The herald and news. (Newberry S.C.) 1903-1937, November 19, 1907, Image 1
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VOL XLIV NO, 0'! NEWBERRY, S. O., TUESDAY' NOVEMBER 18. 1907. ITWICE A WEEK. S1.50 A YEAR
$150,000,000 FOR RELIEF. t
Government to Issue Bonds and i
Certificates to Relieve Financial '
Situation. J
'
Washington, 'Nov. 17.?Secretary
Cortelyou tonight made the important
announcement that, as a means '
of affording relief to the financial
situation, the treasury would issue f
$50,000,000 of Panama bond's and t
$100,000,000 certificates of indebted- '
ness, or so much thereof as may be '
necessary. The certificates will run I
for one year and bear 11 per cent in- i
terest.
The secretary's action in coming to
the relief of 1 lie financial situation
meets with President Wooscvelt's
hearty approval, and the plan is the
outcome of several White Mouse conferences
which have been held within
the past few days when the finan- '
cial situation was under considera- 1
tion. '
Secretary Cortelyou says that the 1
* Panama bonds will afford most sub- '
st-autial relief, as the law provides '
that they may be used as a basis for
additional bank circulation. He also
states that the precoods from the sale I
of the certificates can be made direct- 1
ly available at points where the need '
is most urgent and especially for the '<
movement <<f the enwps, which*he '
says "if properly accelerated will :
give Hie u'real est relief and result in
L the most immediate financial re- '
turns." The secretary calls attention 1
to the attractiveness of the bonds 1
and certificates as absolutely safe in- '
vestments. 1
| Proposals Asked For.
Secrtary Cortelyou adds that these .
relief measures will enable him to
t meet public expenditures without
withdrawing f^r that purpose any
appreciable amount of the public
moneys now deposited in national
banks throughout the country. Two
treasury circulars, one inviting proposals
for therissue of bonds and the
other a ski fig for subscript ions to the
certificates will be sent out under
dale of Nov. IS. The bids for the
J)- bonds must be submitted to jhe !reasury
on or before Nov. .'10. 1 !) )?. Kaeh
bid should, stale the amount of bonds
i desired by (he subscriber, whether
coupon or registered, the price he is
willing to pay aiul the place Avhere
he desires to make payment, whether
al the treasury of the I'liiled States
or tin' ollice of some of the assistant
treasurers at New York. P.allimore,
L Phi'ad.'lhia, 1'oston, Cihcayo, St. '
i Louis, Cincinnati, New ' Orleans or
San Kraneiseo. All bids should be addressed
l?? the secretary of the Ircasury,
division of loans and currency,
L and the envelopes inclosing them
, should b'e plainly marked "bids for '
Panama canal bonds."
The certificates of indebtedness
will he issued i.i denominations of
' $f>0. They will be payable to bearer;
will be dated November 20, l!)07t
and will bear interest at the rate of
U per cent per annum, payable with
the principal sum on and after November
20, 100S, on presentation of
the certi'iicales for redemption al the
o!li<v of the. secretary of the treasury,
f division of loans and furrency.
Subscriptions will be received by
the lecitary of Ihc treasury direct
or through I he treasurer of I lie United
Slides and the assistanl freasurl
ers I-.cai.d al New York, I hi 11 iinore,
.Philadelphia, Huston, Chicago, St.
Jjou's, Cincinnati, New Orleans and
San Prancisco, beginning on Novembei
v an . continuing at I he discretion
of the secretary of the treasury.
President's Letter of Approval.
In his letter to Secretary (' irti lyou
approving the treasury plans, Pic.-ideni
Koo.sc veil slates lhal lie has i
>' beei assured i'nal I he leaders i.) cotilh1.^
have under conuderation a envrenc.v
measure "which .will meet in .
permanent fashion the needs of the
situation and which I believe* will be 1
i, passed at an early dale after conIjrivss
ci'iivi""* two weeks hence." |
The president also calls atfen'.ion '
to what is needed most at this lime I
,is that the people should "realize
how fundamentally sound business <
conditions in this country arc, and i <
I how absurd it ir to permit themselves j I
o jjet into a panic and create a
itrin<_>ency by hoarding (heir savings
nslcad of Irnsliny perfectiv sound
tanks." The president's Idler to
secretary Cortelyou, under date of
November IT. 1007, follows:
"The White Mouse.
