The Bemidji pioneer., 1900-11-01
TREASURY DEPARTMENT.
The DingIey Tariff for Pro-
tecti0n.

ss tCOAtONs "A
First in point OF success is the Dingley
tariff; second, the reform "A 5ne CUT,
Irency; third, the war loan Of 1923, ana ,.
Efourth, the settlement Of the Pacific Raii-
3iroad Indebtedness.
The tariff change was the one Whleh
pressed most urgently.
4 The House of Representatives prompt
slIy responded to the Presidents message.
ION the same day in which 1t was read IN
Ethe House, the late Mr.. Dingley OF
lMaine. Chairman Of the committee on
Eways and means, introduced the new tar
;(fE bill. Such unusual expedition had
fbeen made possible only by the untlring
Ework Of the members Of the committee
Ion ways and means for several months
tpreyious.
The bill was passed in the House OF
Representatives March 81, 1885,, less
than a month after the Inauguration OF
Rresident Mckinley and two weeks after
tCongress had been convened in extra ses-
fsion. ii passed the Senate July Z, 1897,
lwith amendments. Two days Later It's
consideration was begun by conference
Ecommittee Of the two houses, and 1T
Finally passed the House July 10, and the
Esenate July "a 1t became law on the
Elatter day when the President signed
1.-The bill. Thus, within five months (no
lother tariff law was ever passed IN SO
Eshort time) after the inauguration OF
lthe President, new tariff law was plac-S
Led on the statute books.
Everyone knows the benefcent results
LOT the Dingley tariff in restoring pros
iperity. 1T helped farms and factories,
faided labor in the mines, gave better
wages to textile workers, revived the tin
splate industry, and in every line Of busi-
tness gave employment to, tens of thou
sands.
The Gold Standard Law.
Equally striking was the success of the
lcurrency law placed on the statute book,
March IA, 1900.
The currency law does more than re-
Emove 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 the Secretary Of the Treas
ury to maintain such parity. A reserve
fund of $150, ,000, 900 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
500, ,O00, 600, 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 $685.
600 in places Of not over 5000 popula-
ton. Under this section 244 new banks
have been organized, with capital OF
$40, 100000.
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 per cents of 1904, the 4
per cents Of 1907, and the 3 per cents Of |
1908, the principal Of which aggregates
$839, 146, 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 n provision that the
new 2 per cent bonds to be issued in ex-
change for the old threes, fours and fives
shall not be issued at less than par. The
Secretary Of the Treasury was authoriz-
"a to conduct the refunding operations
10 that the old threes, fours and fves
should be received in exchange for the
per cents on basis Of 215 per cent.
By May /, 1900, almost one-third of the
threes, fours and fves had
seen converted into per cent Of the new
ssue, thus practically securing the sue
.ess of the refunding plan. No other
lation of the earth can boast Of such an
as is the exchange OF these
Id high-rate interest bonds for bonds
ssued upon so low basis as 2 per cent.
Six Million in Interest Saved.
Under the refunding provision the
reasury effected net saving of interest
mounting to S6,664, ,454 on bonds re-
,laced, between March IA and May /,
900. If all the bonds opened to refund
ng should be exchanged the saving in
interest will reach over $40, 100000. +.
Spanfsh-Amerfcan War Loan.
The credit of the Government under
his administration is shown in the sue
ess Of the popular loan for the Spanish
American war. II
For period of thirty-one days sub
riptions were received, at the end of
rhich time it was found that the total {
( subscriptions aggregated only little Z
nder 81, 400, co., 900, or almost seven 1
lines the amount Of bonds offered to the | I
ublic. This was remarkable demon r