Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1900-06-22
WORK OF CONGRESS.
IMPORTANT ELLIS PASSED Dur
ING LAST SESSION.
Gold standard Lsw tho First - Import
@ancs Governments Of Hawaii, Porto
Rico and Alassa-Fres Homes. Bill
Pension AIT Amended--Antl-Trust Law
Amended. -..f,

The last session Of congress passed
1872 public acts, which had been ap-
proved by the president, up to and In
GLIDING the month of May. Many OF
these were of general public interest
and were carefully considered by both
houses.
An act to define and fix the standard
Of value, to muintain 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
Rrst bill passed through the house OF
representatives and became law on
March IA last.
This bill is the most important OF
all that have become law during the
present session. It 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 $S50,00O,O00 into 2 per cent
bonds. Since the passage Of the act
this refunding process has been con-
stantly going on, and has reached
about $2S0,OOO,000. AS the old bonds
bore Interest at the rate OF 3, and
per cent, the national saving OF In
tcrest on the bonds already refunded
amounts to considerably more than
s5,O0O,OOO. This saving will nearly
equal the entire interest on the $780,
100000 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 z
per cent interest the national saving
in interest would not only pay 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 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 islands 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 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 a period of two years,
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 $4,000
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 boon to
that people justified by the circum-
stances, and unparalleled for generos-
ity toward any people.
This congress has also passed the
Free Homes bill, giving free home
steads on the public lands to actual
bona fide settlers. This was a measure
pledged by the platform of all parties.
An amendment to the pension act of
1890, and known as the Grand Army