'4 Washington, Nov. 17, 1007.
'My Dear Mr. Cortelyou:
"I have considered your propostl.
I approve I lie issue of the $.>0,)00,000
of Panama bonds, which will
>e immediately available as the basis
'or additional currency. 1 also ap>rove
(lie issue of $100,000.000, or so
nucli as you may find necessary, of
K>0 3 per cent interest bearing ji-ov?rnnicnl
notes, ihe proceeds of the
'ale ot which can lie ai once deposited
by you where she .yrealesl need
>xists. and especially in the west and
"vailh where 1 lie crops have to be
novei!. 1 have assurance that the
leaders of conuress are c(nisiderini?" a
.'urrency bill which will meet in permanent
fashion the needs of the situation
and which 1 believe will bo
passed at an early date after congress
convenes two weeks hence.
Country in Sound Condition.
"What, is most, needed just at
present is that our citizens should
realize how fundamentally sound
business conditions in this country
ire. and how nibsurh it is to permit
themselves Jo jret into panic and create
i stringency by hoarding their savu
instead of trustinu* perfectly
<ound 'banks. There is no particle of
risk involved in leuiny business lake
its natural course, ami the people
an help themselves and the country
most by putting back into active circulation
the money they are hoarding.
The banks and trust conipaniesc
are snlveirt. There is more currency
in ili,? couniry today than j
there was a month atro. when the supply
was ample. Ki fly-five millions of
iloliars in uoM lias been imported I
and I he .uoverinicnt ha- deposited
iinother $(>0,000,000. These are facts,
and 1 appeal to the public to cooperate
with us in restorinji' normal business
con lit ions. The uovernment will
see that the people do not suffer if
liiily the people themselves will act
in a normal way.
" Crops are uood and business eonililions
are sound, and we should put
ihe meney we have into circulation
in order to meet ihe needs of our
a'boundinu' prosperity. There is no
analogy iW all witii the way lliinys
were in IS0.3. On Xov. .'50 of that
year there was in the treasury but
$l(il ,000.000 in i>'ohl. On November
ill i.T this year there was inthe treasury
$00-1,000,000 of " old. Ten years
a^'o Ihe circulation per capita was
$23.23. 11 is now $33.23. The steps
that you now lake, the ability of Ihe
government to back them up and the
fact that not a particle of risk is involved
therein, <>ive the fullest <iuarantee
of (he sound condition of our
people and the sound condition of the
treasury. All that our people have
to do now is to yo ahead with their
normal business i.i a normal fashion,
and the whole difficulty disappears,
and this end will be achieved at once
if each man will act. as he normally
does acl and as the real conditions of
the country's business fully warrant
his now act ins*.
"Sincerely yours,
(Signed) "Theodore lioosevclt.
''lion. (!eo. I>. Cortelyou, Secretary
of |ho Vieasury.,"
Secretary Cortelyou's Statement.
Cpon receipt of President liooseve!i
teller ?>!' approval Joday, the
t.o|,owii>ir :ii'temen( was !/;.'ied by l'ie
secretary of Ihe treasury:
"Tii? available ca-l. balance of thej
treasury, amountinir to $210,1I
131.S"), is, with Ihe exception of n<
mal! workimn" balance, now on do- I
ne-il in national banks in every slate i
n11?I territory in the union, thus pine*
in" ii where it can serve the needs of
I he neonje as far as possible under)
i-x;^<iiiiv law.
"The secretary of Ihe treasury, j
ivi:h the approval ..f the president, ''
has aunoiuiced an i*rsi:? <,f Panama 1
l)onds to the exten:. of $">0,000,000.
"He has also, with the approval I
?f the president, availed himself of i
certain provisions of the law applica- !
t>le to the transactions of the treas- J
"
ury in limes of emergency. Those
provisions are contained in section
:Y2 of the act of June ISMS, aut'iiirix.i
1 i.u" the issuance ol* inlerosthearing
certificates of indebtedness
In fun for one year. Corlilieatcs
hearing per cent interest will he
issued to the etxent, if necessary, of
*im),0no.n<)o.
