Richmond daily palladium. [volume] (Richmond, Ind.) 1876-1904, 1899-12-14

Place the United tat In Accord
With Other Nations
Washington. Dec. n.-Mr. Over
street. of Indiana. opened the debate
on the financial bill in h House to-
day. He said:
VI .Speaker-This country pre-
sents the anomalous situation of being
the absolute and unchalIenged leader
in almost every field of advanced
thought, whether in science or Hteara-
ture. certainly the most advanced In
material development n the control
of trade: by far the superior In manu-
features and growth of markets; and
Yet ii is the field of greatest contro-
versy upon h subject Of the standard
cf value, n the proper media OF ex-
change.
NO nation has devoted more time
to public discussion and legislative
consideration of the question of
finance than the United States. The
past twenty-five years has witnessed
the greatest interest in the subject of
any similar period in the history Of the
Nation. and during the past our years
every possible phase Of the subject has
been presented. Continued discussion
very naturally develops various pro
posals for remedy Of actual and fan
cied evils. and the time seems ripe for
an honest and careful effort at a fair
solution Of the problem. free from In
Necessary criticism and attack upon
the propositions OF others.
Notwithstanding the fact that the
so-called money question continues IN
great interest among our people, and
Notwithstanding there have been coca
SONS when serious doubt clouded the
situation and produced grave fears lest
the entire fabric of our monetary sys-
tenn might be seriously shaken. yet 1t
is to the great credit of the govern
pient that every dollar OF our money
in circulation Is absolutely sound and
unquestioned Throughout the entire
time OF troub1ous discussion and de
bate In periods when public conf
dence had we'll nigh disappeared. and
panics produced serious dangers az
well as the periods of our greatest pros
perity, every dollar of American money
has been at a parity with the best
dollar in circulation. This condition
has led many people into h erroneous
belief that there was no need for legis-
In tton, and thatthe best that the govern
ment could do would be to let the sub
1ect alone. Such people are not famil
lar with the frequent pledges of the
to maintain he party e.
orr lOursy
acts. the honest PURPOSE of the gov
eminent TO faithfully and surely guar
antee the full parity of all money In
circulation. The present parity de
ponds entirely upon such declarations
and guarantees. but its maintenance
and enforcement rests with the tudg |
ment or caprice OF the secretary Of the
treasury. who, by a single order direct
the use OF silver in the discharge
~-~ otJy.~a ~ l<ni,t
destroy the parity. and shift the stand
ard to the metal so used. 1t seems far
better to attempt a proper regulation
of the question by a clear and perman
ent statute. rather than depend upon
occasional declarations by the govern
of its intention. 1t Is far better
to end the matter by a public law
which shall be plain and unequivocal
than rely upon proposals Of
what may or shall be done at some IN
ture date, or leave SO dangerous an
option within the control OF one man
he be the President or his
financial adviser.
FORMS OF MONEY.
A of our money in the United
is under federal control. and the
authorize ten 10l different kinds
VIZ: Gold coins. gold certificates
>ldt4ttsfid w doAlaI SANtI CtTtlII-
treasury notes issued under the
act Of July IA, 1890. subsidiary silver,
States notes (greenbacks). na
bank notes. nickles and coppers
kind Is in circulation to-day. all
at parity. every dollar equal in pur
and de~bt-paying power. Gold
coins. standard silver dollars and
notes issued under the act OF
July IA. 1890. are full legal tender.
United States notes (greenhacks) are
legal tender. except for duties on
and interest on the public debt
Subsidiary silver is legal tender for
not exceeding ten dollars. and
llckels and coppers are legal tender e
he extent of twenty-five cents. Cole
certificates. silver certificates and na
ional bank notes are not legal tender
The legal tender quality adds nil
.alue TO the money. but merely make
whereby debts may be d.
by the tender Of specific kind
{ money. which being good. the cred
is bound 10 accept.
THE STANDARD.
Money is a medium of exchanse
nd where there are different varieties
here must be q common measurement
{ value. Whether this standard Is
to be controlled by statute on
# exclusively 20 the laws govesnins
and nevertheless
here IS. and always has beer in every
dealing in trade. a com
method OF measurement whereby
rticieS of value are exchanged II IL
lly when effort Is made to control by
atute such measurement OF value.
fferent from the method pursued In
'mmon trade. that confusion arises
There can he but one standard OF
ea~surenlent az a given time. Any
tempt TO couple two standards differ
z in Il dsxTee In essential charac-
viii shift the standard TO the
eaker Enk. If the basis of a stand
d of value shaItlJ be two metals.
possessing characteristics essen
20 tire measurement. there would
III be. in effect. INT one standard.
a1ne \ determined by such a multi
q circumstances. bearing such
InpieN relations 10 each orher. iniu-
"sd hy SEpsiy AMI demand. utility.
Y. human desire and other
Uses without number. that ex
sanges If property can easily be
fe-,ed only blythe common use of a
rfy OF the media Of exchange. each
presenting accurately the units of
lue IS measured by the standard
which Il can &c converted on de-
and
he HISTORY OF OUR STAND
ARD.
The first effort in this country
ward escahlishlar a monetary stand :