The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1907-11-23
ROOSEVELT Is CONGRATULATED
ON ISSUE OF $1oo, 100000 IN
CERTIFICATES.
OPINIONS ARE OPTIMISTIC
The President Has Received Many
kilograms from Large Cities
All Over the Country Com
mending Relief Measure.

relief measures launched Sunday by
the administration. Many kilograms
from all parts of the country, includ-
ing New York, Chicago and other
large cities, arrived all day at the
White House and after being read
by the president were referred to
Secretary Cortelyou at the treasury
department. The callers at the White
House, who have been numerous, have
each added an opinion on the Opti-
mistic side Of the situation.
Letter Stops a Run.
The president was informed from
Buffalo that his letter expressing con-
hdence in the fiscal %soundness of the
country had bee 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 business day of the treas
ury had ended many applications ar
rived for the new certificates of in
debtedness.
The fiscal uses to which these GER
tificates may be put will make the de-
mand for them very general, accord
ing to the opinion of experts in the
department. They may be registered
In the treasury and partake of the
nature of a government bond, n as
such be deposited as security for ma
tional 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 12Rc a month, and holder
may easily obtain credit for the
amount of interest he is entitled to
at his bank.
Gold Reserve Backs Certificates.
Assurance was given that the gold
reserve of the government was be-
hind these certificates, and this fact,
added to their interest-bearing fea-
ture, will make them eagerly sought.
The hint contained in the presi-
dents letter that financial relief again
was assured, resulted in many inquir-
les during the day to develop the tx
act situation.
It is admitted the president has con-
suited freely with the leaders of both
houses of congress by mail and in per.
son. but lust what is the present
status O the legislative plans is with
held.
One point of unanimity is certain.
Every senator and member OF the
house of representatives who has
called al the White House during the
financial distress has been free to say
that financial legislation would be the
first business of the next session or
congress-. Beyond this point the
unanimity has ceased, and many men
have proposed many plans.
President Is Commended.
The president has been heartily Sec
onded by every comment in his state
ment of the %soundness of the coun-
trv's finances, and that the vanishing
point of the financial furry has ar
rived. AS indicative of the state OF
mind in congress, it may be stated
that in a gathering of six republican
senator's, Messrs. Foraker, Lodge,
Warren, Scott, Buckley and warner,
all of them expressed the decided
oDinion that some financial Legislation
is necessary and will be enacted dur
ing the approaching session OF con
gress, but there was much variance
of opinion as to what could or should
be done.
No democratic senators were pres
ent and consequently there was no op'
nortunitv of securing the democratic
view at that time.
In the house there is a disposition
To demand that the ~financiers reach
an agreement before asking congress
to act. The general impression there
as in the senate, is that there should
he legislation, but more is made OF
the difficulty of arriving at an agree
ment as to the form it is to take.
Endorsed by Benz. Ide Wheeler.
BENJAMIN Ide Wheeler, president OF
he University of California. who was
a caller at the White House, In
dorsed as most excellent the RELIEF
measures of the administration.
81 want to say a few words about
this panic" he said. II have just
come across the country from Cali
fornia and there is not one condition
resembling the barrenness OF 1893
California, like the rest Of the west
ern states, is abundantly prosperous
The banks are full Of money, every
body has been making money, crops
are good in every line and valuable.
1.-The panic came like a blow from
the outside, 1t is evidently purely a
currency panic touched off in New
York and is the result of too much
23-story banking in that city. The
most of the country is all right and
think we will be back in normal CON
ditions on a sound business basis In
q month and that we shall be better
for the fright and shock, because We
! will be a little soberer."