Mexico weekly ledger., 1900-05-10

| tHS uuHuIlhl DAfA anu VIC EuGftO UlCU
tariff measure, is az follows:
J a number Of acts have passed into
law OF a special and local nature, but
only two Of general interest have been
passed by both the House and Senate
and received the signature of the
President. One is: Gan act to define
and AZ the standard Of value to MAIN
taln the parity Of all forms Of money
Issued and coined by the United States
to refund the public debt and for other
purposes"
By this act the dollar consisting OF
twenty-five and eight-tenths grains
Of gold, nine-tenths fine, shall be the
standard unit of value and all forms
Of money Issued or coined by the
United States shall be maintained ct a
parity OF value with this standard.
A reserve fund Of 1Bo million dollars
In gold coin and bullion is created
with which to redeem United States
notes and treasury notes. Full power
is given the Secretary OF tho Treasury
to maintain the reserve fund and the
United States notes when redeemed
can be reissued only for gold, but
treasury notes may eretited and cam
celed whenever received 10 amount
equal to the amount OF silver dollars
coined from silver bullion purchased
under the act of July 14th, 1890, and IL
is further provided that the silver bull
lion purchased under said act may, at
the discretion Of the Secretary of the
Treasury, be coined into subsidiary
coin, that treasury notes equal to the
cost of the bullion 80 coined shall be
cancelled and not reissued, but that
the amount of the subsidiary coin
shall at no time exceed 10 the aggre-
gate one hundred million dollars.
Authority is given for the oFgani-
zation Of National banks with a cap
itai Of $4,000 dollars and all National
banks may issue circulating notes
equal in amount TO the par value Of
United States bonds owned by II and
deposited with the Treasurer of the
United States, but no bank shall issue
circulating notes in excess OF iis cap
ital stock actually paid in. The last
section Of the act provides that it is
not intended to preclude the accom-
pliahment OF international bimstallism
whenever conditions shall make H.
expedieHt and practicable to secure
the same by concurrent action OF the
leading commercial nations Of the
world and ct q ratio which shall insure
permanence OF relative value between
gold and silver.
This act was approved March 14th
last. The chief features Of the bill
are: first, the establishment OF the
gold standard; second, the ultimate
retirementof the United States and
Treasury notes; third, an increase in
the silver money by the coinage of
the silver bullion in the treasury;
fourth, an increase OF National banks
and Of National bank currency; fifth,
q reduction Of interest on the national
debt with an influence in that direc-
tion on all debts public and private.
When the law was proposed 1t was
solemnIy predicted that the effect
would be q contraction of the cIrcu-
lating medium Of the country but so
far this effect is not apparent, and
present indications are that under its
operation the currency will be In
creased.
1t is claimed by the authors of the
act, and some of Its opposers are
now, II seems, about ready to con-
ceds that the enactment of this law
closes a great epoch in the financial
history of the country which began
thirty eight years ago with the first
issue of paper currency by the United
States In the war of secession.
PORTO RICO.
The other act Of general interest by
Congress lie entitled: can act tenn
porgrily to provide revenues and q
civil government for Porto Rico and
for other purposes"
Under the act the President by and
with the advice and consent Of the |
Senate, shall appoint a governor
whose official title shall be "The |
Governor of Porto Rico" secre-
tary, an attorney general, a treasurer,
an auditor, q commissioner of the |
interior, a commissioner Of educa-
tion and FIVE other persons Of good
repute who, with the officers above |
named, shall constitute an executive |
council which shall exercise, in addi-
tion to the usual executive duties of
such officers, the functions of an upper |
legislative house corresponding TO
state or territorial senate.
Also there is created house of
delegates to consist of thirty five |
members to be elected by the quali-
fed voters Of the island.
These two bodies together shall be
designated s'The Legislative Assembly
OF Porto Rieo," and will perform the
usual duties Of legislative body as
In the United States.
A judiciary is created similar to
that Of our territories and the local