The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1900-11-02
TREASURY DEPaR TKEHT.
The Dingley Tariff for Pro-
lection.

tariff. second. the reform in the cur
reney. third. the war loan of 1898; and
fourth the settlement Of the Pacific Rail
road indebtedness.
The tariff change was the one which
pressed most urgently.
The House of Representatives prompt
iy responded to the Presidents message.
On the same day in which it was read IN
the House. the late Mr.. Dingley of
Maine, chairman of the committee on
WAYS and means, introduced the new tar
if bill. Such unusual expedition had
been made possible only by the untlrlns
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 a month after the Inauguration OF
President Mckinley and two weeks after
Congress had been convened IN extra ses-
sion. 1t passed the Senate July Z, 1897,
with amendments. Two days later its
consideration was begun by a conference
committee of the two houses, and 1t
finally passed the House July 10, and the
Senate July "a. 1t became law On the
latter day when the President signed
the bill. Thus, within five months tho
other tariff law was ever passed In so
short a time) after the Inauguration of
the President. a new tariff law was plac-
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 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 a parity of
value with this standard, and it is made
the duty of the Secretary of the Treas
cry to maintain such parity. a reserve
fund of S150,0O0,000 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
S1OO, 0O0, OGO, 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,-
600 in places of not over 5000 popula-
ton. Under this section pa new banks
have been organized, with a capital OF
$4,000, coo.
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 5 per cents of 1904, the
per cents of 1907, and the 3 per cents of
1908, the principal of which aggregates
$500, LAG, 400 were authorized to be re-
funded into 2 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 a provision that the
new per cent bonds to be issued in ex-
change for the old threes, tours and fives
shall not be issued at less than par. The
Secretary OF the Treasury was authoriz-
ed to conduct the refunding operations
so that the old threes, tours and fves
should be received in exchange for the
9 per cents on a basis of 21a per cent.
By May 1, 1900, almost one-third of the
outstanding 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 as 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, 454 on bonds re-
placed, between March IA and May 1,
1900. If all the bonds opened to refund
ing should be exchanged the saving in
interest will reach over S20,OO0,0O0.
Spanish-American War Loan.
The credit of the Government under
this administration is shown in the sue
cess Of the popular loan for the Spanish
American war.
For a period Of thirty-one days sub
scriptions were received, at the end of |
which time it was found that the total |
of subscriptions aggregated only little |
under 81, 400, 900, 600, or almost seven |
times the amount Of bonds offered to the |
public. This was a remarkable demon