The Oskaloosa herald., 1899-12-14
TALKS ON FINANCE.
Discussion of Currency Measure Be-
- gins in the House.

Washington, Dec. IL. - There was
only fair attendance in the galleries
of the house to witness the opening of
the debate on the currency bill. Imme-
diately after the reading of the jour
nal the house, under the special order,
went into committee of the whole, Mr..
Hepburn, of Iowa, in the chair, and en-
tered upon the consideration of the
bill.
Mr.. Overstreet, of Indiana, who is to
be in charge of the measure on the
floor, opened the general debate with
a set speech, saying in part:
mr. Speaker: This country presents the
anomalous situation of being the absolute
and unchallenged leader in almost every
field OF advanced thought, whether in sci
ence or literature; certainly the most adj
vanced in material development and the
control of trade; by far the superior in
manufactures and growth of markets; and
yet 1t is the field of greatest controversy
uponfthe subject of the standard of value,
ana 1.-THE proper media of exchange"
After describing the various kinds of
money IN use in the United States, Mr..
Overstreet continued:
The history of government efforts to
force legal tender money into circulation,
out the government pledge, is a record of
failures. Ali 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 country
IS gold and has been so recognized in prac-
tice for more than half century,
Against Double standard.
! He then proceeded with an elaborate ar
n ap nSf 81 10 and Wa
Ia general review of our monetary legisla-
ttion. saying in part:
THE tremendous increase of silver coin
under the operation of the laws of 1878
and 1890 created doubt as to the ability Of
the government 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 S,031.2 3s
silver dollars. From February r. 1878,
when the recoinage of the silver dollar was
authorized, to November /, 1888 when such
coinage was discontinued, there We're
coined by the government 4S2,S57,S76 silver
dollars.
upon this last date there was not a
silver dollar in circulation whose face value
equaled its Intrinsic value. The differ
ence between the intrinsic and face value
was q government obligation, so estab-
1shed by congressional act. The ability
OF the government to bear this burden was
nevr questioned. The more money obli-
cation imposed by the law created no Sc
rious embarrassment.
1T was the principle involved, coupled
with the repeated efforts by a very consid-
cradle number OF the people OF the country.
TO establish absolute free coinage of sill
never questioned. The mere money obli-
duced the fear that change Of the none
tary standard would result.
II the legal standard to-day is the gold
standard. under the act OF 1873, positive
statute 10 that effect can do no harm. IT.
on the other hand. there is any reason
able doubt, II should be dispelled by stat
Ute plain and clear in its terms"
4 After an elaborate exposition OF the feat
ures Of the bill and the method of their op.
GRAFTON, which followed the line OF hts re-
port on the measure therefore printed, Mr..
OVerstreet said:
Toaching Bank Circulation.
''The proposition to allow national banks
TO issue circulation to the par value OF the
bonds deposited for their security is neither
new nor partisan. 1t has been recommend
ed By four presidents and five secretaries OF
the treasury. and bills containing such pro-
vision have been introduced In congress
and supported by members OF both political
parties. It is entirely consistent with the
present banking system. The same reasons
which justify the issue Of 80 per cent. of
the bonds win justify an issue TO the par
value Of the bonds. The only objection
advanced aside from that OF demagogic at
tack. generally, upon banks Is that Il per-
fnits toe large an increase OF the volume of