The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-15
Bill Taken to the White House by Mr..
Overstreet, Who Framed 1t and
Pushed 1t Through Congress.
INSTRUCTIONS FROM GAGE
HOW BONDS WILL BE EXCHANGED
UNDER THE NEW LAW.
Circular That Will Interest Banks and
Individual Holders OF Gov
ernment Securities.
,ha rndianano,,s Journa,

Special to the Indianapolis Journal
WASHINGTON, March H.-With
stroke of his pen at o'clock to-day Presi-
dent Mckinley riveted the gold standard
IN the law of the land. That pen stroke
was the elimination of a struggle that had
been waged continuously for twenty-seven
years-ever since the legislation which
Senator Stewart has characterized In
countless pages of the Congressional Rec
ord as the ''crime of '73." 1t Is an in
cident which might appear insignificant to
mention in connection with to-days mo-
mentous performance at the White House,
but 1t has nevertheless adorned 1t with a
pleasant fancy; it is recorded the President
signed his name with a gold pen, provided
for the occasion by Representative Over
street, Trainer of the bill, and subsequently
presented as a souvenir to H. H. Hanna,
ccmmander-in-chief of the last three years
campaign for monetary reform. Mr..
Hanna took this precious memento home
with him this afternoon to Indianapolis.
The signing of the bill which gave the
gold standard fixed place on the statutes
was not accompanied by particularly
dramatic or theatrical features. Indeed
it was a very matter of fact performance
in physical sense. There was no beating
Of drums, no parade, no stage effect. The
President simply affixed his signature to
the document in precisely the same man.
ner he had in hundreds of other cases
every day, and the deed was done. The
bill was signed at 1a:is p. m.
In talking with Mr.. Overstreet the
President recalled to those who stood by
the fact that many of the important finan-
cial bills which had been passed by Con-
gress had been approved on the 14th of
the month. He spoke of the Sherman
act. the resumption act, and now the bill
which was before him.
Among the statesmen who estimate Leg
islation from a broader standpoint than
that which looks merely to an imminent
effect upon a pending campaign, the ac-
complishment of this legislation opens up
wide field of speculation. 1t is conceded
that the matter of standard is now closed,
at least for a term of years. Whatever the
issue may have been since 1S73-whether
gold standard, bimetallism or silver stand
ard-it is very clear here that, in spite of
precedents, former theories of finance per-
tanning to standard and all dogmas of par
ity and other elements OF financial science
the fact is accepted that the now doubly
intrenched gold standard cannot be upset
for many years. In other words, what has
been achieved after a long and weary
struggle Of twenty-seven years is not like
ly to be upset in day. Platforms and
brilliant party orations will not shake this
fact, and 1t is heard here from many lips
that, whatever the coming campaign might
bring in the way of irresponsible promises
o. reform, so-called, the commercial, finan-
cial and industrial interests of the country
will now be able to sleep at night without
oriates.
Coming to a question of financial science
the new bill does not command the appro-
baton of all the gold standard people. The
belief which is prevalent in some quarters
that the new law, while fixing the question
of standard, opens a boundless financial
issue I'm the matter of currency and bank
ing seems to be substantially founded Pa
per imitation, national bank domination of
the volume Of money and all such things
are heard of. but. happily, the conservative
people who foresee new issues with regard
to money are cool enough to understand
that the new law and the conditions under
which 1t is inaugurated give fair promise
for welcome period of tranquility which
will enable the country to prepare for
whatever new financial problems the future
may have in store.
1t appears that Representatives Rupert
and Wilson, Democrats, OF New York.
voted for the conference report on the bill
yesterday. Their names were inadvertently
omitted yesterday from the list Of Demo-
Gratis who voted for the bill.