquiries to develop the. exact situa-
consulted freely with. the leaders OF
both houses of congress, by mail and
in person but just what is the present
status of the Legislative. plans is with
held. One point of unanimity Is GER
tain. Every senator and member OF
the house of representatives who has
called at the White House during the
financial distress has been free to say
that financial Legislation would be the
first business of the next session of
congress. Beyond this point the
unanimity has ceased. and many men
have proposed plans.
The president has been heartily sec
onded by every comment in his state
ment of the soundness of the coun-
try's finances and the vanishing point
of the financial furry has arrived.
AS Indicative of the state of mind
in congress 1t may be stated that in
a gathering of six Republican sena-
tors, Messrs. Foraker, Lodge, Warren.
Scott Bulkeley and Warner, all Of
them expressed the decided opinion
that some financial legislation is neces-
sary and will be enacted during the
approaching session of congress. but
there was much variance of opinion
as to what could or should be done.
No Democratic senators were present
and consequently there was no oppor-
tunity of securing the Democratic
view at that time. In the house there
is a disposition to demand that the
f1nanciers reach an agreement before
asking congress to act. The general
impression there, as in the senate, Is
that there should be legislation, but
more is made of the difficulty of arriv-
ine at an agreement as to the form II
will take.
Senator Long Approves.
Senator Long of Kansas believes the
president has done all in his power
to restore confidence in the action
taken and that the result will exceed
expectations President Roosevelt was
congratulated on his relief measures
by Representative Bartholdt of Mis-
souri,. He said that st. Louis partic-
ularly appreciated the action because
the banks there had been exceptional
president Mr.. Bartholdt said. would
restore confidence for the lack of
which there had never been any ex-
cuse.
Senator Borah of Idaho believed the
relief measures would accomplish the
desired result. The senator has just
reached Washin gton from the west and
said that the financial situation in his
state had not reached an acute stage.
Senator Bourne of Oregon said on leav-
ing the White House that he had not
had opportunity to read the presidents
letter on the relief measures proposed,
but believed they would accomplish
good.
benjamin Ide Wheeler, president of
the University of California. who was
a caller at the White House. indorsed
as most excellent the relief measures
of the administration.
st want to say a few words about this
panic" he said. 'I have just come
across the country from California and
there is not one condition resembling
the barrenness of 1893. California. like
the rest of the western states, is abund-
antly prosperous. The banks are full
of money. Everybody has been making
Crops are good in every line
and valuable.
'"The panic came like blow from the
outside. 1t is evidently purely a cur
rency panic touched of in New York
and is the result Of too much % story
banking in that city. Most of the
country is all right and think we will
be back in normal conditions on a sound
business basis in month and that we
because we Will be little soberer."
The design for the new certificates
has already been agreed upon, and Di-
rector Sullivan of the bureau of en-
craving and printing, has been instruct,
ed to proceed with the work. They will
be of the same dimensions as other cur
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