The Owosso times. (Owosso, Mich.) 1897-1926, 1900-06-22
Work Done by Congress.
Especial Correspondence

dent, up to and including the month o.
May. Many of these were OF genera
public interest and were carefully con
sidered by both houses
An act to define and fix the standard
of value, to maintain the parity of al
forms of money issued or coined by the
United States, to refund the public
debt, and for other purposes, was the
first bill passed through the house Of
representatives, and became law on
March 14th last
This bill Is the most important of al
that became law during the session. Ii
places the finances of the country
firmly on the gold standard. No public
official can hereafter disparage 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 refund
ing of the national debt, amounting to
$3.50, 000,0 900, into 2 per cent bonds
Since the, passage of the act this re-
funding process has been constantly
going on, and now reaches about $3.50,
900, 900. AS the old bonds bore interest
at the rate of 3, and per cent, the
national saving of interest on the bonds
already refunded amounts to consider.
ably more than 50, OOO,O This saving
will nearly equal the entire interest on
the 5000, 100000 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 interest
on the Spanish war loan, but also the
interest on the 1892, 900, 900 of bonds is.
sued by the last administration in 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 Island and of Porto Rico,
after long consideration, have finally
become laws, while the bill for the
government of Alaska has been passed.
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 taxa
ton can be provided by the new govern
ment At the end of two years trade
between Porto Rico and the United
States becomes absolutely 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 90, 600, 900,
for the benefit of the people of that
island. All tariff collected at Porto
Rican ports is also to be used for that
purpose. This was a boon to those
people, justified by the circumstances,
and unparalleled for generosity toward
any people.
This congress also passed the Free
Homes bill, giving free homesteads on
the public lands to actual bona fide set
tiers. This was a measure pledged by
the platform of all parties.
An amendment to the pension act of
1890, known as the Grand Army bill,
has also become law.
A law of much importance passed
during the session was that allowing
the free transportation in bond of all
goods shipped through the United
States from foreign country to an.
other foreign 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 &C.
countable for the increase in these an
nual bills.
1t was not deemed practicable to re-
duce the revenues during the last ses-
sion, 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 begin.
ming of the next session.
Meanwhile the treasury department
has used about twenty-eight millions in
refunding operations and will use
twenty-five millions more in the Q per
cents already called in, thus practically
disposing of the accumulated surplus
for the year.
Congress has also done much in kill