Show YOU I t PlANS RELIEF Panama Canal Bonds to the Extent of Announced by the Secretary of the Treasury V Also Certificates of Indebtedness Three Per PerCent PerCent PerCent Cent to the Amount of I Washington Nov 17 Secretary Cor tonight made the important an announcement noun ment that as a means of afford affording affording affording ing relief to the financial situation the treasury would issue of Pan Panama Panama Panama ama bonds and certificates of ot indebtedness or so much thereof as may be necessary The certificates will vill run for tor one year and will bear 3 IK Pt I cent ent interest The action in coining coming to the relief of ot the financial situation meets with President hearty approval and the plan is the outcome of ot the several White House conferences which have been held within the past few days when the financial situation was under consideration Can Be Used by National Banks a Secretary Cortelyou says that the Panama bonds will afford substantial relief as the law provides that they may be used as a basis for additional national bank circulation He also states that the proceeds from the sale i of certificates can be made directly available at points where the need is most urgent and especially for the II movement of crops which he says if lC properly accelerated will give the great greatest I est eat relief and result In the most imme immediate immediate diate financial returns II The secretary calls attention to the attractiveness of ot the bonds and certificates certificates cates ates as absolutely safe Investments Secretary Cortelyou adds that these relief measures will enable him to meet public expenditures without withdraw withdrawing 1 ing log for that purpose any appreciable amount of the public moneys mones now de do deposited deposited posited in national banks throughout the country Two treasury circulars one inviting proposals for the Issue of ot bonds and the other asking for the certificates certificates certificates will be sent out under date of November IS 18 Currency Legislation In lit his letter Jetter to Secretary Cortelyou approving the treasury plans President Roosevelt states that he lie las has been as assured that the leaders in congress have under consideration a Currency meas measure measure measure ure which will meet in ill permanent fashion the needs of the situation and which I 1 believe will be passed at an early date after congress convenes two weeks hence The Th president nt alos abs calls caUs at attention attention to the fact that what is needed most mos at this time is that the people should realize how funda fundamentally fundamentally fundamentally mentally sound business conditions In Inthis inthis inthis this country are and how absurd it is isto isto Isto to permit themselves to get pan panK pank K and create a stringency by hoarding their savings instead d of trusting per perfectly sound banks Letter to Cortelyou The presidents pre letter to Secretary Cortelyou follows The White House Washington Nov 17 1907 My Dear Mr Cortelyou I have considered your our proposal I ap approve approve approve prove the Issue of the of Pan Panama Panama Panama ama bonds which will be immediately available as us the basis for additional currency I also approve the Issue of or so much as you may find necessary of ot 50 W 3 per cent Interest bearing government notes the proceeds of ot the sale of ot which can be at once de deposited deposited deposited posited by you where the greatest need I exists and especially in the west and south where the crops have to be moved I 1 have assurance that the lead leaders leaders ers era of ot congress are considering a cur currency currency currency rency bill which will vill meet In perma permanent permanent permanent nent fashion the needs of the situation and which I believe will be passed at atan atan atan an early date after congress convenes two weeks hence Business Conditions Sound What is most needed just now is that our citizens should realize how fundamentally sound business condi conditions conditions conditions In this country are and how ab absurd absurd absurd surd It Is to permit themselves to get Into a panic and create a stringency by toy hoarding their savings savins savin s instead of trusting perfectly sound banks There is la no n particle of ot risk involved in let letting letting letting ting business take its natural course and the people can help themselves and the country most by putting back into active circulation the money they the are hoarding boarding The banks and trust com corn companies panics are solvent There Is more cur currency currency currency rency in the country today than there was a month ago when the supply was ample Since then in lit gold goldbas has bas been Imported and the government has deposited already These are facts and I appeal to the public to cooperate with us In restoring restoring ing Ins normal business conditions The government will see that the people do not suffer if only the people themselves will vill act in a normal way wa Crops are arc aregood aregood good and business conditions arc are sound and we should put the money we have Into circulation at once to met mc t the needs of our abounding prosperity There is no analogy at all with the way things were in 1893 On November 30 of that