Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-12-11
THE FINANCIAL
BILL IS UP
For Consideration by House
OF Representatives.
MR.. 0VERSTREET'S TALK
Tells Why the Bill Should be
Enacted in Order to Protect
American Citizens
AN ELABORATE ARGUMENT
AN ELABORATE ARGUMENT
Against the Double Standard and a
Review of Cur Monetary Legis-
lati0n-Features of the Bill Were
Explained.

ACCC. ll--iI mere WAS only
a talr attendance in the galleries of the
mousse TO witness the opening of the de-
pate on the currency bill Immediately
after the reading of the journal the
house, under the special order, went in
to committee of the whole, Mr.. Hepburn
NoWD in the chair, and entered upon
the consideration of the bill.
Mr.. Overstreet Qndiana). in charge of
the measure on the floor, opened tho
general debate with a set speech.
Representative Overstreet, in opening
said: '7
Mr. Speaker-This country presents
the anomalO situation of being the ab-
solute and unchallenged leader in almos,
every field of advanced thought, whether
IN science or literature. Certainly the
most advanced in material DEVELOPMENT
and the control of trade; by far the
superior in manufactures and growth OF
markets, and yet it is the field of great
controversy upon the subject of a stand
ard of value and the proper medium of
exchange
No nation has devoted more time To
pubic discussion and legislative consid-
Grafton OF the question OF finance than
the United States. Notwithstanding there
have been occasions where serious doubt
couded the sun and produced grave fears
lest the entire fabric of our monetary
system might be seriously shaken, vet it
IS to the great credit of the government
that every dollar of our money in crcula-
tion is absolutely sound and unullestion-
ed. This condition has led many people
into the erroneous belief that there was ~
need for legislation and that the best the
government could do would be to let the
subject alone Such people are now
familiar with the frequent pledges of the
government to maintain the parity OF our
CT.
the honest purpose of the government to
faithfully and surely guarantee the full
parity OF all money in circulation. The
present parity depends entirely upon such
declaration and guarantees, but its main
tenance and enforcement rests with the
judgment or caprice of the secretary of
the treasury. who. by a single order
directing the use of silver in the DIS
charge 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 sta
tute, rather than depend upon occasional
declarations by the government of its
intention. 1t is far better to end the
matter by a public law, which shall be
plain and unequivocal, rather than rely
upon proposals of what may or shall be
done al some future date or leave so dam
gerous an option within the control of one
man, whether he be the president or his
financial adviser"
After describing the various kinds of
money in use in the United States, Mr.
Overstreet said:
force legal tender money into circulation,
irrespective of its intrinsic value and
without the government pledge, is a rec
ord of failures, without a single excep-
ton. All of the various kinds of money
in the United States are based on a COM
10, dor nf tn, ioI, y,
be measured. The present standard of
value in this country is gold and has
been SO recognized in practice for more
than half century"
He then proceeded with an elaborate
argument against a double standard and
general review of our monetary legis-
lation.
'The tremendous increase of silver
coin under the operation of the laws of
1873 and $780," he continued, 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, ,29S silver dol
lars. From Feb II, 1878, when the re-
coinage of the silver dollar was author
ized, to Nov. /. 1898, when such coinage
was discontinued, there were coined by
the government 4S2,S47,316 silver dollars.
Upon this last date there was not a
silver dollar in circulation whose face
value equalled it's intrinsic value. The
difference between the intrinsic value
and face value was government obiga-
ton, so established by congressional act.
The ability of the government to bear
this burden was never questioned. The
mere money obligations imposed by the
law created no serious embarrassment.
1t was the principle involved, coupled
with the repeated efforts by a very con-
siderable number of the people of the
country to establish absolute free COIN
ages of silver, which shook public conti-
dence and produced the fear that
(Contnued on Page Three.)