"The Panama bonds will serve as
a measure of most substantial relict,
for among oilier things the law expressly
provides thai they may be
used as a basis lor additional national
bank circulation.
"'l'lie proceeds el' the sale of cerlilicates
provided for under (he above
section can be deposited almost situ- I
ullaneously with their purchase, upon j
approved security. They can be j
mad*' directly available at points j
and especially lor the movement j
where the need is most urgent of
crops, which if properly accelerated
will give the greatest relief and result
i:i the most immediate financial
returns. The acceptance of subscriptions
by the secretary of the
treasury will be made with special
reference to such use.
"Both the bonds and certificates
are attractive as absolutely safe invest
men ts.
"These measures will, among other
things, enable the secretary of
the treasury to meet public expenditures
without withdr:vwing l<>r that j
purpose any appreciable amount <d )
the public moneys now deposited in
national banks throughout the counI
rv.''
NEW STAR ON FLAG.
Oklahoma Formally Admitted Into
the Union?Little Formality At- j
tended Ceremony.
Washington, Nov. 1(1.? A new star
was added t<> the American flag tolay
by the formal admission into the i
I'uion of the State til' Oklahoma. (
President ifoosevelt at 10.1 (i <> (dock ]
this morning signed the pi oclaination |
admitting the Territories of Oklaho- j
ma and Indian Territory jointly as
a member of the American States. |
i.ittle formality attended the ceremony,
which meant so much to the
people of the two territories. In
appending his signature to the proclamation,
the president used a pen
totaled front a quill plucked Irom
ihe wing of an American eagle, I he |
pen will be deposited with the Oklahoma
Historical society.
There was absolutely no ceremony
| connected with the signing of the
proclamat i< |:. The act was done in
the cabinet room, to which had been
admitted Senators Carter and Dixon j
of Montana and Warner ol Missouri,
besides a number of residents ot Oklahoma,
most ot whom are connected
with goveru'inent departments in
Washington, and newspaper repres|
ontatiivcs. It was cxactly 10:1(3
o'clock When Secretary Lodh throw
open the double doors leading from
the president's private ollice. lie
had the proclamation in his hand,
which he laid on the large square
blotter at the president's position at
the head of tin1 cabinet table. 1 he
president entered and took his seat |
at once, was handed the long eagle
quill pen by the 'secretary and himself
lifting the lid from the inkstand
dipped the pen and wrote his name
in huge letters, the pen making an
audible scratch with each movement.
When he had finished his signature,
the president picked up a small blotter
with which he blotted his name,
and then looking up. exclaimed:
"Oklahoma is a state."
At I his instant Albert Hammer of I
Kni.l, Okla., a clerk in the land ollice
stepped forward and asked: "Mr. I
President, may I have the blotter?"
The president picked up the small
blotter and handed it to Mr. Hammer
with the remark: "There were more
requests for tue to use particular
pens than there are letters in my
name."
After (lie signing of the proclamation
which made Oklahoma a slate,
il was transmitted to I he state depart
meat, where the signature of the
president was duly attested and the i
document then filed in the archives
of that department.
CONSERVATION OF RESOURCES ! t
President Roosevelt Invites the Gov- .t
crnors of All the States to d
meet Him. i '!
i
\\ a-bington, Nov. 17.? I'resident n
Uoo.^evclt lias invited tin* governors i:
ol' Hie states and territories to meet id
him at tile White House. May lit, 14 ' |i
and ! >, next, to discuss the question!
of means to conserve the natural re- r
sources of the country. Invitations .
arc tn lie etxended to the menihers of
bofli ! iouse.se of congress and lo the i j
Inland Waterways commission. The j
importance a.id manner in which the v
subject is to he considered are in- 1 ;1
dicated in the president's letter to j
the iivcrnors, which was made pub-I.