year there was in the treas treasury treasury ury but bul in gold On Novem November November November ber 14 of this year rear there was in the treasury gold Ten years year ago the circulation per capita was 2323 It is now The steps that you now take the ability of the gov government government government to back them up and the fact fad that not a particle of risk Is involved therein give the fullest guarantees 01 of the sound condition of ot our people and the sound conditions of ot our treasury All that our people have to do now Is Isto isto isto to go ahead with their normal busi business business ness nessin in a normal fashion and arid the whole difficulty disappears and this end will wil wilbe willbe willbe be achieved for if it each man will act as ashe ashe ashe he normally does act and as the rea real conditions of ot the business fully warrants his now acting Sin Sincerely Sincerely yours THEODORE ROOSEVELT Treasury Statement Upon receipt of President letter of approval today the following statement was issued by the secretary of ot the treasury The available cash balance of ot the treasury amounting to is with the exception of a small working balance now on deposit in national banks in every state and territory in inthe inthe inthe the union thus placing it where It can serve the needs of the people so far as possible under existing laws The secretary of the treasury with the approval of ot the Ule president has an announced announced announced an issue of Panama bonds to the extent of ot fifty million dollars He Ue has also with the approval of the president availed himself of certain thin tain ing the tha transaction of th treasury in times of f emergency These provisions arc contained in Sec 32 22 of the act of o oJune June Tune 13 1898 authorizing the Issuance of certificates of in indebtedness indebtedness indebtedness to run for one year Certificates Certificates Certificates bearing 3 per cent interest willbe willbe will willbe be issued to the extent if necessary of one hundred million dollars What Is Expected The Panama bonds will servo serve as a neasure measure of most substantial relief for among the other things the law ex cx expressly expressly pressly provides that they may ma be used as a basis for additional national bunk bank circulation The proceeds of ot the sale of certificates certificates certificates cates provided for under the above sec see section section tion can be deposited almost simultaneously simultaneously simultaneously with the purchase upon ap pro ed security They can be made di directly directly available at points where the need Is most urgent and especially for forthe forthe forthe the movement of the crops which if it properly accelerated will give the greatest gr relief and result in the most Immediate financial returns The rue ac acceptance acceptance acceptance of subscriptions by the sec see secretary secretary of the treasury will be made with special reference to such use Both the bonds and certificates are attractive as absolutely safe sate invest investments investments investments I ments These measures will among other things enable the secretary of ot the treasury to meet public expenditures without withdrawing for that purpose any appreciable amount of ot public mon moneys mones moneys eys es now deposited in national banks throughout the country Circular The treasury circular inviting pro proposals proposals proposals for Panama canal bonds reads as follows Treasury department office of lice of ot the secretary Washington v 18 1907 The secretary of the treasury offers to the public of ot the bonds of ot the Panama canal loan authorized by Sec 8 of ot the act approved June 28 1902 and supplemented by See Sec 1 of the act approved 21 1905 Both acts are quoted below The bonds will bear Interest at the rate of 2 per cent per annum will be dated Aug 1 I 1906 and the interest will willbe willbe willbe be paid quarterly on the first days of ot November February May and Au August August August gust They will be Issued in denominations denominations denominations of ot 20 and of ot coupon bonds and of ot 20 1000 and of ot registered bonds They will Be e redeem redeemable redeemable redeemable able in United States gold coin at the pleasure of ot the United States after ten years from the date of their Issue and will vill be payable thirty years ears from such date They will be exempt from all taxes or duties ot of the United Continued on Page 2 PLANS FURTHER RELIEF Continued from Page 1 States as well as from taxation in any form by or under state municipal or local authority They will be avail available available available able to national banks as security for circulating notes upon the same terms as the 2 per VOl cent of 1930 to wit It The semiannual tax upon circulating circulating circulating lating notes based baaed upon the said bonds as security will be of one per They will be receivable like all other United States bonds as security for tor public deposits in national banks Must Bring Par Value The law forbids their sale at less than par and provides that all citizens of the United States shall have equal opportunity to subscribe In pursuance of the above an announcement announcement announcement the secretary Invites bids for the bonds heretofore described which must be