Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1900-11-01
TREASURY DEPARTMENT.
The DingIey Tariff for Pro.
lection.


tarif; second, the reform In the cur
reucy: third, the war loan of 1895; and
fourth, the settlement Of the Pacific KAN
road indebtedness.
TIE 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 In
the Heuse, the late Mr.. Dingley Of
Maine. chairman of the committee on
ways ard means, Introduced the new TAR
III BILL Such unusual expedition mad
been made possible only BY the untiring
work OF the members Of the committee
on ways and means for several 'msuths
previous.
The bill was passed in the Honse Of
Representatives March 81. 1897, less
than a month after the Inauguration OF
President Mckinley and two weeks after
Congress had beea convened IA extra ses-
sion. 1t passed the Senate July z, 1897.
with amendments. Two days later its
consideration was begun by conference
committee Of the two houses, and 1t
finally passed the House July 40, ana the
Senate July "a. 1t became law on the
latter day when the President signed
the biil. Thus, within Eve months (no
other tariff law was ever passed In SO
short 4 time) after the Inauguration OF
the Presh emit, 4 new tariff law was plac-
ed on the statute books.
Everyoae knows the benefccnt results
Of the Dingley tariff In restoring pros
perlty. 1t helped farms and factories,
aided labor In the mines, gave better
wages to textile workers, revived the tin
plate Industry, and In every line Of bust
mess gave -employmen. to tens of thou
sands.
The Gold Standard Law.
Equally striking was the success Of the
currency law placed on the statute book.
March IA. 1900.
The currency law does more than re-
uove all doubt concerning the standard
Of value. It directs that all forms Of
money issued or coined by the United
States shall be maintained at parity of
vaiae with this standard, and 1t Is made
the duty Of the Secretary of the Treas
ury to maintain such pariay. A reserve
fund Of $150,030. 900 in gold coin and
bullion Is set apart In the treasury for
the redemption of United States notes
and treasury mates of 1900, instead of
$AOosSovsVvVs Aot.AeAy AeSos--@ee 40 ~@S
A.. gold Teserve.
Better banking Facilities fer the coun-
try districts are provided by this act, the
minimum capital Being reduced to $685.
900 In places of net over 5000 popula-
don. Uuder this section pa new banks
Rave been organized, with capital of
sc. 000, $50.
Rebuilding 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 s per cents Of 1904, the 4
per cents Of 1907, and the per cents OF
1908, the principal of which aggregates
e839, 146, 400, were 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 q provision that the
new per cent boRds to be issued In ex-
change for the old threes. fours and fives
shau not be issued AZ less than par. The
Secretary Of the Treasury was authoriz-
ed to conduct the refunding operations
20 that the old threes. fours and fves
should be received In exchange for the
per cents on a basis Of 21a per cent.
BY May /. 1900, almost one-third Of the
eutstanding threes. fours and 6ves had
been couverted 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 an
achievement as Is the exchange of these
old hiRh-rafe interest bonds for bonds |
~l Lou eel.