Perth Amboy evening news. [volume] (Perth Amboy, N.J.) 1903-1959, 1907-11-18
CREDIT GIVEN
TO C0RTElyOU
Discovered Hitherto Unused Pro-
vision in the Law Permitting
Certificate Of Indebtedness.
RELIEF FOR COUNTRY
Will Issue $i00,O00,O00 Of The
Certificates and S50,0OO,0OO
in Panama Canal Bones.

WASHINGTON, Nov. 1S:-To Sec
retary Cortelyou alone is attributed
the discovery of the hitherto unused
provision in the war revenue law OF
June 13, 1898, whereby the govern
ment is enabled to float a maximum
of 800, 900, 900 three per cent. certi
ficates of indebtedness, that proceeds
of which will be deposited in various
national banks in the south and west
to relieve the present money string
ency and facilitate the movement of
the crops. Much surprise was mani
tested today that the government was
enabled to keep under cover the GER
tificate plan which is said to have
been agreed upon three days ago
Along with the announcement of
the issue of the certificates of indebt-
edness, made last night, Secretary
COrtelyOu, with the approval of the
President, also announced an issue OF
Panama canal bonds to the extent of
$50, 900 900.
Fifty million dollars of the certifi-
Gates will be allotted by the secretary
In his discretion upon offers of sub
scriptions addressed to him. and the
remaining S50.000,O0O will lie allotted
through the several assistant treas
urers authorized to receive subscrip-
tions at the following points:
San Francisco New Orleans. st.
Louis, Chicago. Cincinnati. Boston. Bal
tfmore, Philadelphia and New York
and through the treasurer of the Unit
ed States at Washington.
1t is expected that this will enable
the government to tempt from their
hiding places millions of dollars which
have been boarded by persons distrust-
full even Of national banks.
In a letter to Secretary C0rtelyou
President Roosevelt says:
"What is most needed just at pres
ent is that our citizens should realize
how fundamentally sound business
conditions in thN country are and how
absurd it is tOpermit themselves to
get into a panic and create stringen-
cy by boarding their savings instead
Of trusting perfectly sound banks.
There is no particle of risk involved
in letting business take it's natural
course, and the people can help them
selves and the country most by put
ting back into active circulation the
money they are boarding. The banks
and trust companies are solvent There
is more currency in the country today
than there was month ago, when the
supply was ample. Over S55,0OO. 900
has been imported, and the govern
ment has deposited another $4,000, 900.
These are facts. and l appeal to the
public to cooperate with us in restor-
ing normal business conditions.
'The government will see that the
people do not suffer IL only the peo-
pie themselves will act in a normal
way. Crops are good and business
conditions are sound, and we should
put the money we have into circula-
tion in order to meet the needs of
abounding prosperity
The treasury circular inviting pro-
posals for Panama canal bonds reads
az follows:
"fhe secretary of the treasury offers
to the public S50,O00.OO0 of the bonds
or ehe Panama canal loan.
"The bonds will bear interest at the
rste Of 2 per cent per annum, will be
6ated Aug. l. 1905, and the interest
will 6e paid quarterly on the first days
Of November. February, May and Au-
EdeA They will be issued in denomi-
ii&tiens OF $9h, 500 and $1,000 of cou-
pom bonds aid 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
thirty years from such date.
'They will be exempt from all taxes
or duties of the United States as well
as frop taxation in any form by or
under state. municipal or local authori-
ty. They will be available to national
banks as security for circulating notes.
Ehey will be receivable, like all other
United States bonds. as security for
public deposits in national banks