Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1900-07-03
Financial Legislation Of the
Highest Character.
Splendid Standing Of the National
Treasury - Active Republican
Effort 10 Put Down The
TfuStS-P0itO Rico.
(Special Correspondence.)

(Special CorrespondenceD
Washington, June 21. - The last
session of Congress passed 1872 acts,
which had been approved by the Presi-
dent. nm to and including the month of
NAV. MANY of these were of general
public interest and were carefully con.
sidered by both Houses.
An act To define and fix the standard
of value. to maintain the parity Of all
forms of money issued or coined By the
United States, to refund the public
debt and for other purposes. was the
first bill passed through the House of
Representatives. and became law on
March 18th last.
This bill is the most important of all
that became law during the session, IL
places the finances of the country firm
" on the gold standard. No public Off
cial can hereafter disparage any dollar
issued by the United States until the
Senate and House. with approval of
the President. shall concur in amend.
ing this statute.
The bill also provides for the refund
ing of the national DEBT. amounting u
$3.50 900 900. into . per cent bonds
since the massage of the act this re-.
funding process has been constantly
going ON. and now reaches about $780,
900 600. As the old bonds bore interest
national saving of interest ON the bonds
already refunded amounts to n con.
siderabIy more than S. 900 900. This
saving will nearly equal the entire in
terest on the 5000 900 900 borrowed TO
nav the expenses of the Spanish war.
Should we succeed in refunding the
entire Indebtedness $3.50 900 900 at the
low rate of . nor cent interest the M
tionaI saving IN interest would not only
nav the interest on the Spanish war
loan. hut also the interest on the 500, =
600 600 of bonds issued by the last adj
ministration in time of peace.
Under the minor provisions of the
bill there has been n great increase of
national banks of limited capital in the
smaller towns. particularly of tn.
Western or Southern States.
Bills providing for the government of
the Hawaiian Islands and of Porto Ri
co, after long consideration, have final
" become laws, while the bill for the
government of Alaska has been passed
The feature of the Porto Rican bill
which occasioned most discussion il
the most liberal toward that island
of any ever incorporated into law. II
provides a slight tariff on the products
of that country coming to the United
States. and also on products shipped
from the United States to Porto Rico
excepting necessaries of life, all OF
which is turned over to the treasury OF
Porto Rico for period of two yea. S
or until local taxation can be provided
by the new government. At the end of
two years trade between Porto Rico
and the United States becomes abso-
lutely free.
Not only this; Congress has appro-
priated all the revenue derived from
goods imported into the United States
from Porto Rico since the occupation
and amounting to more than 1900, 900
for the benefit of the people of that isl
and. All tariff collected at Porto RI
can ports is also to be used for that
purpose. This was a boon to thos.
people, justified by the circumstances
and unparalleled for generosity toward
any people.
This Congress also passed the FTeo
Homes bill, giving free homesteads on
the public lands to actual bona fidc
settlers. This was a measure pledged
by the platform of all parties.