The Globe-republican., 1900-06-28
Amended.

proved by the president up to and in |
Guiding the month of May Many OF |
these were OF general public interest |
and were carefully considered by both |
houses
An act to define and fix the standard
of value, to maintain the parity OF all
forms of money issued coined by
the United States, to refund the public
debt, and for other purposes. was the
first bill passed through the house of
represen tatives and became a law on
March Il last.
This bill is the most important of
all that have become law during the
present session. 1t places the finances
of the country firmly on the gold
standard. No public official can here
after d1sparage any dollar issued by
the United States until the senate and
house, with approval of the president.
shall concur in amending this statute.
The bill also provides for the
funding of the national debt amount
ing to $3.50, 900 900 into per cent
bonds Since the passage of the act
this refunding process has been con-
stantly going on, and has reached
about $3.50, 900 900. AS the old bonds
bore interest at the rate of 8, and 5
per cent the national saving of in
terest on the bonds alseady refunded
amounts to considerably more than
IS 900 900. This saving will nearly
equal the entire interest on the $780,
000, 900 borrowed to pay the expense OF
the Spanish war.
Should we succeed In refunding the
entire Indebtedness of eight hundred
and fifty millions at the low rate of 2
per cent interest the national saving
in interest would not only pay the in
teFest on the Spanish war loan, but
also the interest on the two hundred
and sixty-two million dollars of bonds
time of peace.
Under the minor provisions of the
bill there has been a great increase of
national banks of limited capital in
| the smaller towns, particularly of the
western and southern states.
Bills providing for the government
| of the Hawaiian islands and of Porto
| Rico, after long consideration, have
| finally become laws, while the bill for
| the government Of Alaska has been
| pissed.
The feature of the Porto Rican bill,
which occasioned most discussion, is
| the most liberal toward that island of
/ any ever incorporated into law. 1t
/ provides a slight tariff on the products
| of that country coming to the United
| States, and also on products shipped
from the United States to Porto Rico,
| excepting necessaries of life, all of
which is turned over to the treasury of
| Porto Rico for a period of two years,
or until local taxation can be provided
| by the new government At the end
| of two years trade between Porto Rico
| and the United States becomes abso-
/ 1ute1y free
Not only this, congress has appro-
/ priated all the revenue derived from
/ goods imported into the United States
| from Porto Rico since the occupation
/ and amounting to more than 81 ,OO0,-
/ 900, for the benefit of the people of
4
| Porto Rican ports is also to be used
/ for that purpose. This was a boon to
/ that people justified by the circum-
stances, and unparalleled for generos-
/ fty toward any people
This congress has also passed the
/ Free Homes bill, giving free home
| steads on the public lands to actual
| bona 6de settlers This was measure
pledged by the platform of all parties.
An amendment to the pension act Of
| 1890, and known as the Grand Army
| bill has also become a law.
/ A law of much Importance passed at
| this session is that allowing the free
| transportation in bond of all goods
| shipped through the United States
| from foreign country to another for
/ eign country. This will be of great
| benefit to the shipping interests of the
| country.
An antitrust law amendment to the
| Sherman law of 1890, as effective and
| far reaching as the constitution will
| permit, has also passed the house of
| representatives.
The appropriation bills have been
| carefully scrutinized, and although the
| aggregate is large they are free from all
questionable items The growth of the
country and the continued disorder in
/ the Philippine islands are solely ac-
/ countab1e for the increase in these an
nua1 bills
It was not deemed practicable to re-
| duce the revenues during the present
| session, but, should the present rate
| of surplus continue, the committee on
| ways and means, having obtained
leave to sit during the recess will
| bring in bill and press its passage
| at the beginning of the next session
| Meanwhile the treasury departm ent
has used about twenty-eight millions
| in refunding operations and will use
| twenty-five millions more in the 2 per
| cents already called in, thus pract1c-
| ally diSDOSing of the accumulated sur