lie at the White 1 louse today. The |
letter follows:
, 1
I lu1 natural resources of I hi} ter- |
ritory ol the I uited Stales were, at
the time of settlement, richer, more
varied and more available than those
of any other equal area on the surface
of the earth. Tho development
of these resources has given us, for
more than a century, a rate of in- ^
crease in population and wealth undreamed
of by the men who founded
our government and without parallel
i.i history. It is obvious that the 1
pro.-pi l ity which we now enjov rests \
directly upon these resources. It is equally
obvious that tlie vigor ami j <
success which we desire and foresee | <
lor l his nat'i'in in tho future must ji
have this as its ultimate material j:
basis. I
"hi view of these evident facts it :
seems to me time for the country to 1
lake account of its natural resonr- '
ces, and to inquire how lon.tr they are ' 1
likelty to last. We are prosperous
now; we should not fortrel that it '
will be just as important to our de- 1
scendants tn he prosperous in their 1
time as it is jo ns ;ti he prosperous in ' '
our tinie. 1
Recently I expressed the opinion
that there is ;i?? other question ^
now bet ore the nation of ecpial t?ra- '
I vitv with the question of the con- '
j servati?i(ui of our natural resources,
and I added that it is the plain duty "
o| those ol n< who. for the moment, '
are responsible make inventory ol'j
the natural resources whicii have ' '
i been handed down to ns, to forecast | J
la- well as we mav the need> of the
' I
lutnre, and mi to handle the tjreal !
| sources of our prosperity as not to j 1
de-troy in advance all hope ol' the']
prosperity of our descendant
Resources becoming Depleted.
* * 11 is evident that the abundant
natural resources on which the welfare
of. this nation rests are becoming)
depleted and id nol w tew ciisos iini j
already exhausted. This is true of all !'
portions of the 1'nited Slates; it i., J !
especially true of the longer settled '
communities of the east. The gra- 1
vily of (he situation must, I believe,
appeal with special force to (lie gov- '
j ernors of tlic slates because of I heir
close relations to the peojde and their !
responsibility for |lie welfare of their
j communities. I have, therefore, deI
cided, in accordance with the sug- '
m'-tion of the Inland Waterways
i commission, to a>k the governors oft
the "-tales and territories to meet at I
I lie White House on May 1 It. II ami J
l"> to confer with the president and j
| with eac!i oilier upon the conservaIii
ti of naIuraI rcsource-?.
11 1
"I! gives Hie great pleasure to in- ,
vite yo.i !(? lake pari in this conference.
I should he tilad to have you '
sell". I three cilixens |o accompaiiv |
you am; to attend the conference ns j
your assistants and advisers. I shall !
also invite the senators and rep res- j
enta'ives of (lie Sixitcth con^rcss to i
In present al the se-sion--. <o far as',
t lu-ir dui ies will permit. ;
I he mailers to he considered al I;
t.'is coiiIcrence are not confined lo',
any region or group of stales, hut ai'Q '
ol vilal concern to the nation as a |
win ie and (< all the people. These 1 ,
subjects include the use ind conser- I:
vaiiui it the mineral re n-'-es, the |
re?ourc(" ol the !.i id v ' ne resou; |
ces of the wnte , In > p:>?\ .1,
our territory. |
Suggestion by Authorities. i
"In order to open discussion l l<
shall invito a fow recognized authori- J i
1 ' '
ies it* present brief descriptions of ; 1
etual lads and condilions, without j
rsi'.nie'MM". leaving tin* I'ont'erenee to j
eal with each t?i?* :is it may elect. |
'he meni'hers ?>I* the Inland Water-j
rays commis-dou will he present ia j ,
rder to share with nie the henelit of
n format ion and snyucsi ion and if;
esircd to set forth their provisional j
ilans and conclusions.
ii
Facts which 1 can not uainsav
orce n\e to helieve that the conserva- ,|
ion of our natural resources is the |
iiost weiiihty ?|uestion now before v
he people of the I'nited Slates. If ,
his is so the proposed eonferenee, )
diicli is the first of its kind, will he |
liinoicj* the most important yather- v
n?s in our history in its effect upon- j
he welfare of all our people. t
"I earnestly hope, my dear yovcr- I
ior. that you will find it possible to I
ic present. !
