New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-08

as all the revenues were turned over for the
islands benefit instead of going into the gem
eral Treasury. The bill during its progress in
the House was greatly misunderstood and ma
ligned, but finally became a law, together with
a code OF government for Porto Rico, and went
into effect on May l last. Since its final passage
1t has become better understood and few peo-
pie In the United States now crticise it. while
1t has proved acceptable to all Porto Ricans ex-
cept those having sugar and tobacco to sell.
The laws amply indicating itself.
THE GOLD STANDARD FIXED.
The most important act passed by the present
Congress Is one which had its initiative in
caucus committee composed of members of the
Committee on Ways and Means and other
leading committees of the House. This bill fixes
the gold standard, and makes it impossible for
the Government to get away from it unless by
the concurrence Of both houses of Congress and
the Executive. While it lessons somewhat the
immediate dangers of Organism our financial
system is still left open to assault by the Demo-
cratic party. For 1t will be seen by any close
student Of political history that a tidal wave
which would bring Bryan in this year $500
would also make such changes in the Senate
as to produce therein a Bryan majority in 1902
The only way to destroy the 16 to l idea is in
the overwhelming defeat of Bryan at the coming
election.
But this bill also provides for the refunding Of
the National debt in bonds bearing interest at
the rate of per cent. This refunding opera
ton has been going gradually and is already
approaching the $300000000 mark out of the
SSoOUDiOOo of bonds which will be subject TO
It's operation. Already nearly enough bonds
nave been exchanged to make an annual saving
VI interest eQual 10 the entire annual interest
on the Spanish war loan, and if the entire
SSo0oOO,OD of bonds be refunded at this
rate. sufficient saving of annual interest will
follow to equal in addition the interest on the
S2oZOOoVO of bonds issued in time of peace by
the Administration of Mr.. Cleveland. The law
also affords opportunity for a more elastic
currency, which is being taken advantage of by
many of the banks of the country.
REDUCTION OF TAXATION.
At the next session the Committee on WAYS
ana Means will have to take hold of the i'm
Owing to the continuance of the insurrection
in the Philippine Islands and the necessity of
maintaining an army of nearly one hundred
thousand men in the field. the surplus has not
been sufhcient to warrant a thorough revision
of the War Revenue act and large reduction
or taxation While for the months of January
februaiy and March the surplus revenues aver
ased about $Il.UO0D month. for the re-
naming eight months OF the fiscal wear they
have only averaged about So, 800 600 OF the
surplus some S2S,O000G0 has been used In the
re1undlng operation and large additional
amount will be necessary. The Secretary of the
= per cents extended from 1891 and past due
thus relieving the country from any danger on
account Of the surplus in the Treasury OF
course should the condition OF the Treasury
warrant II, an additional reduction OF the debt
can be effected. The committee therefore
thought it better to wait and consider the sub
1ect late in the recess Of Congress. Should the
Philippine insurrection by that time be ended
ana should there be a prospect of a large reduc-
ton in the Army, and therefore in the expenses
or the Government, and the revenues keep up at
their present pace, a substantial reduction could
be made in the war revenues. The committee
VIII also have time to consider where these
revenues bear the hardest and in what cases
reduction viii bring the most relief For these
considerations they concluded to postpone the
subject beyond the present session