Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1900-11-01
TREASURY DEPARTMENT.
The Dingiey Tariff for Pro-
lection.

First in point Of success Is the Dingley
esriff; second, the reform in the cur
rency: third, the war loan of 1898; and
eourth, the settlement Of the Pacific Rail-
xOad indebtedness.
The tariff change was the one which
pressed most urgently.
The House of Representatives prompt
Hy responded to the Presidents message.
On the same day in which it was read in
The House, the late Mr.. Dingley OF
Maine, chairman of the committee on
ways and means, introduced the new tar
Kff bill. Such unusual expedition had
been made possible only by the untiring
work of the members of the committee
ON ways and means for several months
previous.
The bill was passed in the House Of
representatives March 81, 1897. less
rhaa a month after the Inauguration OF
President Mckinley and two weeks after
Congress had been convened in extra ses-
saon. " passed the Senate July Z, 1897,
with amendments. Two days later its
consideration was begun by conference
committee of the two houses, and 1t
ESnany passed the House July 10, and the
SENATE July "a. 1t became law on the
E1ttsr day when the President signed
rbe bill Thus, within five months (no
vnAer tariff law was ever passed in so
short tlme) after the Inauguration of
the President, a new tariff law was plac-
ed on the statute books.
Everyone knows the bene6cent results
of the Diugley tariff in restoring pros
lperiiy 1t helped farms and factories
aided labor In the mines, gave better
wages 20 textile workers, revived the TIM
Mate industry, and in every line of bust
mess gave employment TO tens of thou
sands.
The Gold Standard Law.
Equally striking was the success Of the
currency law placed on tire statute hook,
March Il, 1900.
The currency law does more than re-
move all doubt concerning the standard
of value. 1t directs that all forms of
money issued or coined by the United
states shall be maintained at parity OF
value with this standard. and it is made
The duty of the Secretary of the Treas
nry TO maintain such parity. reserve
ennd OF $l50,000,000 in gold coin and
hullion Is set apart In the treasury for
rhe redemption of United States notes
and treasury notes of 1890, instead If
sion, 100000. formerly recognized as the
gold reserve
Better banking facilities for the coun-
IVY districts are provided by this act, the
minimum capital being reduced to $40,
600 in places Of not over 5000 popula-
rion. Under this section PA new banks
have been organized with capital of
S10O00.00o.
Astounding the National Debt.
Perhaps the most notable feature OF
the new currency law is that which re-
Iates to the refunding of the national
debt The > per cents of 1904, the
per cents OF 1907. and the 3 per cents of
1905. the principal of which aggregates
$S3a. 400, were authorized TO be re-
Funded Into per cent bonds, payable
AT the pleasure OF the United States after
xNirty years from the date OF their issue,
and payable, principal and interest. in
suid coin OF the present standard value.
The act contains provision that the
new . per cent bonds 60 be issued In ex-
change for the old threes, fours and fives
SHALL not be issued nj less than par. The
Secretary OF the Treasury was authoriz.
I'D 10 conduct the refunding operations
r., What the old threes, fours aud fives
should be received in exchange for the
= rer cents on a basis (of ~ per cent.
XIT MAY ~ it"F's bth'0t f-tulEu OF tut
sntstanding threes. fonrs and tives had
k~xn converted into ? per cent OF the new
Issue. thus practically securing the sue.
s--es OF the refunding plan.S No other
.s..s.,; az .hs earth can aeept OF such an
nshirrement as is the exchange OF these
aSa high-rate interest boRds for bonds
Issued upon so low basisaas per cent.
six Million in Interest Saved.
hinder the refunding provision the
tr~nsury effected net saving OF interest
amounting to S6.664, 454 ION bonds re-.
yslaced. between March IA aud May /.
1900. II all the bonds opened to refund
fs,r should be exchanged the saving in
interest will reach over S2e,ooo,ooo.
spanish-American War Loan.
The credit Of the Government under
eAis administrator is shown in the sue
s,ess OF the popular loan for the Spanish
American war.
For period Of thirty-one days sub
rs-riptions we're received, at the end OF
pshlch time II was found that the total
* subscriptions aggregated only little
'rruaer 81, 4O0.0U0 600 or almost seven
rSi.r<s the amount OF bonds offered to the
wsblic. This was remarksbl. demon