Griggs courier. (Cooperstown, Griggs Co., Dak. [N.D.]) 1885-1902, 1900-11-01
TREASURY DZPAR TMEN7.
The Ding|ey Tariff for Pro-
lection.

1,;rst in noint of success is the Dingley
tariff; second, the reform IN the cur
rency: third, the war loan of lS9a' ana
fourth. the settlement Of the Paclhc nan
road Indebtedness.
Tho +arim change was the one which
pressed most urgently.
The House of Representatives pfohlp'-
Nv RESPONDED to the Presidents message.
On the same day in which it was read III
the House, the late Mr.. Dlngley OF
Maine. chairman of the committee OH
wavs and means, introduced the new tar
Tiff bill. Such unusual expedition had
been made possible only by the nntirlhs
work of the members Of the committee
on WAYS and means for several mouths
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 iii extra ses-
sion. 1t passed the Senate July Z. lS1I,
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 lit became Il 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. new tariff law was plac-
ed ON the statute books.
Everyone knows the bcnehcent results
of the Dingley tariff in restoring pros
perity. 1t helped farms and factories,
aided labor in the mines, gave better
;Io .nI-jvn ~
plate industry, and in every line of husi-
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 II. 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 tie Secretary of the Treas
ury to maintain such parity. \ reserve
fund of $3.50, 100000 in gold coin ant
bullion is set apart in the treasury fol
the redemption Of United States notes
and treasury notes Of 1890, instead OF
500, O0O.OOO, formerly recognized as tho
gold reserve.
Better banking facilities for the coun
try districts are provided by this act, the
minimum capital being reduced to $25.
600 in places of not over 5000 popula
ton Under this section 244 new banks
have been organized, with a capital OF
$10.OOO.0O0.
Rcfunding the National Debt.
Perhaps the most notable feature of
the new currency law is that which re-
ates to the rcfunding Of the national
debt The 5 per cents Of 1904, the 4
per cents of 1907 and the 3 per cents OF
1908, the principal of which aggregates
$3.50, AGO. We're 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 Il provision that the
new . per cent bonds to be issued in OK.
change for the old threes, tours and fves
shall not be issued at less than par. The
Secretary Of the Treasury was authorz
ed to conduct the refunding operations
so that the old threes. fours and hves
should be received in exchange for the
2 per cents on a basis Of 212 per cent
BY May 1. 1900, almost onethird Of the
outstanding threes, tours and tives hac
been converted into 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 al
achievement as is the exchange of these
old hgh-rate interest bonds for bond.
issued upon so low basis as 2 per cent
Six Million i'm Interest Saved.
Under the refunding provision tn,
treasury effected a net saving of interes
amounting to $G.GG4,4o on bonds re
placed, between March IA and May I
1900 II all the bonds opened to refund
ing should be exchanged the saving il
interest will reach over $50, 100000.
Spanish War Loan.
The credit of the Government unde
this administration is shown in the sue
cess Of the popular loan for the Spanish
American war.
For period Of thirty days sub
scriptions were received. at the end O
which time it was found that the tota
of subscriptions aggregated only lttl
under 81 100000 OOO or almost sever
times the amount Of bonds offered to tn
public. This was remarkable demon