Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1907-11-23
Perfects a Freat Financial
Measure.
PRESIDENTS ENDORSES HIM
s1,5oo, ooo,o in Bonds and certifica
Gates to be Issued at Once
for Relief.

The Secretary of the Treasury has
announced plan to relieve the pres
ent money stringecy of the country
In this plan he offers $4,000, 900 in
Panama bonds and 800, 00G, 900 in
certificates Of indebtedness, should
this amount be needed
President Roosevelt approves the
secretary's plan in the following let
ter:
The White House.
Washington, Nov. II, 1907
Ny Dear Mr.. Cortelyou:
have considered your proposal |
approve the issue OF the $4,000, 900
Of Panama bonds, which will be inn
mediately available as the basis for
additional currency. / also approve
the issue OF 100000 600, or so much
as you may find necessary, of $50 3
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 cur
rency bill which will meet in perma-
nent fashion the needs of the sltu-
alton, and which | believe will be
passed at an early date after congress
convenes, two weeks hence.
What is most needed just at present
is that our citizens should realize
how fundamentally sound business
conditions in this country are, and
how absurd it is to permit themselves
to get into panic and create a
strlngency by boarding their savings
instead of trusting perfectly sound
banks. There is no particle of risk
involved in letting business take its
natural course, and the people can
help themselves and the country most
by putting back into active circula-
ton the money they are boarding
The bank and trust companies are
solvent. There is more currency in
the country today than there was a
month ago when the supply was am
pie. Sixty-five million dollars in gold
has been imported. and the govern
ment has deposited another 100000.
900 These are facts; and I appeal
to the pubic to cooperate with us in
restoring normal business conditions
The government will SEQ that the peo-
pie do not suffer, IL only the people
themselves will act in a normal way
Crops are good and business con-
ditions are sound, and we should put
the money we have into circulation.
in order to meet the needs of our
Astounding prosperity. There IS no an
alogy at all with the way things
were in 1898 On November 80 of
that year there was in the treasury
put piOi,V VUtUuV III BOlu' OH 4NONeH-
Der 16 OF this year there was in the
treasury s904,000,O00 in gold. Ten
years ago the circulation per capita
was $23.23. II is now 1929. The
steps that you now take, the ability OF
the government to back them up, and
the fact that not a particle of risk
is involved therein, give the fullest
guarantees of the sound condition of
our people and the sound condition Of
our treasury. All that our people
have to do now is to go ahead with
their normal business in normal
fashion, and the whole difficulty dis
appears; and this end will be achiev-
ed at once if each man will act as
he normally does act and as the real
conditions of the country's business
fully warrant his now acting.
THEODORE ROOSEVELT.
Hon. George b. Cortelyou,
Secretary of the Treasury