The Chanute times. [volume] (Chanute, Kan.) 1897-1913, 1900-11-02
TREASURY DEPARTMENT.
The Ding|ey Tariff for Pro-
lection.

tariff. second, the reform in the cur
rencv, third. the war loan of 1898; ana
. fourth the settlement OF the Pacihc Kaii-
rosd indebtedness.
The tariff change was the one Whlch
! pressed most urgently.
The House of Representatives prompt
Nv responded to the Presidents message
} On the same day In which it was read III
the House, the late Mr.. Dingley OF
Maine chairman of the committee on
I ways and means, introduced the new tar
iff bill. Such unusual expedition mad
been made possible only by the untiring
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, 1897, less
than month after the inauguration OIL
President Mckinley and two weeks AFTER
Congress had been convened in extra SEES
sion. 1t passed the Senate July Z, 1884,
with amendments. Two days later It's
tonsK Grafton was begun by conference
committee of the two houses, and 1t
I finally passed the House July ID, and the
Senate July "a 1t became law ON the
latter day when the President signed
the bill. Thus, within five months mo
other tariff law was ever passed IN so
short time) after the Inauguration OF
! the President, new tariff law was plac-
ed on the statute books
Everyone knows the beneficent 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 tin
plate industry, and in every line of bust
ness gave employment to tens of thou
sands.
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 standard
of value. 1t directs that all forms of
money issued or coined by the United
States shall be maintained at parity Of
value with this standard, and it Is made
the duty of the Secretary of the Treas
ury to maintain such parity. A reserve
fund of $150,000,000 in gold coin and
bullion is set apart In the treasury for
the redemption of United States notes
and treasury notes of 1890, instead Of
500, 900 900, formerly recognized as the
gold reserve.
Better banking facilities for the coun-
try districts are provided by this act, the
minimum capital being reduced to S25,-
900 In places of not over 1900 popula-
tlon. Under this section pa new banks
have been organized, With a capital of
$10000,000.
Refunding the National Debt.
Perhaps the most notable feature of
the new currency law is that which re-
lates to the refunding Of the national
debt. The per cents of 1904, the 4
per cents of 1907, and the 3 per cents Of
1908, the principal of which aggregates
$3.50, LAG, 400, were authorized TO be re-
funded into per cent bonds, payable
at the pleasure of the United States after
thirty years from the date of their issue,
and payable, principal and interest, in
gold coin of the present standard value.
The act contains provision that the
new per cent bonds TO be issued in ex-
change for the old threes, tours and tives
shall not be issued at less than par. The
ed TO conduct the refunding operations
so that the old threes, fours and 6yes
should be received In exchange for the
2 per cents on basis Of 21s per cent
BY Nav /, 1900, almost one-third OF the
threes. Tours and fves had
been converted into 2 per cent Of the new
Issue. thus practically securing the sue
cess OF the refunding plan. No other
nation OF the earth can boast OF such an
achievement rs is the exchange Of these |
old high-rate interest bonds for bonds |
issued upon so low basis as per cent. |
Six Million In Interest Saved.
Under the refunding provision the |
treasury effected a net saving OF interest |
amounting to S6.664,45f on bonds re- |
placed, between March IA and May ]. |
1900. If all the bonds opened to refund
ing should he exchanged the saving in |
interest viii reach over s20.O00,000.
spanish-Ameri War Loan.
The credit OF the Government under
this administration is shown in the sue
ress OF the popular loan for the Spanish
American war.
For a period Of thifty-one days sub
,crip;iou> were received. at the end OF
which time IL VAS found that the total
Of. subscriptions aggregated only a little
under 81 .4O0. 600 600. or almost seven
lines the amOun; Of bonds offered to the
pohlic. This wss > Telaarkahle dsmor-