" Sincerely yours, i
''Theodore Uoosevelt." \
THE STOCK MARKET.
t
Confidence Being Restored In Fin- '
ancial Centres.
New York, Nov. 17.?Affairs in i
he financir.l center itself moved to- t
vard adjustnicnt last week ami in the '
lock market itself there was ;,u un- .
lertone of eon fide'.icc on this ac- >
onn?. even wliil.1 the surface of the ;
narkcl was more or less disturbed by t
il'ler effects of the recent violent per- I
ui'batioii. As invariably is the case I
tiler such an experience, there re- i
nains a certain ainounl of wreckage i
o be cleared away. The mere fact ;
hat this work has j?o:ie on i> in it- i
-elf eivdetice of the conv'ctiou that i
'onditions are more propitious for
nakiny i! successful. (ireat bank- |
uu' interests ami capitalists with si
Tear interest in iadividua] properties ,
ake la rue offerings of tlu-m in the
narkcl in limes of panic for the pur- i
|iose of opposing obstacles in the
lisastrous break in prices. Such pnr hases
come hack mi the market for
-ale at she litsj opportunity. Accounts
with commission house- also
ire carried through times of peril 1
Ail i i the ir.idersi andinv I hat they are
0 be rcnduced as soon as can be done
A'ithoui entire sea; illcc. iMiriny the
ate upheaval also it is well known
hat accounts were taken over from)
tii'baiTassed houses bodily in order to
ave them from shipwreck and it i iclicved
that the past week has seen
te clearing u.p of s:>me of l!ii- !{\ resale
of securities in the imirket.
Better Buying Develops.
Willi the subsidence of the price
level back, to an at tractive basis unler
these operations, there has developed
aysiin the investment demand
in small lots, which is >o notable a
feature of the present -ituatio.i in
lie securities market. Transfer si yen Is
d' all the y-rcsit corporations sire
ivorked overtime in recording the
lohlinys of new stockliol lers i.i snnill
ots. This kind of buying forms in
he a'-sureyal e si more important faclor
of ahsorptio.i ami distribution
iian the much ljiryer I rsinsact ions of
the ordinary dealings on marvin,
ivhieh are taken with the mere pur>?:*e
id" resale sit a profit; which are
iehl wit ii borrowed money, and which
r e vulnerable. < licrefore, !o any
-hock |o lit ami liable lo be forced
o.' a weak in.M'kct at tin- most .
'inpropil ioim lime-.
W i I !i i b< d< i I ill" in I lie r.i: e for
111 Miey oil c.i I there ha- been a lir j
'in" o| joii.jlv :i!-o in (his (lass of I
.persil ion-. 1 has 1?? ? 11 frowned
i, i'i lo. !-,anl<er :i id meucv lenders I
1 . I I . tie !, ;i i li i iv mind- Item on
|::e reim : I inea-nrcs I'loui which
iv hoped f he est oi a I ion of normal j
dilion- at an earJt\ day. The -mall
iu' e In* -. i !? .' "i i which is t':e-. en- 1
ill i i Mil. is in j i -el f an i in; tori suit
i "i "dia! me.i nie !iy hriii'viuv out
!' n iti<'\- wiiich had been witliIrsi
a 1 in the channel-; of bank ill'/ '
i t v. ' i< ' < i'ius re tored lo lliej
I , ' < 'i-i' ' ; 11 s t lie ocr
1 er-a! oliservsil i? n in
nisi kct I ha I excel I
.er m I' i eral'ion of forced Inpii- 1
ilati 'ii above referred to the supply
of stocks iind bonds offering in the
market has become scarce and orders'
i
o liny are I illed only by advancing
litis.
How the Market Was Affected.
'>n (In- side ,if iiio cvcneral silna1
In* s!1 >ek market has had (o
ace some consequences til' ilu> lale
11 >})(*;( \ ;i I at t lie financial center
thich ciuiform io (lie expcelation inheated
in the convulsive readjust"isit
"I prices of seen lilies affected
arlier. 11 was early foreseen that I lie
lislocat ion of tiie tnaeliinery of (ho
mancial and commercial oxehamro
vnnld have the efleet of throwing
ibstaeles in the way of inainlainin^
nisiness activity ?| its hi.uh level,
{eduction of output. enllinir down of
vorkinir forces, cancelhilion of eonj;u-l>.
