The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1900-11-01
TREASURY DEPARTMENT.
The Dingley Tariff for Pro.
lection.

First in point of success is the DlngleS
tariff; second, the reform in tne cur,
rency: third, the war loan of y ana
fourth the settlement of the Paclhc Ran-
road Indebtedness.
The tariff change was the one wnien
pressed most urgently.
The House of Representatives, prompt
Nv responded to the Presidents message
On the same day in which it was reau AZ
fhe House, the late MIR. Dingley OIL
Maine. chairman of the on
ways and means, introduced the new tar,
if bill. Such unusual expedition mao
been made possible only by the untirlng
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, 1881, less
than a month after the Inauguration Oh
President Mckinley and two weeks aIter
Congress had been convened in extra SEES
sion. It passed the Senate July Z, 1885,
with amendments. Two days later lts
consideration was begun by a conference
of the two houses, and II
finally passed the House July 10, and the
Senate July "a. 1t became q law on the
latter day when the President signed
the bill. Thus, within five months mo
other tariff az was ever passed IN SO
short a time) after the Inauguration OIL
the President, a new tariff law was piac-
ed on the statute books.
Everyone knows the benehcent results
of the Dingley tariff in restoring pros
perity. 1t helped farms and factories
aided labor in the mines, gave better
wages to textile workers, revived the TIM
plate industry, ana IN every Ine u.s..
ness gave employment 70 'ens VI 'n''
and
The Gold Standard law.
Equally striking was the success Of the
currency law placed on the statute book
March IA, 1900.
The currency law does more than re
move all doubt concerning the standar
of value. 1t directs that all forms, o.
money issued or coined by the United
States shall be maintained at, a parity2o.
value with this standard, and*it is mad
the duty of the Secretary of the Treas
%ry to maintain such parity. A reserv'
fund Of $15O,O0O,000 in gold coin an
bullion is set apart in the treasury TO
the redemption of United States note
and treasury notes Of 1890, instead o
S1Oo, OOO, 900, formerly recognized as tn
gold reserve.
Better banking facilities for the coun
try districts are provided by this act, tn
minimum capital being reduced to $25,
COO in places of not over 5000 popula
ton Under this section PA new bank
have been organized, with a capital o
$40, 600.
R%efundine the National Debt.
Perhaps the most notable feature o
the new currency law is that which re
iates' to the ~refunding OF the nationa
debt The 5 per cents OF l9o4' the
per cents of 1907. and the 8 per cents o
1908, the principal OF which aggregate
$685., 146,4O0, were authorized TO De re
funded into 2 per cent bonds, payaD
at tne pleasure =, ~ Ja4a ~ tba;r ,ssr.
a.s ,ssahIo nrincinal and interest, i
aa,d coin of the present standard value
T1,a act contains a provision that tn
NOW . nor cent bonds to be issued in ez
asa,aa for tho old threes. fours and FIVE
sham no+ no ;ssued Mt less than par. Th
Saanotorr ~ the Treasury was authori7
ss - 4 the reminding operation
y tbot the old threes. tours and FIVE
IonIS "a roco;vad in exchange for tn
. nar cen+s on a basis of 21b per cen,