Measures Of Relief
November 23, 1907
Summary
The government is issuing “Panama bonds to the extent of $50,000,000” to build the Panama Canal.
Transcription
Measures Of Relief
Washington, Nov. 20.-Secretary Cortelyou, with the approval of the president, has announced an issue of Panama bonds to the extent of $50,000,000.
The treasury will also issue interest bearing certificates of indebtedness, to run for one year, to the extent if necessary of $100,000,000, This action is the result of the series of many night conferences at the White House.
Fifty million dollars of the certificates will be allotted by the secretary in his discretion upon offers of subscriptions addressed to him, and the remaining $50,000,000 will be allotted through the several assistant treasurers authorized to receive subscriptions at the following points:
San Francisco, New Orleans, St. Louis, Chicago, Cincinnati, Boston, Baltimore, Philadelphia and New York and through the treasurer of the United States at Washington.
It is expected that this will enable the government to tempt from their hiding places millions of dollars which have been hoarded by persons distrustful even of national banks.
In a letter to Secretary Cortelyou President Roosevelt says:
“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 a panic and create a stringency by hoarding 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 circulation the money they are hoarding. The banks and trust companies are solvent. There is more currency in the country today than there was a month ago, when the supply was ample. Over $60,000,000. These are facts, and I appeal to the public to cooperate with us in restoring normal business conditions.
“The government will see that the people do not suffer if only the people themselves will act in a normal way. Crops are good and business conditions are sound, and we should put the money we have into circulation in order to meet the needs of abounding prosperity.”
The treasury circular inviting proposals for Panama canal bonds reads as follows:
“The secretary of the treasury offers to the public $50,000,000 of the bonds of the Panama canal loan.
“The bonds will bear interest at the rate of 2 percent per annum, will be dated Aug. 1, 1906, and the interest will be paid quarterly on the first days of November, February, may and August. They will be issued in denominations of $20, $100, $1,000 and $10,000 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 from taxation in any form by or under state, municipal or local authority. They will be available to national banks as security for circulating notes. They will be receivable, like all other United States bonds, as security for public deposits in national banks.”
Washington, Nov. 20.-Secretary Cortelyou, with the approval of the president, has announced an issue of Panama bonds to the extent of $50,000,000.
The treasury will also issue interest bearing certificates of indebtedness, to run for one year, to the extent if necessary of $100,000,000, This action is the result of the series of many night conferences at the White House.
Fifty million dollars of the certificates will be allotted by the secretary in his discretion upon offers of subscriptions addressed to him, and the remaining $50,000,000 will be allotted through the several assistant treasurers authorized to receive subscriptions at the following points:
San Francisco, New Orleans, St. Louis, Chicago, Cincinnati, Boston, Baltimore, Philadelphia and New York and through the treasurer of the United States at Washington.
It is expected that this will enable the government to tempt from their hiding places millions of dollars which have been hoarded by persons distrustful even of national banks.
In a letter to Secretary Cortelyou President Roosevelt says:
“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 a panic and create a stringency by hoarding 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 circulation the money they are hoarding. The banks and trust companies are solvent. There is more currency in the country today than there was a month ago, when the supply was ample. Over $60,000,000. These are facts, and I appeal to the public to cooperate with us in restoring normal business conditions.
“The government will see that the people do not suffer if only the people themselves will act in a normal way. Crops are good and business conditions are sound, and we should put the money we have into circulation in order to meet the needs of abounding prosperity.”
The treasury circular inviting proposals for Panama canal bonds reads as follows:
“The secretary of the treasury offers to the public $50,000,000 of the bonds of the Panama canal loan.
“The bonds will bear interest at the rate of 2 percent per annum, will be dated Aug. 1, 1906, and the interest will be paid quarterly on the first days of November, February, may and August. They will be issued in denominations of $20, $100, $1,000 and $10,000 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 from taxation in any form by or under state, municipal or local authority. They will be available to national banks as security for circulating notes. They will be receivable, like all other United States bonds, as security for public deposits in national banks.”
About this article
Source
Location on Page
Upper Right Quadrant
Topic
Contributed By
Benton Camper
Citation
“Measures Of Relief,” Black Virginia: The Richmond Planet, 1894-1909, accessed October 9, 2026, https://blackvirginia.richmond.edu/items/show/898.