The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1899-11-29
THE GOLD STANDARD.
lIr. 0verstreet's Report on the Re-
publican Finance Measure.
STRENGTHEN PUBLIC CREDIT,

and Practice of the Government
Relative 60 the Unit of Value.
Washington. Nov. 29.-The report on |
the financial bill of the Republican eau
Gus committee has been prepared by |
Representative Overstreet, of Indian
apolis, who introduced the original bill |
of the monetary commission in 1898 and |
has been distributed to each Republic |
can member of the house Mr.. Over |
street frankly admits that the commit
tee did not seek to arrange a complete
scheme of finance. but confined its rec
concentrations to those subjects of most
pressing demand, as evidenced by the
pledges of the Republican party and
the general policy of the administra-
ton" II was felt, the report declares
that "the Strengthening of the public
credit by the removal of all doubt con-
cerning the policy and practice of the
government relativeto the unitof value
is of paramount importance" It is
pointed out that there can be but one
standard at one time, but that the con-
venience of commerce is promoted by
the use of different media of exchange,
controvertible into the standard. The
report continues:
"When the standard shall be per-
manently established, and all doubt
of it's stability removed, the parity OF
all our money will be fully recognized,
and the kind of money in which pay
ments shall be made will rarely, II ever,
be the Subject of dispute. When GER
tainty shall take the place of doubt,
and the integrity of our credit be as
fixed as the honor of the nation, the
national debt can be readily refunded
at lower interest rates, and future
loans negotiated with ease, upon better
terms than ever before.
"The rapid development of American
trade and its vast expansion, bringing
our people into close relations with the
leading nations of the world, makes it
imperative that the standard of value
in which settlements are made shall be
the best known to the highest civiliza-
ton Recent events, shaped by causes
beyond our control, bearing obliga-
tions which national honor requires
shall be courageously discharged, open
new fields for American statesmanship.
| Channels of trade yet unknown to
American enterprises, and avenues of
commerce yet to welcome American
products, will surely result. The gold
| standard is recognized by all leading
nations, and the statute proposed mere
! ly reaffirms the policy followed by us
for over 60 years, SO reinforced and
plainly expressed that the question will
be placed forever beyond dispute"
The fact is pointed out that the
treasury at the beginning of October
had a net gold reserve of more than
| $3.50, 900, 900 and that there is more
gold in the United States now than
ever before. The advantages which
this situation creates are thus de-
scribed:
"The present conditions are most
favorable and the time most oppor-
tune for the clear and unequivocal
adoption Of the gold standard. Prior
to the year 1896 the gold standard had
been legally adopted by Austria Hun
gary Brazil, British Honduras, Chile,
Denmark, Egypt, Finland, Germany,
Great Britain, Norway, Portugal.
Sweden and Turkey and since 1896 the
gold standard has been adopted by
Costa Rica, Japan, Peru and Russia.
The coinage of silver on private ac-
count was suspended (prior to 1890 by
the United States, Belgium, France,
Holland, Italy, Spain, India, Swltzer-
land, Greece and Venezuela, thus eff
fectually, although not absolutely, fix
ing their status as gold standard
countries.
"If under all these conditions the
United States shall clearly, by law,
adopt the gold standard, it will pass
to the new condition with even less
friction than was experienced by the
resumption of specie payment. The
government is fortunate in being able
to act in so important a matter under
such favorable circumstances. The
general policy of the government, and
such declarations as have been made
by congress, are entirely consistent
with this proposition.
"Section 4 of the bill seeks to pro-
vide complete safeguard to guaran-
tee the permanent maintenance of the
gold standard by authorizing the sec
retary of the treasury whenever it is
necessary for such maintenance ia
issue and sell bonds of the United
States, payable in gold coin, and for
the exchange of gold coin for any
other money issued or coined by the
United States, should the secretary
OF the treasury deem such exchange
necessary in order to maintain the
parity and equal value of all the money
of the United States The legalizing
OF the gold standard, and provision for
the equality of all forms of money al
parity with the standard, will Sc
remove all doubt of the soundness and
integrity of our money that there will
be little occasion for the exchange oi
one kind Of money for another.
"The provision that no note or GER.
tificate, once redeemed or exchanged
shall be withdrawn, except in ex-
change for an equivalent amount of the
coin in which said note or certificate
was redeemed or exchanged, will for
ever put an end to the so-called end
less chain which has so embarrassed
the government in the eyer-recurFine
redemption of the greenback. There
can be no contraction Of the currency
under this system"
Robbed the Grave
A startling incident of which Mr.. Johl