The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-14
REVIEW BY SECRETARY GAGE
HOW LEADING PROVISIONS OF THE
MEASURE WILL BE ENFORCED.
Two Per Cent. Bonds to Bear Date OF
April 1-Controller Dawes Prepared
to Protect Bank Depositors.
spec,a, to the Indianapolis Journal.

Special to the Indianapolis Journal.
WASHINGTON, March 13.-Representa-
tive Overstreet again took charge OF the
currency bill in the House In the form OF
the conference report and succeeded I'm
passing 1t by vote OF 166 to 12o. He made
a very clear explanation Of the measure
as it will stand on the statute books. He
showed that all of the principles of the
House bill are fully preserved in the bill
as it has finally gone to the President for
his signature except in the single instance
of the repeal Of the tax on national bank
notes and the substitution of a tax on the
franchises OF the banks themselves. The
gold standard is firmly established beyond
all equivocation and peradventure. The
measure as it goes to the President makes
1t mandatory on the secretary Of the treas
ury to maintain the parity OF all forms
of money under the gold standard. After
explaining the reserve fund 10 be kept for
the purpose of redeeming greenbacks and
showing that by the provisions of the bill
the "endless chain" that caused such
trouble in Mr.. Cleveland's second admins
tration will be broken for good and all
Mr.. Overstreet explained the refunding
provisions OF the bill He said:
Under this bill all the outstanding bonds
payable in 1904. 1907 and 19cs. drawing. re-
spectively, 4, 5 and 3 per cent. interest, are
refunded into gold bearing 2 per cent
bonds. payable after thirty years. II has
been the universal policy Of this govern
ment to refund its national debt into lower
interest-bearing bonds whenever the con-
ditions would permit it. In 1870 the gov
ernment authorized the issue of s. 500 900
in bonds. $50O0Oo,0o0 Of which drew per
cent. interest, payable s20o0oO.o0o after ten
years and $500. 100000 after fifteen years. and
81, ,OOo. 100000 in 4 per cent. bonds, payable
after thirty years.
EFFECT OF GOLD STANDARD.
1.-THE proposition here to refund the ma
tional debt is in complete harmony with
the policy which this government has ever
followed and is made possible by establish
ing a standard Of value which shall be
unequivocal in its terms. and about which
there can be no question OF doubt. I say.
that If it were not for the provision fixing
beyond dispute the gold standard in law
il would not in my Judgment be possible
at this time to refund the public debt on
a 2 per cent basis. The bonds. respec-
lively, outstanding, per cent, per cent.
aggregate sS39. .l4s. .490. The bonds not SUBJ
ject to be refunded aggregate slS7. .S79 800.
the total bonded debt of the government
now being $l.O26. .S26,S9o."
Referring to international bimetallism,
Mr.. Overstreet said: There is absolutely
nothing in this bill that gives the slight
est hope for international bimetallism
under present conditions. IApplause on the
Republican sidel We hold out no en-
couragement for that. and ! will say frank
ly that the provisions of this bill make
It practically and absolutely impossible
for this government ever TO have inter-
national bimetallism OF the free coinage
of silver at the ratio of is TO /. The provis-
ion In the bill will give no encouragement
nor hope for the Independent action OF
this government in establishing the free
silver coinage at the ratio of 1s TO l. The
only terms under which 1t will be pos
sible will be under the concurrent action OF
the leading commercial nations OF the
world, and at a ratio which shall make
permanent the relative value of the two
metals. II conditions should change. and
leading commercial nations OF the world
should concur, 1t can then be made pos
sible only by making that ratio In con-
formity with the relative values OF the two
metals.
"It has been thought advisable to insert
this in order that IL would put at rest any
further controversy as 10 the methods and
plans which might be pursued for such an
agreement. ! repeat: IL gives neither hope
nor encouragement 10 the free coinage of
silver at the ratio OF Is 10 !. because that
ratio is out Of proportion 10 the relative
values OF the two metals. IL puts the last
nail in the coffin Of that party which seeks
an independent action on the part OF the
American government. II says in explicit
terms that conditions which exist In this
country. as well as In others. shall be a
part OF the plan TO disclose whether IL is
expedient or practicable even to make such
an effort
WHY 1T WAS ACCEPTED.
81 say that all persons who have expert
ence in legislating know that they cannot
always obtain what they desire. have no
patience with this proposition. but Yield
ed. as Is necessary and as Is wise in many
cases. in order to reach an spicable settle