The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1900-03-16

ItOH TOT EFcG 0iKVeF-D DOnuS TO DC
Refunded at Two per cent
Rate MIR. Oyerstreet's Plain
Words on Currency Question.
Especial Correspondence
Washington, March 15 The House
adopted the conference report on the
Financial Bill on last Tuesday by
vote of l66 to 1870, majority of 46.
All the Republicans present voted for
1t and the same gold Democrats, who
voted for the bill when it was on its
passage in the House in the first in
stance. The President attached his
signature to it yesterday, thus giving
it a place OIL the National statute
books. This is the last act in fight
for sound money that has been going
ON in some form or other for gener
alton. During all this long period
the Republican party has been on the
right side and the Democratic party
mean that every Republican has heen
on the right side and every Democrat
on the wrong side, for there have been
exceptions in both parties But as
political organizations the statemeat
holds true. And the only threat that
is held out against the gold standard
now is the possible success of the
Democratic party. But one Republi-
can in either branch of Congress voted
against the gold standard, the eccan-
tric Senator from New Hampshire,
Mr.. Chandler. On the other hand,
but two Democratic Senators voted
for that standard and one of them, Mr.
Lindsay, of Kentucky, has already
been beaten for reelection by =
blatant free silver man. Mr.. Blackburn
and the other, Mr.. Caffery, of Louis
ianna, has announced that he would
not be candidate for reelection be-
cause he knows he could not be cleo
ted. He will be succeeded by free
silver man. Thus after March next
there will be none but free silver
Democrats in the United States
Senate.
The debate on the conference report
in the House was not marked by amy
striking features It's passage was
conceded by those opposed to it, and
so none of the leading lights of the
! Democracy in that body cared 10
waste time in discussing a foregone
conclusion. The principal speech ON
the Republican side was made by Mr..
Overstreet, of Indiana, who has had
the measure in charge i'll the House
at all stages. His remarks were de-
voted to an explanation of the fea-
lures of the bill. He explained that
the main feature of the bill is a. we'll
arranged, properly safeguarded gold
standard measure which will dis
pei from the public mind all further
doubts relative to the standard Of
value. 1t is made the mandatory
duty of the Secretary of the Treasury
to maintain at all time the parity be-
tween gold and silver dollars and to
take such steps as may be necessary
to accomplish that purpose.
Under this bill all the outstanding
bonds payable in 1904. 1907 and 1908,
drawing respectively 5, and 3 per
cent. interest, are refunded into gold
bearing per cent bonds payable af-
ter thirty years. These refunded bonds
will bear the lowest interest paid by
any government in the world. This low
rate of interest could not float bonds
at par unless they were by their terms
payable only in gold The amount
of the bonds that will be refunded is
$S39, l46, 400. The saving of interest
by this refunding operation will he
considerable.
The most interesting part of Mr..
Overstreet's speech was in reference
to the proviso added by the Senate
concerning international metallism.
He stated very frankly that there is
absolutely nothing i'll this bill that
gives the slightest hope for interna-
I tional bimetallism under present con-
ditions. ! say frankly that the pro-
visions of this bill make it practically
and absolutely impossible for this
government ever to have international
bimetallism or the free coinage Of sill
yer at the ratio of Is to l. 1t is the
gold standard that makes possible the
prefunding principle of this bill. :
Mr.. Overstreet concluding remarks
on this measure are worth quoting in
full because they are the final words
in debate that has been going on in
Congress, in one form or another, for
more than thirty years His concIud-
ing words were as follows;
II stated in the opening debate
upon the House bin that when the
standard shall be permanently estab-
| lished, and all doubt of its stability
removed, the parity Of all our money
will be fully recognized, and the
kind of money in which payment
shall be made will rarely, if ever, be
| the subject of dispute. When Ger
tainty 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 refunded
at lower interest rates and future
| loans negotiated with ease upon better
terms than ever before The plan OF
refunding the debt is made feasible
| and practicable with the establishment