Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-12-11
THE FINANCIAL
BILL IS Up
CONTINUED from Page One.)

result. If the legal standard today is the
solu standard under the act of 1873, Il
positive statute to tina effect can do no
harm. II, on the other hand. there is anv
reasonable doubt, it should be dispelled
Ny a statute plain and clear in it's terms.
men certainty shall AXE the place
OF doubt and the integrity of our credit
vs. as nAeu as the honor of the nation,
the national debt can be readily refund
ed at lower interest rates and new
loans negotiated at lower rates
than before. The rapid d~evelopnent of
american trade and it's vast
pI!nslng our people into close relations
win the leading nations of the. world.
make 1t imperative that the standard val
ue in which settlements are made SHAH na
the pest known to the highes. civilization
ana shaH safely appeal to intelligent
ana successful experience. Recent
events, shaped iby causes beyond our con-
trol, bearing obligations which national
honor requires, snail be courageouslv dis
charged, opening new fields for American
stdtes1nanship. Channels of trade vet
unknown to American enterprise and av-
emues OF commerce vet to welcome Am
erlcan products, will surely result, Such
conditions emphasize the necessity for a
of value Which Shall remain
firm throughout the vicissitudes O.. com
petltlve trade"
After an elaborate exposition of the
features of the bill and the method Of
lnelf operation which followed the line of
MS report on the measure heretofore
printed, Mr.. Overstreet said:
The proposition to allow national
banks TO issue circulation to the par val
ue OF the bonds deposited for their Sc
curlty is neither new nor partisan. 1t
mas been recommended by four presi-
dents and five secre ttaries of the treas
ury and bills containing such provision
have been introduced in congress and
St1nDQffGn INV n cYsS ne 1NofI -
parties. 1t is entirely consistent with the
present banking system. The same rea-
sons which justify the issue of 80 per
cent of the bonds Will justify an issue to
the par value of the bonds. The only OIL
lection advanced, aside from thai of
deInagogic attack generally upon banks.
Is that it permits too large an increase
OF the volume OF circula ion and threat
ems an imitation. But it is unfair to COM
pare the amount possible under the pro-
posed Dill with the amount of bank notes
now in circulation. The lack of profit
upon bank note circulation is far below
the amount ever expected and such a re-
duction can creditably be charged to a
contraction which was equally
ed. The proper comparison is betWeen
the amount possible under the present
law and the amount possible under the
proposed amendment, which would be
but a 10 per cent increase, an amount
which can be easily absorbed by the
puotuSSo VI IL SOuIliy duu utlllZGu III as
many different money centers as there
are national banks. The repeal of the
tax upon national bank notes and the
substitution of q tax upon bank fran
chises, as measured by it's capital, sur
plus and undivided profits, are proposed
in a spirit of fairness and for a just dis
tributiOn of the burden of the tax. The
larger banks will pay the tax in the same
degree as the smaller banks, while the
amount of revenue will be practically un-
changed"
In conclusion, Mr.. Overstreet said:
9TH advocates of currency reform firm
~ declare that the financial operations
Of the government are upon the gold
standard, but that the honest fears en-
gendered by doubtful legislation relative
tack upon the standard of value, fully
justif the legislation asked. To firmly
fix gold as the standard value, the
unequivocal terms, made fully operative
by all proper safeguards; is the central
idea of the law proposed. 1t is conf
IDENTIFY believed that the country demands
it and that our action will be ratified
by the people. The supporters of the
proposition are not confined to the re-
publican party nor to so-called money
centers.' Democrats of courage and ON
viction have nobly dared to break from
party lines and suffer unfiinchingly the
sting Of the party whip, in honest and
patriotic effort to uphold the integrity of
the national creult ana make secure the
foundation of the vast and expanding
business of our people. The American
yeomanry in the great agricultural fields
of the country are fully awake to the
Importance of the subject and appreciate
the wisdom of the legislation. Nearly
all of those who wavered in 1895 correct
ed their error in 1898.
"While the question is economic and
should be separated from partisan de-
bate. yet the republican party viii not
attempt escape from responsibility for
the legislation. believing that it is wise
for the country. safe for the people and
in perfect harmony with the institutions
of the nation"