, 1900-06-21

,royed by the president, up to and in
,luding the month of May. Many of
,bese were of general public interest
and we're carefully considered by both
houses.
An act to define and fix the standard
n, value, to maintain the parity of all
forms of money issued or coined by
The United States. to refund the public
dabt. and for other purposes, was the
first bill passed through the house of
representatives and became a law on
March IA last.
This bill is the most important of
all that have become law during the
present session. 1t places the finances
Of the country firmly on the gold
standard. No public official can here
after disparage any dollar Issued by
the United States until the senate and
house, with approval of the president.
shall concur in amending this statute.
The bill also provides for the re-
funding of the national debt amount
Ing to $3.50. 600, 900 into 2 per cent
bonds. Since the passage of the act
this refunding process has been con-
stantly going on, and has reached
about $3.50, 900, 900. AS the old bonds
bore interest at the rate of 8, 4 and 5
per cent, the national saving of in
tercst on the bonds already refunded
amounts to considerably more than
t6, 1000, 900. This saving will nearly
equal the entire interest on the $780,
300, 900 borrowed to pay the expense of
the Spanish war.
Should we succeed in refunding the
entire Indebtedness of eight hundred
and fifty millions at the low rate Of 2
per cent interest the national saving
In interest would not only a the in
terest on the Spanish war loan, but
also the interest on the two hundred
and Sixty-two million dollars of bonds
Issued by the last administration In
time of peace.
Under the minor provisions of the
bill there has been a great increase Of
national banks of limited capital in
the smaller towns, particularly of the
western and southern states.
Bills providing for the government
Of the Hawaiian Stands and of Porto
Rico, after long consideration, have
finally become laws, while the bill for
the government of Alaska has been
passed. ,
The feature of the Porto Rican bill,
which occasioned most discussion, Is
the most liberal toward that island of
any ever Incorporated into law. 1t
provides a slight tariff on the products
Of that country coming to the United
etates, and also On products shipped
from the United States to Porto Rico.
excepting accessories of life, all of
which is turned over to the treasury of
Porto Rico for a period of two years.
or until local taxation car be provided
BY the new government. At the end
Of two years rad 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 ore than $1,000
900, for the benefit of the people of
these islands. All tariff collected at
Porto Rican ports Is also to be used
for that purpose. This was a boon to
that people justified by the circum-
stances, and unparalleled for generos-
iy toward any people.
This congress has also passed the
Free Homes bill, giving free home
steads on the public lands to actual
bona tde settlers. This was a measure
pledged by the platform of all parties.
An amendment to the pension act of
1880, and known as the Grand Army
bill, has also become a law.
A law of much Importance passed at
this session is that allowing the free
transportation in bond of all goods
shipped through the United States
from a foreign country to another for
eign country. This will be of great
benefit TIC the shipping interests of the
country.
An antitrust law amendment to the
sherman law of 1890, as effective and
far reaching as the constitution will
permit, has also passed the house OF
representatives.
The appropriation bills have been
carefully scrutinized, and although the
aggregate is large they are free from all
Questionable items. The growth of the
country and the continued disorder In
the Philippine islands are solely ac-
eountable for the increase in these an
huAl bills.
1t wal not deemed practicable to re-
duce the revenues during the present
session. but, should the present rate
VI surplus continue. the committee on
ways and means. having obtained
leave to sit during the recess, will
bring in a bill and press its passage
THE beginning of the next session.
Meanwhile the treasury department
mas used about twenty-eight millions
IN rounding operations and will use
twenty-five millions more in the 2 per
.shts already called in, thus practic-
aly disposing Of the accumulated sur
Plus for the year.
ms congress has also done much in
AAins proposed legislation of a bad
Questionable character.