submitted to this de tie department department on or before the of No November November November vember 1907 Each bid should state the amount of bonds desired by the sub subscriber subscriber subscriber scriber whether coupon or registered the price he is willing to pay pa and the place where he desires to make pay payment ment whether at the treasury of the United States or at the office of some someone someone someone one of the assistant treasurers at New NewYork NewYork NewYork York Baltimore Philadelphia Bos Boston Boston Boston ton Chicago St Louis Cincinnati New Orleans or San Francisco All bids should be addressed ed to the secre secretary secretary secretary tary of the tile treasury division of loans and currency and the envelopes In Inclosing inclosing inclosing closing them should be plainly marked Bids for Panama canal bonds Upon receipt and classification ot of the bids hereby invited the successful bidders will be advised of the accept acceptance mice ance ft of nf their ann will Vin hn In n un no as to the date upon which payment la Is to be made at the treas treasury treasury treasury ury department d or some of the United States Highest Bidders First FirstIn In considering bids the bidders of ol offering fering foring the highest prices will receive r the first allotment Of two or 01 more bidders offering oftering the tho same prices those asking for the smaller amounts of bonds will receive priority in allotment The department reserves the right to permit bidders offering the th highest price to increase the amount of ot their purchases For the tha sake of uniformity the bonds will be dated d ted Aug 1 I 1906 which is the date dato of the outstanding Panama canal bonds but Interest on the bonds of this issue will begin Nov 1 I 1907 and bidders will be required to pay ac accrued I Interest on their bonds from that i date to tho the date of payment The department also reserves the th right to reject any or all bids if deemed to be to the interests of ji United States to do so 80 The bonds will be bo ready for delivery delivery ery upon receipt of payment Prospective bidders desiring Information Information mation matlon not contained In this circular may the secretary of the treas treasury treasury treasury ury division of loans and currency Washington D C the assistant treas treasurers treasurers treasUrers I at Chicago St Louis New Or Orleans Orleans leans beans and San Francisco GEORGE B CORTELYOU Secretary Certificates of Indebtedness The treasury circular asking for subscriptions to the 3 t per percent percent cent certificates certificates of indebtedness roads reads re ds as follows Treasury department office of or the secretary Washington Nov 18 1907 The secretary of ot the treasury offers to the public at par and accrued inter est from Crom Nov 10 1907 of the of Indebtedness authorized by Sec 32 of ot the act of June 13 1898 1893 The rhe certificates will be Issued in de tie denominations denominations nominations of 50 They will be pay payable payable payable able to tl bearer will be dated Nov Noy 10 1907 and will bear interest at the rate of 3 per cent per annum payable at the principal sum after Nov 20 1908 on presentation of ot the certifications for re at the office of the secretary of the treasury division of loans and currency Subscriptions will be received lu by the secretary of the treasury direct or through the treasurer of or the United States and the assistant treasurers lo bo located located at New York Baltimore Phila delphia Boston Chicago St Louis Cincinnati New Orleans and San Fran Francisco Francisco cisco beginning on Nov 18 and con at the discretion of the secre seers tary of the treasury All Given a Chance In order that the certificates may be properly distributed throughout the country countr will be allotted by the secretary in his discretion upon of fers of subscriptions addressed to him and the remaining will be al at through the several treasurers authorized to receive subscriptions at the following points San Francisco New Orleans St Louis Chicago Cin Cincinnati Cincinnati Cm Boston Baltimore Philadelphia and New York and through the treas treasurer treasurer treasurer of the United States at Washing ton Each subscriber to whom certificates have been allotted should pay In at the nearest the point of sub subscription subscription subscription on or before Dec 1 I 1907 the face value of the amount of certificates named nam d in the allotment together with accrued interest at the rate of ot 3 per percent percent percent cent per annum from Nov 20 1907 to tho the date of payment Allotments will be made as rapidly as possible and for such subscriptions as are made Immediately the secretary of the treasurer Is prepared to deliver deller temporary receipts bearing interest from Nov 20 1907 pending the delivery delivery ery cry of the 50 engraved certificates tes GEORGE B CORTELYOU Secretary Authorization for Bonds Secretary Cortelyou finds authorization authorization tion for the issue of Panama bonds in section 8 of oC the act approved June 28 1902 and section 1 if f the act approved Dec 21 1905 as follows follos Section 8 S of the act approved June 28 1902 That the secretary of the treasury Is hereby authorized to bor borrow borrow i irow row on the credit of the United States from time |