Show OM S TO AID MD or Of TH THE ERS ANI WITH PANAMA BONDS WASHINGTON Nov IS Secretary Secretary Cort Cortelyou Cortelyon lyou last bat 1st night made tile Important announcement that as ns a l means of or affording affording af at af- af fording relief to the financial situation the treasury would issue of or Panama bonds and certificates cates of indebtedness or as na much thereof there there- of as may be necessary The certificates certificates cates will run nut for ono one year YOa and will bear 3 per cent Interest Tho The secretary's action in coming to the relief of the financial situation Roosevelt's meets with President hearty approval and tho plan is the outcome of tho the several se White House conferences which have been held within within with with- in tho past few days S 'S when the financial finan finau- cial situation was under consideration Secretary ou Cortel says Bays that tho the Panama bonds will afford substantial relief as aR tho the law provides that they may maybe mayhe mayle be le used as a basis for additional addition l national national national na na- na- na bank circulation Ho also states that tho the proceeds from the tho sale of ot certificates can be mado made directly a available at points whore the need is most urgent urgent ur Ul gent and especially for tho the movement mo of ot crops which ho says if it Properly property accelerated will gi give e the tho greatest el test relief and result in tho most mort immediate financial finan cial returns Safe Investments The secretary calls attention to the thc attractiveness of the bonds and certificates as absolutely sa safe e investments Secretary Cortely Cortelyon u adds that these relief measures will enable him to meet public publio expenditures without withdrawing withdrawIng withdraw withdraw- ln ing for that purpose any appreciable amount of the public ners moneys now tio- tio posited in national banks throughout the ho country Two treasury circulars ono one inviting proposals for fot tho the issue of bonds bonda and tho the other asking for tho the certificates certificates cates will bo sent out under date dato of November No 18 In his letter to Secretary Cortelyou approving the treasury plans President Roo Roosevelt ovelt states that he has beon been assured assured assured as as- that the leaders in congress cong hero have under consideration a currency measure meas meas- tire ure which h will meet in permanent fashion the tho needs of the situation and which I believe c will be passed at an early date dato after congress convenes two weeks hence Should Stop Hoarding The president also calls attention to what is needed most at this time timo is that the people should realize how fundamentally Bound sound business conditions condi in iu this country are and how absurd absurd absurd ab ab- ab- ab surd it is is to permit themselves to get et into a panic and create a stringency b by hoarding boarding their sain savings s instead of trusting trusting trust trust- ing perfectly sound banks Tho The presidents president's letter to Secretary Cortelyou follows fellows The White House Washington November November No No- vember 17 1907 07 H My dear Mr Cortelyou I ou I have ha considered your propos proposal 1 I approve o the issue of the tho fifty millions of Panama Pana Penn ma ma- bonds which will be Immediately available as fiB the basis bams for additional addition l currency I also approve the tho issue of or 01 s BO so much as ItS you yon IDa may find necessary of 50 3 per cent interest in in- terest threat bearing government notes th the tho proceeds of the sale of which can beat bo bl boat at once deposited by you where the greatest need exists and especially inthe inthe in iu the West and South where tho the crops have hao to be bo moved I have ha assurance that tho the leaders of con congress ress are considering considering con con- a currency bill which T will T meet in in permanent fashion the needs of the situation and which I believe will bo be passed at an early date after congress convenes two weeks hence once No Need for Panic What is most needed just now is that our citizens should realize how fundamentally sound business conditions conditions condi condi- I in inthis in this country are and how ab ab- ab surd it is to permit themselves to got into a panic and create a l stringency b by hoarding their savin savings 8 instead of trust trus trusting in ing perfectly sound banks There is is' no particle of risk In involved ol l d in letting business business business busi busi- ness take tako its natural course and tho people can help themselves and the tho country country- most b by putting back into active active ac ac- ac- ac tive tire circulation the money the they are ara hoarding boarding Tho The banks and trust companies corn com are aro solvent There Thoro is more currency currency cur cur- rency in the countrY country today than there thore therea was was a n month ago when the supply was ample Since then in gold told has been imported and the government has deposited already These are aro facts and I appeal to the public to operate co with ug us in restoring normal business conditions Tho The government Jo will nill see that the people do not suffer if only the people themselves es will act in a R normal way Crops are aro good and