the basis for additional currency. I also approve the issue of $100,000,000, or so much as you may find necessary of $50 three 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. I have assurance that the leaders of Congress are considering a currency bill which will meet in permanent fashion the needs of the situation, and which, I believe, will be passed at an early date after Congress convenes two weeks hence.

What is most needed just now 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 to-day than there was a month ago, when the supply was ample. Since then $55,000,000 in gold has been imported and the Government has deposited $60,000,000. These are facts; and I appeal to the public to co-operate 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 at once to meet the needs of our abounding prosperity.

There is no analogy at all with the way things were in 1893. On November 30th. of that year there was in the Treasury but $161,000,000 in gold. On November 14th of this year there was in the Treasury $904,000,000 gold. Ten years ago the circulation per capita was $23.23. It is now $33.33. 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 guaranties 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 a normal fashion, and the whole difficulty disappears; and this end will be achieved if each man will act as he normally does act, and as the real condition of the country's business fully warrants his now acting.

Sincerely yours,
THEODORE ROOSEVELT.

Upon receipt of President Roosevelt's letter of approval the following statement was issued by the Secretary of the Treasury:

"The available cash balance of the Treasury, amounting to $240,156,431, is, with the exception of a small working balance, now on deposit in national banks in every state and territory in 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 the President, has announced an issue of Panama bonds to the extent of $50,000,000. He has also, with the approval of the President, availed himself of certain provisions of the law applying to the transactions of the Treasury in times of emergency. These provisions are contained in Section 32 of the Act of June 13, 1898, authorizing the issuance of interest-bearing certificates of indebtedness to run for one year. Certificates bearing 3 per cent interest will be issued to the extent, if necessary, of $100,000,000.

"The Panama bonds will serve as a measure of most substantial relief, for among other things the law expressly provides that they may be used as a basis for additional national bank circulation.

"The proceeds of the sale of certificates provided for under the above section can be deposited almost simultaneously with the purchase upon approved security. They can be made directly available at points where the need is most urgent and especially for the movement of the crop, which, if properly accelerated, will give the greatest relief and result in 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 investments.

"These measures will, among other things, enable the Secretary of the Treasury to meet public expenditures without withdrawing for that purpose any appreciable amount of public moneys now deposited in national banks throughout the country."

MESSAGE FROM THE ASSEMBLY-(OUT OF ORDER).

On motion of Senator Leavitt, the following message from the Assembly was received and read:

ASSEMBLY CHAMBER, SACRAMENTO, November 22, 1907. MR. PRESIDENT: I am directed to inform your honorable body that the Assembly on this day adopted the report of its Committee on Free Conference on Assembly Amendment No. 5 to Committee Substitute for Senate Bill No. 11.

Committee Substitute for Senate Bill No. 11-An Act to add a new section to the

Political Code of the State of California, to be numbered Section 3757, relating to the extension of the time for the payment of taxes and the postponement of the delinquency of taxes for non-payment, and postponement of the duties of all persons and public officers in connection therewith. CLIO LLOYD, Chief Clerk of the Assembly. By THOS. G. WALKER, Assistant Clerk.

Committee Substitute for Senate Bill No. 11 ordered to print and enrollment.

REPORT OF STANDING COMMITTEE.

The following report of standing committee was received and read:

ON ENGROSSMENT AND ENROLLMENT.

SENATE CHAMBER, SACRAMENTO, November 23, 1907. MR. PRESIDENT: Your Committee on Engrossment and Enrollment have examined the following:

Senate Bill No. 7-An Act to amend Section 5 of the Act entitled "An Act to provide for the issuance and sale of State bonds to create a fund for the acquisition by the Board of State Harbor Commissioners of a necessary area for a tidal basin for wharves, piers, harbors, and appurtenances in the City and County of San Francisco; to create a sinking fund for the payment of said bonds; and defining the duties of State officers in relation thereto; making an appropriation of one thousand dollars for the expense of printing said bonds; and providing for the submission of this Act to a vote of the people," approved March 21, 1907, relating to the redemption of such bonds and creating a sinking fund for such purpose, and adding a new section to said Act, to be numbered Section 10, relating to the publication of said Act, and providing for the payment of the cost of publication of the same.

