The Providence news. (Providence [R.I.]) 1891-1906, 1899-12-11

Washington, Dec. 11.-There was only
fair attendance in the galleries of the
house today 20 witness the opening OF
the debate on the currency bill. Imme-
diately after the reading of the Journal
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 (Rep., Ind.), who is to
be in charge of the measure on the
floor, opened the general debate with
a -et speech
MIR. OVERSTREET'S REMARKS.
Representative Overstreet in opening
said: Mr.. Speaker-This country pre-
sents the anomalous situation OF being
the absolute and uuctaffenged- leader
in almost every field OF advanced
thought, whether in science or litera-
ture; certainly the most advanced IN
material development and the control
OF trade; by far the superior In the
manufactures and growth OF markets,
and yet, IL is the field of greatest con-
troversy upon the subject OF the stand
ard OF value and the proper media OF
exchange.
mo nation has devoted more time
20 public discussion and legislative con
sideration OF finance than the United
States. Notwithstanding there have
been reasons when serious doubt cloud
ed the situation and produced grave
fears lest the entire fabric Of our
monetary system might be seriously
shaken, yet it is TO the great credit of
the government that every dollar Of
our money. declaring by congressional
sound and unquestioned. This condi-
tion has led many people into the err
roneous belief that there was no need
of legislation and that the best the gov
eminent could do would be TO let the
subject alone. Such people are not fa-
miliar with the frequent pledges OF the
government 10 maintain the parity OF
our mony, declaring by congressional
acts the honest purpose OF the govern
ment to faithfully guarantee the full
parity OF all money in circulation. The
present parity depends entirely upon
such declarations and guarantees, but
It's maintenance and endorsements rests
with the Judgment or caprice Of the
secretary of the treasury, who, by a
single order directing the use ~ silver
I'm the discharge Of our obligations. may
completely destroy the parity and shift
the standard 10 the metal so used.
CLEAR STATUTE NEEDED.
1T seems far better to attemp. a
proper regulation Of the question by
clear and permanent statute, rather
than depend upon occasional declara-
tlons by the government Of It's inten-
ton. II is far better 10 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
at some future date or leave so danger
Gus n eailtEa4 of one
man. whether he be the president or MS
financial adviser
The speaker then proceeded with an
elaborate argument against double
standard and a general review OF our
monetary legislation.
"If the legal standard today Is the
gold standard under the act of 1873, a
positive statute 20 that effect can do
no harm. II on the other hand there Is
any reasonable doubt 70 should be dis
PEELED. IL should be dispelled by stat
ute. When certainty shall take the
place OF doubt and the integrity OF our
cre1it be as fixed as the honor OF the
nation, the national debt can b readily
refunded at lower interest rates. and