The Indianapolis journal., 1899-11-29
MIR. OvERsTREETs REPORT.
Main Thing Provided For In the Gold
Standard.

WASHINGTON, Nov. 2S.-The report on
the financial bill has been prepared by Rep
resentative Overstreet, of indianapolis, who
introduced the original bill of the monetary
commission of 1898, and has been distrib-
uted to each Republican member Of the
House. Mr.. Overstreet frankly admits that
the committee did not consider the gen.
eral subject of banking, nor did 1t seek to
arrange a complete scheme of finance, but
confined it's recommendations to those sub
jects Of most pressing demand, as evil
denced by the pledges of the Republican
party and the general policy Of the admin
istration." 1t was felt, the report declares,
that "the strengthening of the public credit
by the removal of all doubt concerning the
policy and practice of the government rela-
tive to the unit of value is of paramount
Importance.
1t 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 con-
vertible into the standard. The report con-
tinues: when the standard shall be per-
manently established and all doubt Of its
stability removed the parity of all our
money will be fully recognized, and the
kind of money in which payments shall be
made will rarely, If ever, be the subject of
dispute. When certainty shall take the
place of doubt, and the integrity of our
credit is as fixed as the honor of the Ma
tion, the national debt can be readily re-
funded at lower interest rates and future
loans negotiated with ease upon better
terms than ever before.
THE BEST STANDARD REQUIRED.
1.-THE rapid development of American
trade and its vast expansion, bringing our
people into close relations with the leading
nations of the world, makes ii imperative
that the standard of value in which settle
ments are made shall be the best known to
the highest civilization, and shall safely ap-
peal to intelligent and successful expert
ence. Recent events, shaped by causes
beyond our control. bearing obligations
which national honor requires shall be
courageously discharged. open new fields for
American craftsmanship. Channels of trade
yet unknown TO American enterprises and
avenues of commerce yet to welcome Amer
lean products will surely result. Such con-
ditions emphasize the necessity for a
standard of value which shall remain firm
throughout the vicissitudes of competitive
trade. Its permanency and stability should
be above suspicion. Its security should be
absolute. Some question OF experience
might be raised Ii the proposition were new
or we were assuming a position at variance
with other nations. But the gold standard
Is recognized by all leading nations, and the
statute proposed merely reaffirms the poll
icy followed by us for over sixty years so
reinforced and plainly expressed that the
question will be placed forever beyond dis
pute."
The fact is pointed out that the treasury
at the beginning Of October had a net gold
reserve of more than S250.00o.O0O and that
there is more gold In the United States now
than ever before. The advantages which
this situation creates are thus described:
1.-The present conditions are most favorable
and the time most opportune for the clear
and unequivocal adoption OF the gold
standard. Prior TO the year 1896 the gold
standard had been legally adopted by the
following countries. viz: Austria Ii hungary.
Brazil. British Honduras. Chile. Denmark,
Continued on second PagcJ