Also: Committee Substitute for Senate Concurrent Resolution No. 2.

Also: Committee Substitute for Senate Bill No. 4-An Act to amend Section 7 of the Civil Code, relating to holidays.

Also: Committee Substitute for Senate Bill No. 8-An Act to amend Section 10 of the Political Code, relating to holidays.

Also: Committee Substitute for Senate Bill No. 9-An Act to amend Section 10 of the Code of Civil Procedure, relating to holidays.

Also: Committee Substitute for Senate Bill No. 11-An Act to add a new section to the Political Code of the State of California, to be numbered Section 3757, relating to the extension of the time for payment of taxes and the postponement of the delinquency of taxes for non-payment, and postponement of the duties of all persons and public officers in connection therewith.

Also: Committee Substitute for Senate Bill No. 10-An Act to amend Section 135 of the Code of Civil Procedure, relating to the transaction of judicial business on holidays and special holidays.

And report that the same have been correctly enrolled, and presented the same to the Governor on the twenty-third day of November, 1907, at eleven o'clock A. M.

REILY, Chairman.

MESSAGE FROM GOVERNOR-(OUT OF ORDER).

On motion of Senator Leavitt, the following message from the Governor was received and read:

EXECUTIVE DEPARTMENT, STATE OF CALIFORNIA,
SACRAMENTO, November 23, 1907.

To the Senate of the State of California:

I have the honor to inform your honorable body that I have this day approved. Senate Bill No. 6-An Act making an appropriation for the contingent expenses of the Governor's office for the fifty-ninth and sixtieth fiscal years, in addition to such sums as have been heretofore appropriated.

Also: Senate Bill No. 5-An Act making an appropriation to pay the claims of the National Guard of California and other expenses incurred by the AdjutantGeneral, under direction of the Governor, arising and growing out of the labor troubles and strikes in the City of San Francisco, in the months of May, June and July, 1907.

Also: Senate Bill No. 12-An Act transferring money from the General Fund to the Printing Fund, to defray the expenses of legislative printing for the extra session of the Thirty-seventh Legislature, and directing the State Controller and the State Treasurer to make such transfer.

Also: Committee Substitute for Senate Bill No. 9-An, Act to amend Section 10 of the Code of Civil Procedure, relating to holidays.

Also: Committee Substitute for Senate Bill No. 10-An Act to amend Section 135 of the Code of Civil Procedure, relating to the transaction of judicial business on holidays and special holidays.

Also: Senate Bill No. 7-An Act to amend Section 5 of the Act entitled "An Act to provide for the issuance and sale of State bonds to create a fund for the acquisition by the Board of State Harbor Commissioners of a necessary area for a tidal basin for wharves, piers, harbors, and appurtenances in the City and County of San Francisco; to create a sinking fund for the payment of said bonds; and defining the duties of State officers in relation thereto; making an appropriation of one thousand dollars for the expense of printing said bonds; and providing for the submission of this Act to a vote of the people," approved March 21, 1907, relating to the redemption of such bonds and creating a sinking fund for such purpose, and adding a new section to said Act to be numbered Section 102, relating to the publication of said Act, and providing for the payment of the cost of publication of the same.

Also: Committee Substitute for Senate Bill No. 4-An Act to amend Section 7 of the Civil Code, relating to holidays.

Also: Committee Substitute for Senate Bill No. 8-An Act to amend Section 10 of the Political Code, relating to holidays.

Also: Committee Substitute for Senate Bill No. 11-An Act to add a new section to the Political Code of the State of California, to be numbered 3757, relating to the extension of the time for payment of taxes and the postponement of the delinquency of taxes for non-payment, and postponement of the duties of all persons and public officers in connection therewith.

J. N. GILLETT,

Governor of the State of California.

REPORT OF STANDING COMMITTEE (OUT OF ORDER).

On motion of Senator Wolfe, the following report of standing committee was received and read:

ON CONTINGENT EXPENSES.