,i hil| in prices of cotmnodiies
and ret reiichinenl in all forms,
o-rlher w iih rest rid ion of orders
future delivery, which form I he
nirden of iiicomiiiu- reports, occasion
io surprises t,> speculative sentiment
vhich is registered earliest and most
iccurately in the securities market,
rhese developments had found their
el lection in the earlier events i:i 1hat
noitium.
Revival of Activities.
The present market is inclined to
efleet rather the opinions on Ihe fume.
The act ion ,.f the market may
>< fairly iiilenpreted as offering a
rood prop,.I I i..11 ?f hopefulness f?,r a
iort duralioii of the crisis and for
?> early restoration of normal eondiand
a renewed start towards
ie revival of the prosperous acliviies
in which Ihe eounlrv was previously
enu'ancd. Confidence is felt
? Ihe solid ha sis of that prosperity
ind it is helieved that Ihe experience
Ihrou.-h which the country is passin-r
'"UIaius in itself the forces of eorrt'clio.!
?i!' the cci id.il ions a ! i i < -) i were
l'"'cini! a limit on thai prosperilv. A
l'i'?<' level for materials i> :i
on-picami^ , \an-iile of the lino up.
m which li-:- needed readjustment iiio>\
uorkiuj. | lie low er prices of
-"ciiril ii-N aKo is bavinthe effect id'
i tract in- eaidlal ic I only from do"
i' -1 i i* Ihi: | tMtn forei-.: ;i sources,
lb". Hi*111? Kin-, a Iovce of replenishin
'!H. I 're !n<-k of which has conic Io
he the lei'dinv. actor in hriirji11ihe
cour.-.e . f pro-jre-s i? >!ands|i||.
Advertised Letters.
Letters reiiiainiiiu' in the post.dliee
at Newberry. S. <'.. f,,r week c.idint?
November In. |! Ml 7.
' I' Ml-. Mi\ Man ice
I lu r< < ?n.
< .leuie ('oleman.
I' . A. I )anit I.
I'' Wesley I'Yvc.
<i Mis- I'! I la (ilymph.
d' - M r. ! !. S. Johnson.
K Mr. A. M. Kiii'j'.
M Mrs. W. s. Melton (2).
Mrs. Men Nichols.
I' liichanls I'itis.
I> Mrs. Carrie Robertson. Mi-s
Mary I'uckel.
S- Mert Sat lerwhite. Mr. I,. K.
Simon, Sprin-lidd. Miss Alice Smith,
Mi. d. U, I, Scot I, Mrs. Lizzie Schumpcri.
W? I'M. Wiillianis, ||e:iry Wilson,
11: in-;. Walker.
' ha>. I. I 'ureell. I?. \|.
Card of Thanks.
I. 11. Shock ley and family take
Ihi- uielhi.d to ex pies- i heir thanks
lie! appreci.il i .M t,, our many I'rieiitls
lid acquaintances for their kindness
''""vn us in ihe !o-> of our loved
We also wi'dl to extend our
'bank* ! Dr. .!. A. Mehlau lor his
a.! ii! id -ervice.
Jubilation in Territories.
'Iiilhrie. ()k la., Nov. Hi. The di
-ion ol (l|.lii..ott;a Io statehood in.
lay was marked by jubilation
Ihrou*.:lion| the | wo Territories hv
the i i s i ,i 11 a I ion ol (!ov. Charles N.
Haskell and by, a pelade and barhc
ue in (Jul In ie.
Nov. Haskell's address was vr'iieinenl.
lie doinioiiecd ''the ''omVmalions
that have fatteue<l l?\ unresIricted
robbery of our people," de(dared
in favor ol pris? n seulcuces
lor ol'fe.idinir corporal ion officers,
and announced that (he liquor prohibition
law would bo rigidly enforced.