The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1900-11-03
TREASURY DEPARTMENT.
The DingIey Tariff for Pro-
lection. 81

First in point of success Is the Dingiey'
tariff: second, the reform in the cur
rency: third, the war loan of lS}S; and
fourth. the settlement OF the Pacific Rall-
road indebtedness. A.
The tariff change was the one which
pressed most urgently.
The House of Representatives prompt
" 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
ways and means, introduced the new tar.
if bill. Such unusual expedition had
been made possible only by the nntiring
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 n month after the inauguration of
President Mckinley and two weeks AFTER
Congress had been convened in extra ses-
sion. 1t passed the Senate July 4. 1884,
with amendments. Two days laier ITS
consideration was begun by conference
committee of the two houses, and il
finally passed the House July IL, and the
Senate July "a. 1t became law on the
latter day when the President signed
the bill. Thus, within five months In"
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 beneticent 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 thu TIM
plate industry. and in every line ~ taisi-
ness gave employment to tens OF thou
sands.
The Gold standard Law.
Equally striking was the success az 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. Ii directs that all forms or
money issued or coined by the TINTED
States shall be maintained III parity OF
value with this standard. and II as made
the duty of the Secretary OF the Treas
ury to maintain such parity. \ reserve
fund of S150.OOO.O00 in gold c'tn ara
bullion is set apart in the treasury for
the redemption of United Statps n6t@s
and treasury notes of 1S9O, instead OF
500. OOO. 900. formerly recognizes hs me
., gold reserve. 49,
Rat,-- Lanh.ns facilities for the cotn-
80, districts are provided by this act the
minimum capital being reduced 60 S2a-
I 600 in places OF not over 5000 popula-
, ton Under this section 244 new banks
; have been organized, with a capital of
: $1OOOO,OO0.
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
cdebt. 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 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, fours and lives
shall not be issued at less than par. The
Secretary Of the Treasury was authoriz-
ed to conduct the refunding operations
80 that the old threes, fours and hves
should be received in exchange for the
z per cents on a basis OF 215 per cent
By May I, 1900, almost one-third OF the
outstanding thrses, fours and fves had
been converted intO2 per cent of the new
issue, thus practically securing the sue
cess Of the refuntfing plan. No other
nation Of the earth can boast OF such an
achievement as is the exchange Of these |
old high-rate interest bonds flor bonds |
Issued upon so low basis as per cent |
Six Million IL Interest Saved.
Under the refnnding provision the |
treasury effected act saving of interest |
amounting to $6,6G4.454 on bonds re-
placed, between March IA and May /,
1900. II all the bonds opened to refund- |
ing should be exchanged the saving In |
interest will reach over $20,O0O,OOO.
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 1t was found that the total
of subscriptions aggregated only little
under 81, 400. O00, 900. or almost seven
times the amount of bonds offered to the
public This was o remarkable demon.