THE PAST 19 advance in their price ”— to take out additional note circulation. 22 The Treasury on November 17, 1907, announced that bids would be received for an issue of $50,000,000 Panama Canal bonds under the act of June 28, 1902, and $100,000,000 three per cent, certificates of indebtedness under the act of June 13, 1898 — both to be available for note cir culation. The Treasury further announced its in tention of permitting 90 per cent, of the proceeds of the bonds and 75 per cent, of the proceeds of the certificates to remain as public deposits in depositary banks. The mere announcement brought the desired re lief. It was ultimately found necessary to issue only $24,631,980 of the Panama bonds and $15,- 436,500 of the certificates of indebtedness. The certificates were almost wholly absorbed by the banks and were used for increasing circulation or for securing public deposits. Of the total amount issued, there were purchased by the Treasury at par and interest $1,250,000 on March 3, 1908, and $250,000 on September 14, 1908. The remaining $ i 3>936,5oo were called for redemption at maturity on November 20, 1910. 23 In summary, it appears that of the six occasions upon which, prior to the present war, the Treasury made use of negotiable short-term debt obligations, the first four—1812-15, 1837-42, 1846, 1857 — developed from inability to sell long term bonds in 22 Report of Secretary of Treasury, 1908, p. 21. 23 Report of Treasurer of United States, 1908, p. 152, 1909, p. 137-