business conditions are sound and we wo should put the tho money we have into circulation cir cir cir- at once to meet tho the needs o of our abounding pro prosperity Guarantees Safety There Thero is no analo analogy r at all nil with the I way things were in 1893 On November 30 ao of that year there ther was in the treasury treasury treas treas- ury but in gold On Ou November November No No- I vember 14 of this year there thero was in tho the treasury gold Ten years ago the circulation per Pf capita was 2323 It is is now The steps that you now take the ability of tho the Go Government nt to back bacic them u up and the fact that not a particle of risk is involved in in- vol ed therein give the fullest guarantees of the tho sound Bound condition of our people and tho the sound condition of our treasury All that our people need to do now is is to go ahead with their normal business in a normal fashion and the whole difficulty disappears and this end will be achieved ir it each man nine will act as he norm normally does act and as the thereal thereal thereal real co conditions of tho country's business fully warrant his now acting Sincerely yours ours THEODORE R Upon receipt of President letter of approval tho the following statement state ment mont wa was issued by tho the secretary of tho the treasury Gomes Comos to Rescue The rho available cash h balance of tho the treasury sury amounting to is with tho the exception of a small working balance now on deposit in National banks m in every State and territory in tho the Union thus placing it where it can servo serve the needs of the people so ISO far faras faras faras as possible under eX existing laws The The secretary of the tho treasury with the tho approval of the tho President President has announced announced announced an an- an issue of Panama bonds t to the e extent tent of at fifty million dollars He has also with the approval al of tho the President availed himself of certain provisions of the tho law applying to tho transaction of tho treasur treasury in times of emor emergency enc These are dro ro container con con- section in-section 32 of the act of Juno June 13 1598 author authorizing the i issuance of in in- ten bearing cain certificated rt ic te of indebted n ness s to run mu for one vc year r Certificates hearin hearing bearing 3 per cent i interest will be is issued issued is- is sued to the tho extent if necessary of onehundred onehundred one ono hundred million dollars V Tho Panama bonds will serve ser as a measure monsur of most substantial al relief for amon among other thiD things tho the law expressly provides that they may bo ho used as a basis for foi addit additional National bank cir cir cir- cul ciula tion Attractive Purchases The Tho proceeds of the V sale of ot certificates provided pro for under the above section sec see tion can be deposited almost simultaneous ous with tho purchase e upon approved security They can cau he bo made directly ny available at points where tho the need is 18 most urgent and especially for the tho movement of tho crops crop which if properly proper proper- ly 1 accelerated ted will give o tho the greatest relief and result in tho the most immediate te financial returns The acceptance of subscriptions II by tho the F. F secretary of the treasury will ill be made with special ref reference refer refer- rence r- r ence once to such uso UGO Both tho bonds bond and md certificates certificate arc attractive as absolutely safe invest invest- men ments ts These Theo o measures will amon among other thin tImings things enable the secretary of the treasury treas tress ury to meet public expenditures Without without without with with- out withdrawing ng for that purpose any appreciable amount of public moneys now deposited in National banks thron throughout hout tho the country The treasury c circular inviting proposals proposals pro pro- po for Panama canal nal bonds reads as follows Two Per Cent Cont Bonds Treasury Department Office of the Secretary Sec See I reta y Washington November 18 16 IS 1907 The Secretary of tho the Treasury otters offers to tho the public of the bonds of tIll the Panama C canal loan authorized by section S 8 of or tho the act approved Juno June 28 8 and supplemented by hr section 1 of the act of December 21 21 1905 Both Doth acts am arft quoted below Tho bonds wilt will bear Int Interest at the TIlt rate of 2 per c cent nt per annum will be dated doted August I 1 1506 1906 and the Interest will wUl be paid quarterly on th the first firt days of November November No No- vember February May and August They will b bf Issued In denominations of 20 and of coupon bonds bonde and of ot 20 1000 and of registered bonds bond They will wUl bo bl redeemable In United States gold sold coin at elt the pleasure of or the United States after ten years from tho the date of or their Issue and will be payable pay pay- able abla thirty years from such ouch date The They will witt be from 0 all taxes or duties of or the States as well welt a as from taxation In any form by or under State Stat municipal or local authority Th The They will willbo willbo bo ho available to national banks bonks as security for circulating notes note upon the same terms as os tho Uio 2 per cen cent t con consola sols of InO 1930 to wit The annual semi