The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1907-11-21
UNCLE SANS PLAN TO
GIVE FINANCIAL RELIEF
Panama Canal Bond Issue and
Certificates.
WILL Be TWO POPULAR LOANS.
Secretary of the Treasury Cortelyou
Issues His Circulars Calling for Bids
for $50. 10000 Canal Bonds, Re-
deemable After Ten Years, Yielding
Two Per Cent Interest.

Washington, d. &. (SpeclaD Sec
retary Cortelyou Sunday night made
the important announcement that, as
means of affording relief to the
financial situation, the Treasury
would issue $50,oO0,00O of Panama
bonds and s100, 600, 900 certificates OF
Indebtedness, or so much thereof
as may be necessary. The certificates
will run for one year and will bear
3 per cent. interest. The Secretary S
action I'm coming to the relief of the
financial situation meets with Presi-
dent Roosevelt's hearty approval, and
the plan is the outcome of the several
White House conferences which have
been held within the past few days,
when the financial situation was un-
der 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 national bank circu-
lation. He also states that the pro-
ceeds from the sale of 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 proper
ly accelerated, will give the greatest
relief and result in the most immedi-
ate financial returns
The Secretary calls attention to
the attractiveness of the bonds and
certificates as absolutely safe invest
ments.
Secretary Cortelyou adds that these
relief measures will enable him to
meet public expenditures without
withdrawing for that purpose any ap-
preciable amount of the public mon
eys now deposited in national banks
throughout the country Two treas
ury circulars. one inviting proposals
for the issue of bonds and the
other asking for the certificates, will
be sent out under date of Monday
In his letter to Secretary Cortelyou
approving the Treasury plans Presi-
dent Roosevelt states that he has
been assured that the leaders in Con-
gress have under consideration a cur
rency measure which will meet in
permanent fashion the needs of the
situation, and which, / believe. will
be passed at and early date after Con-
gress convenes. 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-
uons in this country are and how
absurd It is to permit themselves to
get into a panic and create a strin-
gency by boarding their savings, In
stead of trusting perfectly sound
banks"
The Presidents letter in part to
Secretary Cortelyou, under date of
November II, follows:
The White House,
Washington, Nov. IT, 1907.
My Dear Mr.. Cortelyou:--I have
considered your proposal. | approve
the issue of the $50,000,00O of Pana-
ma bonds, which will be Immediately
available as the basis for additional
currency. | also approve the issue
OF 500, 100000 or So much as you
may find necessary of $50, three per
cent. interest-bearing government
notes, the proceeds of the sale of
which can be at once deposited by
you where the greatest need exists,
and especially in the West and South.
where the crops have to be moved.
have assurance that the leaders of
Congress are considering a currency
bill which will meet in permanent
fashion the needs Of the situation,
and which will be passed at an early
date after Congress convenes. two
weeks hence.