Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1900-08-10

memb,r Of the upper 1rlse.
GOOD RESULTS OF REPUBLICAN
LEGISLATION.
At this time, when the opposition
to the republican administration in
national affairs is moving toward its
position of assault upon the policies
which nov govern in public affairs,
and especially in criticism of the fin
ancial policies of the government, it
is we'll to note one of the most strik-
ing facts in connection with the ma
tons fiscal affairs. The total of ), i
and ) per cent bonds which have been
returned to the United States treasury
to be exchanged for the > per cent
bonds authorized by the financial law
passed by the republican congress
last March, has now reached the
handsome figure of more than $319,-
OOO,0OO. This is a tremendous saw
ing in the annual interest charge Up
on the government, as we'll as a strik-
ing manifestation of the strength of
the nations credit. The fact that the
bondholders of the country are willing
20 accept a bond paying only > per
cent interest. and exchange therefor
a bond drawing ), i or ever ) per cent
is the best possible testimonial to the
safety, solidity and wisdom of the re-
publican policy which made such a re-
suit possible.
What the republican administration
and congress in it's legislation has
done to thus assist in strengthening
the nations credit, and reducing the
interest charges upon the United
States treasury, is simply the passing
of the act of last March, making Sc
cure the gold standard by STIMULATING
that the bonds of the government
shall be paid in gold or it's equivalent,
and renewing the pledge OF the ma
ton that the obligations of the United
States shall be paid in the money of
the gold standard in value. In addi-
ton to Strengthening the credit of the
United States at home and abroad, the
result Of the exchange of the high in
terest-rate bonds for bonds drawing
only > per cent is to effect a saving to
the nation when will amount to more
than six million dollars during the
year at least, with further
saving as the policy is carried out in
the future. TO do this the republic
can administration merely arranged
by law that the government shall do
in respect to its obligations what ev-
erybody has known that this self-re-
specting and honorable nation would
do. pay it's obligations in the best
money known to the world. The new
> per cent bonds have not yet been
generally taken by individual holders
throughout the country, but the great
er part of the issue thus far put out
in exchange for the higher rate bonds,
have gone to the national banks to be
employed as basis for circulating
notes. The result is that about $50
100000 Of additional circulation is
put out among the people, all being
money as good as gold, and thus con-
tributing its share to reduce interest
rates among the borrowers of the
country. The = per cent bonds of the
last issue carry on their face in plain
letters a quotation from the act of
congress of last March, pledging the
faith of the government to pay the
bonds in gold coin of the standard
value. Officials of the treasury de-
partment are satisfied with the work.
ings of the law up to this time. 1t
is a practical demonstration of the
wisdom of the republican party's fin
ancial policy.