The record-union., 1899-12-12

L
| ton, so established by Congressional
Act. The ability of the Government to
| bear this burden was never questioned.
The mere money obligation imposed by
the law created no serious embarrass-
ment- 1t was the principle involved,
| coupled with the country to establish
| absolute free coinage of silver, which
shook public confidence and produced
| the fear that a change of the monetary
standard would result.
| If the legal standard to-day is the
gold standard under the Act of 1873, a
positive statute to that effect can do
| no harm. If, on the other hand, there
is any reasonable doubt, it should be
dispelled by a statute plain and clear
| in it's terms
when certainty 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 re-
| funded at lower interest rates and fu-
| ture 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 ma
tons of the world, makes it imperative
! that the standard of value in which set
| Elements are made shall be the best
known to the highest civilization, and
| shall safely appeal to intelligent and
| successful experience Recent events.
| shaped by causes beyond our control,
| bearing obligations which national hon
or requires shall be coura geously dis
charged, open new fields for American
| craftsmanship. Channels of trade yet
unknown to American enterprise, and
avenues of commerce yet to welcome
American products, will surely result.
Such conditions emphasize the neces-
sity for standard of value which shall
remain firm throughout the vicissitudes
of competitive trade
| After an elaborate exposition of the
| features of the bill and the method Of
their operation which followed the line
of his report on the measure heretofore
printed, Mr.. Overstreet said:
1.-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 recommended by four Fresi-
| dents and five Secretaries of the Treas
ury and bills containing such provision
have been introduced in Congress and
supported by members Of both political
| parties. 1t is entirely consistent with
the present banking system. The same
reasons which justify the issue of 80 per
cent. of the bonds will justify an issue
! to the par value of the bonds. The only
objection advanced, aside from tha' of
demagogic attack, generally n
banks, is that it permits too la \
| increase of the volume of circula
and threatens an imitation. But it is an
fair to compare the amount possible
under the proposed bill with the amount
of bank notes now in circulation. The
lack of profit upon bank note circula-
ton because of the tax, has reduced
such circulation far below the amount
ever expected and such reduction can
be creditably charged to a contraction
which was equally unexpected. The
J proper comparison is between the
amount possible under the present law
and the amount possible under the pro-
posed amendment, which would be but
u 10 per cent. increase, an amount
which can be easily absorbed by the
business of the country and utilized in
as many different money centers as
| there are national banks. The repeal
of the tax upon national bank notes
and the substitution of tax upon
| bank franchises as measured by their
capital, surplus and undivided profits
are proposed in spirit of fairness, and
| for just distribution 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 unchanged"
In conclusion Overstreet said:
@6-~~,-
! firmly declare that the financial opera
tons of the Government are upon the
| gold standard, but that the honest fears
engendered by doubtful legislation rela-
tive to silver coinage, and the perss
tent attack upon the standard of value,
fully justify the legislation asked. To
| firmly fix gold as the standard of value,
! the unequivocal terms, made fully OPP
erative by all proper safeguards, is the
central idea of the law proposed. 1t is
confidently believed that the country
! demands it, that our action will be rat
! flied by the people. The supporters of
the proposition are not confined to the
Republican party nor to the so-cal,ed
! money centers.' Democrats of courage
and conviction have nobly dared to
break from party lines and suffer I'M
flinchingly the sting of the party whip,
in honest and patriotic effort to uphold
! the integrity of the national credit and
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 1896 corrected their error
in 1898.
While the question is economic and
should be separated from partisan de-
bate, yet the Republican party will not
attempt to escape from responsibility
for the legislation, believing that it is
wise for the country, safe for the people
and in perfect harmony with the insti-
buttons of the nation
! In the course of Mr.. Overstreat's
speech Mr.. Shafroth (Sil. RI of Colo
RADIO interrupted to ask if the bill would
not result in contracting the currency
to the extent of the S4S0,000.O00 in sill
yer impounded.
ut would not" replied Mr. Over
! street, because for every silver dollar
| which goes into the Treasury a gold
dollar will go out in circulation Gre
4 publican applause)
j Maddox CD of Georgia was the
first speaker in opposition to the bill
/ Referring to former Speaker Reeds
New York speech advising the imm di-
! ate enactment of gold standard legis-