SENATE CHAMBER, SACRAMENTO, November 23, 1907. MR. PRESIDENT: Your Committee on Contingent Expenses, to whom was referred the following:

Resolved, That the Controller of the State be and he is hereby directed to draw his warrant, and the Treasurer of the State to pay the same out of the Contingent Fund of the Senate, for the sum of twenty dollars, in favor of G. Ray Horton, for services in remaining after final adjournment, and assisting to properly paste, label and arrange the original minutes of the Senate, which, according to law, must be arranged, signed and delivered to the Secretary of State.

Have had the same under consideration, and respectfully report the same back, with the recommendation that it be adopted. .

Report and resolution read.

WOLFE, Chairman.

The question being on the adoption of the report and resolution. The roll was called, and the report and resolution adopted by the following vote:

AYES-Senators Anderson, Anthony, Bates, Bell, Belshaw, Black, Broughton, Caminetti, Carter, Curtin, Hartman, Irish, Leavitt, Lukens, Markey, McKee, Nelson, Price, Rambo, Reily, Rolley, Sanford, Savage, Walker, Weed, Welch, Willis, Wolfe, and Wright-29.

NOES-None.

RESOLUTIONS.

The following resolutions were offered:

By Senator Wright:

Resolved, That a committee of three be appointed by the President of the Senate to wait upon the Governor and inform His Excellency that the Senate is about to adjourn and awaits his pleasure.

Resolution read and adopted.

APPOINTMENT OF COMMITTEE.

In accordance with the above resolution, the President appointed Senators Wright, Nelson, and Sanford to notify the Governor of the readiness of the Senate to adjourn sine die.

Resolved, That a committee of three be appointed by the President of the Senate to notify the Assembly that the Senate is ready to adjourn, and ask if the Assembly has any further communication to present to the Senate.

Resolution read and adopted.

APPOINTMENT OF COMMITTEE.

In accordance with the above resolution, the President appointed Senators Black, Markey, and Caminetti to notify the Assembly of the readiness of the Senate to adjourn sine die..

APPOINTMENT OF COMMITTEE PROVIDED FOR IN SENATE CONCURRENT
RESOLUTION No. 2.

The President announced that, pursuant to the provisions of Senate Concurrent Resolution No. 2-Relative to the appointment of a committee of three Senators and three members of the Assembly for the purpose of investigating into the business methods employed generally by the banks and banking houses of the State of California, with a view to amending the present banking and trust laws so as to afford better protection to the depositor and to the business world-he has appointed Senators Leavitt, Wolfe, and Curtin to comprise such committee.

REPORT OF COMMITTEE.

Senators Black, Markey, and Caminetti, the special committee appointed to notify the Assembly that the Senate was ready to adjourn sine die, reported that they had performed the duty assigned them.

REPORT OF SENATE COMMITTEE.

Senator Wright, as chairman of the committee appointed to wait upon the Governor to inform him of the Senate's readiness to adjourn, reported that His Excellency had informed the committee that he had no further communication to forward to the Senate.

REPORT OF ASSEMBLY COMMITTEE.

At eleven o'clock and fifty-one minutes A. M., a committee from the Assembly, Mr. Drew, chairman, appeared at the bar of the Senate and announced that the Assembly had no further communications to transmit to the Senate, and was now prepared for final adjournment.

APPROVAL OF MINUTES.

The minutes of this day, Saturday, November 23, 1907, were read and approved.

VALEDICTORY BY THE PRESIDENT.

The President, in bidding farewell to the members of the Senate, spoke as follows:

Gentlemen of the Senate: The Senate of the California Legislature, Thirty-seventh (extra) Session, is about to adjourn sine die. Before doing so, however, I wish to thank each and every Senator for the uniform courtesy and kindness shown me as the pre

siding officer of this august body. You have borne with me most graciously, both in session and out of session, and I am, indeed, most grateful for your consideration on all occasions. The opportunity I have thus been afforded to know you personally and to acquire your esteemed friendship I deem one of the great privileges of my life. In farewell, I wish you all happiness and prosperity.

FINAL ADJOURNMENT.

Whereupon, at twelve o'clock M., in accordance with the provisions of Assembly Concurrent Resolution No. 2, Lieutenant-Governor Warren R. Porter, President of the Senate, declared the Thirty-seventh (extra) Session of the Senate of the State of California adjourned sine die.