tax upon circulating notes based upon the said bonds as se security security se- se will bo be one fourth of or 1 per They will bo be receivable like all other United Stat States s bonds as security for pub- pub lie lla deposits In national banks Cannot Bo Be Discounted The law forbids their sale salo at nt lets less than par pal and ond provides that all citizens of or the United States shall have havo equal opportunity opportunity to subscribe In pursuance of the tho above announcement announcement announce announce- ment the Secretary ta Invites bids for the bonds heretofore described which mu must t bo ho submitted to this department on or orb b before toro the of ot November 1 1907 07 Each bid should state tho the amount of or bonds desired desired de do- sired aired by the subscriber whether hether coupon or registered registered time tho price he Is willing to topa pay pa and tho the place whore be ho B to moke payment whether payment whether at tho the treasury of the United States State or at the office of some one ono of the tha AssI Assistant Treasurers at New York Baltimore Philadelphia Bos Dos ton Chicago o. St. St Louis Cincinnati No Now Orleans or San Francisco All AU bids bide should be addressed to the Secretary of the Treasury division of loans and currency cur cur- rency and the envelopes Inclosing them sho should ld bo be plainly marked Bids for tor Panama Canal Bonds Upon receipt and classification of the bids hereby har Invited tho the successful bidders bidders bid bid- ders will bo be advised of tho n acceptance c of ot their bonds and they ther will bo be Instructed as to the date dato upon which payment Is I desired to be made at nt tho the Treasury de department deo- deo I or some sub treasury sub treasury of the tho the I I United States Staton Dated August 1 1906 I In considering bids the bidders offerIng offerIng offer- offer Ing tho the highest prices will in receive tho the fret first allotment Of or two or more bidders offering the same price those asking for tor forthe forthe the smaller amounts of bonds will re receive receive re- re priority In allotment The department department depart depart- ment reserves tho the right to permit penult bidders offering tho the highest price to Increase the I amount of ot their purchases For tho the sake of uniformity the bonds will be dated August 1 1 1906 which Is the date dato of the outstanding Panama bonds but Interest on the tho bonds bond of this Issue will begin 1 1 1007 1907 and bidders will be required to pay accrued Interest on their bonds from rom that date data to tho the date doto of payment The department also reserves the right to reject an any or all aU bide If deemed to b be b beto to tho the Interests of the tho United States HO so HOto soto to do Tho The bonds be bo r ready ady for tor dell delivery O. O r receipt of payment Prospective bidders d desiring Information information tion not contained In this tills circular may address the Secretary of the Treasury division of loans and currency Washington Washing ton D D. C C. time the Assistant Treasurers at Chicago St. St Lou Louis la Now New Orleans and San Francisco OV GEORGE D B. B CORTELYOU Seere Secretary tery ry The treasury circular asking for subscriptions subscriptions sub sub- to the 8 per por percent percent cent cont certificates of indebtedness reads read as follows Treasury Trot Department Office of the Secretary Washington November No r 18 18 1907 1007 Will Bear 3 S Per Por Ce Cent The Tho Secretary of or tho the Treasury offers to tho the t public at at par flor and accrued Interest from November 20 1907 0 of the certificates of Indebtedness authorIzed authorized authorized author author- by hy Section 3 22 32 of the Act of ot Juno June IS 13 1898 The certificates will be ba Issued In de denominations do- do nominations of 50 they will be payable to bearer bearor will be dated doted November 20 20 0 1 1007 07 and will bear Interest at the rate of 8 S per cent per annum payable on or after November 20 20 1903 1908 on presentation of the certifications for tor r redemption at theoffice tho the office of ot tho the Secretary of the Treasury division of ot loans and currency Subscriptions will bo bl received by bv theS the tho S Secretary of the Treasury through the Treasurer of the tho United States and the assistant t treasurers located at New York haIti Baltimore more Philadelphia Boston Chicago St. St V Louis Cincinnati New Orleans and San Francisco beginning on November 18 and continuing at nt the discretion of the tha Secretary of tho the Treasury In lii order ardor that the certificates may b bl be s properly distributed throughout tho the country country country coun coun- try will be allotted by tho time I Secreta Secretary In his discretion upon offers otters of or subscriptions addressed to him and the remaining will be bo allotted through tho the several treasurers tre authorized to receive o subscriptions at th the following points San Francisco I New Orleans St St. Louis Chicago Cincinnati Boston Boiton Baltimore Baltimore Balti Balti- more Philadelphia and New York and through the Treasurer of the United States Statu at Washington WL I Each subscriber to whom hom certificates tes hays havo boon been allotted should pay In fn at the treasury sub n nearest the point of |