The Honolulu republican., 1902-01-12
BLIssFUL IGNORANCE.

That the views OF the President OF
the United States are not always car
rl-d out by Congress Of his own po-
.tigaI faith will be seen by the most
rursory reader Of past executive mes
-ages and OF the contemporary jour
nails u the legislative branch OF the
government
In his message Of December 1897.
President Mckinley advocated.
Currency reform.
Refusal OF belhgerent recognition
OF the CIbans
4 modification OF the higher fran
chlse in Hawaii in the event Of an
ueNatiou
The Kassou reciprocity treaties.
New system Of government for Al
aeka
That The Government should buy
the Kansas Pacific railroad.
OF an these recommendations,
strongly urged by the President upon
Congress devoted 10 the interests
uf his Administration. but two got
legislative concurrence There was a
bookkeepers transfer, mixed in with
the Union Pacific settlement. Of Kan
srs Pacific ownership; and belliger-
aut rights were not guaranteed to the
Clbans. though those struggling pa
trlots soon got something better
Pacific Commercial Advertiser. Jan.
TO- 1902.
The reform in the currency laws
was the second great achievement in
the administration OF public finances
under President Mckinley the first
being the enactment Of the Dingley
,ariG The act approved by the Pres
dent March Il. 1900. firmly establish
as the United States on a gold basis.
Confidence in respect to the money
standard and the integrity of all our
various forms OF money was declared
By law The uncertainties and mis-
givings OF more than twenty years
were dispelled and broad founda-
tion OF stability and security laid.
The task was a difficult one. 1t
was a problem which required patti
enoe and courage in its solution. The
fact that three years elapsed before
the measure became a law revealed
the difficult road over which the
workers for the reform movement
passed. At the beginning of the first
regular session of Congress under the
Administration OF President McKin-
ley the Secretary of the Treasury
submitted a plan the essential feat
ures Of which are TO be found in the
act OF March Il. 1900. 1t was because
the Republicans did not control both
branches OF the National Legislature
tin the close of 1899. that the law
vas not enacted sooner
From December. 1897, until the bill
became law no opportunity was lost
to advance the cause OF currency re-
form. Notwithstanding an adverse
majority in the Senate, the Commit
tee on Banking and Currency in the
House considered several measures.
The work thus done in committee.
while resulting in nothing definite.
was yet OF great value for the long
and trying discussion served TO bring
about better understanding OF the
intricate questions TO be settled. In
anticipation Of a Republican Senate
and House in the Fifty-siNth Con-
EreSs caucus committees were organ
lied for the purpose OF preparing.
during the summer months of 1899.
such a bill as would receive the sup
port OF the sound-money majority in
both Houses. When the first session
OF the Fifty-sixth Congress was con
yened the first bill introduced was
that agreed upon by the House caucus
committee. II took its place upon the
Calendar as House bill No. l. With
all reasonable expedition the mea-
sure was then considered by both
branches OF the National Legislature.
and SO became law on March Il.
1900.
Perhaps the most notable feature
Of the new currency law Was that
which related 20 the refunding OF the
national debt. The per cents OF
1894. the 4 per cents OF 1907. and the
3 per cents Of 1905. the principal OF
which aggregated ss3s.Iis.4oo. we're
authorized 10 be refunded into per
cent bonds. payable ST 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 &C. contains & provision
that the new per cent bonds 10 be