The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-29
FOR A SOUND CURRENCY
REPRESENTATIVE OVERSTREET
UPON PROSPECT OF LEGISLATION.
He Believes the Monetary Commission
Will Present "a Safe and Conserv-
ative Plan of Reform.

Representative Overstreet left for Wash
ington yesterday afternoon to attend the
session of Congress which will convene Dec.
.. In speaking of the outlook for the COM
ing session. Mr.. Overstreet said:
anticipate protracted and an inter-
estlns session of Congress. But little in
my Judgment, will be done prior 10 the holt
0dyS, out Wnen Congress gets down to
work after the first of the year so many
questions of Importance will be brought be-
lore IL That 1t is likely to prove one of the
most important sessions that we have had
IN a long time. 1t is my impression that
the immigration question will be presented
ana pushed vigorously, and result in the
enactment of a law similar to the measure
passed by the last Congress, but which was
vetoed by President Cleveland. The Ha-
Wdiidn ana cuban questions are very likely
islation.
I'm addition to these the currency ques-
ton, which is of the greatest Importance,
VIII, In my Judgment, be also discussed.
l nave been greatly encouraged within the
past few months that some favorable legis-
latlon upon the currency and banking ques-
lions VIII be succS ssfully pushed through
this Congress. The fact is, the Republican
party Is the party of responsibility in this
country, and the people, irrespective of
party lines expect the Republican party to
take the initiative in this character of Leg
lsiation. The monetary commission APP
pointed by Mr.. Hanna, of this city is one
of the best commissions that has ever been
selected, and 1T has given to the conidera
best talents. The commission is composed
of men of principle and experience, and their
selection having been made from various
sections of the country guarantees a broad
ana comprehensive report. The currency
and banking questions should be settled
upon business lines, and upon this line
am confident the commission has considered
both of these questions, and | expect re-
port that will commend itself TO the bust
ness world. | think it of the greatest i'm
portance that these questions be determined
at an early date, and sincerely hope and
believe that our legislators will have the
courage to accept the situation and act
promptly IN the matter. or course, / have
no scheme of my own, but believe that any
conservative system that looks to the main
tenances of the present gold standard and
the elimination of the dangers that have
beset our currency system in the past will
be received with favor by the great mass
of our people. The verdict of the people at
the last general election is sufficient war
rant for us to so change the laws as to
guarantee the absolute integrity of the gov
eminent for the preservation of the gold
standard and the gradual retirement of the
greenbacks by redemption out of surplus
revenues, so as to prevent any contraction
of the currency.
'"The operation of the Dingley law thus
far has proven satisfactory, and within
short time it is expected the receipts will
exceed the expenditures of the government
Just as soon as this period is reached a sur
plus will begin to accumulate, and out of
such surplus it will be possible to make
provision for the gradual retirement of the
greenbacks. l do not believe complete re-
tirement should be made at once but that
some arrangement covering period OF
years ought to be provided for, and, at the
same time safeguards established to pre-
vent any contraction. Two things are alb
solutely essential to the success of such
measure, namely, the integrity of the gov
eminent and the confidence of the people in
the system Such confidence will speedily
follow the enactment of a conservative law
which pledges the integrity of the govern
ment to faithfully carry out such provi-
SOnS.'