The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-12-11
FINAL ACT.
Active Work In Fastening the
Gold Standard
Permanently Upon the Country
Begins In the House.
NO MORE QUIBBLING.
Congressman Overstreet Makes
the Opening Speech.
No Reference to BimetalIism or
st. Louis Platform.

Washington, Dec. 11.-There was only
a fair attendance in the galleries of the
house to witness the opening Of the de-
bate on the currency bill. Immediately
after the reading of the journal the
house under the special order went into
committee of the whole, Mr.. Hepburn
of Iowa in the chair, and entered upon
the consideration of the bill.
Mr.. Overstreet Qndiana), who is to
be in charge of the measure on the
floor, opened the general debate with a
set speech.
Representative Overstreet in opening
said:
Mr.. Speaker: This country presents
the anomalous situation of being the
absolute and unchallenged leader IN al
most every field of advanced thought,
whether in science or literature; Ger
tainly the most advanced in material
development, and the control of trade;
by far the superior in ma nufactures
and growth of markets; and yet it is
the field of great controversy upon the
subject of the standard of value, and
the proper media of exchange.
mo nation has devoted more time to
public discussion, and legislative con
sideratiOn of the question of finance,
than the United States. NOtWithStand-
ing. there have been occasions when
serious doubt clOuded the sun and pro-
duced grave fears lest the entire fab
ric OF our monetary system might pc
seriously shaken, yet it is to the great
credit of the government that every
dollar of our money in circulation IS
absolutely sound and unquesttOned.
This condition has led many people into
the erroneous belief that there was no
need for legislation, and that the best
the government could do would be to
let the subject alone. Such people are
not familiar with the frequent pledges
of the government to maintain the par
ity of our money, declaring by congress
siOnal acts the honest purpose of the
government to faithfully and surely
guarantee the full parity of all money
in circulation. The present parity de-
pendS entirely upon such declarations
and guarantees, but its maintenance
and enforcement rests with the Judg-
ment or caprice of the secretary of the
treasury, who by q, single order, direct
ing the use of silver in the discharge of
our obligations, may completely destroy
the parity, and shift the standard to
the metal so used. 1t seems far better
to attempt a proper regulation OF the
question by a clear and permanent
statute, rather than depend upon Oc-
casiOnaI declarations by the govern
ment and its intention. 1t is far better
to end the matter by a public law,
which shall be plain and UnequiVOca1,
rather than rely upon proposals of what
may or shall be done at some future
date, or leave so dangerous an option
within the control of one man, whether
he be the president, or his financial ad-
wiser
After describing the various kinds of
money in use in the United States Mr..
OverStreet said:
THE history of government efforts to
force legal tender money into circula-
tion, irrespective of it's intrinsic value
and without the government pledge, is
a record of failures, without a single
exception. All of the various kinds of
money in the United States are based
upon a common standard of value. in
which each can be measured. The
present standard of value in this cOun-
try is gold, and has been so recognized
in practice for more than half a cen
tury."
He then proceeded with an elaborate
argument against a double standard
and a general review of our monetary
legislation.
''The tremendous increase of silver
coin under the operation Of the laws of
1878 and 1890" he continued, created
a doubt as to the ability of the govern
ment to maintain the parity of all its
money. Prior to 1873, when the gold
standard was adopted, there had been
issued by the government only 3,031,23S
silver dollars. From February Il, 1873,
when the re-cOinage of the silver dollar
was authorized, to November 1, 1898,
when such coinage was discontinued,
there We're coined by the government
462,357.376 silver dollars. Upon this last
date there was not silver dollar in cir
cuIation whose face value equaIled its
intrinsic value. The difference between
the intrinsic and face value was a gov
ernment obligation, so established by
congressional act. The ability of the
government to bear this burden was
never questioned. The mere money OBJ
legation imposed by the law created no
serious embarrassment It was the
principle involved, coupled with the
peated efforts by very considerable
number of the people of the country to
establish absolute free coinage of sill
yer, which shook public confidence and
produced the fear that a. change of the
monetary standard would result"
IF the legal standard today is the
gold standard, under the act of 1873,
n
harm. If. on the other hand, there is
any reasonable doubt. it should be dis
PEELED by a statute plain and clear in
its terms.
when certainty shall take the place
of doubt, and the integrity of our cred
it be as fixed as the honor of the ma
tion, the national debt can be readily
refunded at lower interest rates, and
future loans negotiated with ease upon
better terms than ever before. The rap
id development of American trade, and
its vast expansion, bringing our people
into close relations with the leading
nations Of the world makes it impera-
tive that the standard of value in
which settlements are made shall be
the best known to the highest civiliza-
ton, and shall safely appeal to intelli-
gent and successful experience. Recent
events, shaped by causes beyond our
control, bearing obligations which ma
tiOnal honor requires shall be courage
ously discharged, open new fields for
American craftsmanship. Channels Of
trade yet unknown to American enter
prise, and avenues of commerce yet to
welcome American products, will sure
" result Such conditions emphasize
the necessity for standard of NaIue
which shall remain firm throughout the
icissitudes of competitive trade
After an elaborate exposition Of the
features of the bill and the method of
their operation which followed the line