New-York tribune., 1901-01-30
GUARDING GOLDSTANDARD
MR.. ovERsrREETs REPORT on HIS BILL
FOR MAINTAINING PARITY OF MONEY.

Washington Jan 2e-The report Of Representa-
Oversrect, Of Indiana, the bill which he was
authorized by the Banking Committee to report 10
fhe House TO maintain the parity OF the money
~ the United States" was presented to-day. The
report declared that the bill 'rearms the declara-
iion Of the United States Government to maintain
the parity Of all forms Of money with the gold
standard OF value, ard makes provision whereby
the parity Of silver dollars may be maintained
by exchange FOR gold at the Treasury upon the
demand cf the hol1er" Mr.. Overstreet then says:
The only reasonable and scientific method for
making absolute provision for the parity IS by pro-
able For goid At the Treasury uron demand of The
holder In this way the declared pu%TP1se % = OF ne ne
operative by a direct and simple method. whichl
win At all times demonstrate the existence Of the
parity The purpose Of the Government. as de-
clared bv Congress. should be coupled with a pro-
vision Of law authorizing the Secretary Of the
Treasury 70 carry into effect pch PURPOSE by some some
and readiness Of the Government at ali times 10
put such purpose into practice The first section
the Treasury who is thereby directed at the de-
s.ra 81 , e 6osr When rese1ted ' ~ tbe
than so
II is declared that making silver dollars
changeable for gold coin the Treasury would
not change existing conditions IN any material
respect except in the increased degree Of conf
dence inspired among the public I'm the character Of
silver money
The report points cut that the wide distribution
Of silver certificates and their small denominations
make it practically impossible 10 gather them to-
eether for presentation in large amounts 10 the
Treasury. II shoHs that silver certificates of de-
nominations Of 80 less have risen since the
of 1898 from S240 00 S3s 100000 while
higher denomina tions have fallen by about S22-
Ooo0o0 and amount only Ss9 000,GOo It says that
2 heavy demand fell the Treasury in the panic
gears for boarding. which would be avoided il all
the monsy Of the United States were equally good
The report refers to the present strong position OF
the United States by reason of the balance OF
trade, amounting on the face Of the merchandise
emeat more than 100000 900 in the last
four years and maintains that in of monetary
pressure and demand for gold in other countries
the gold stock of the United States would he amply
protected by the ability OF American fnanciers to
raise the interest and bid against other coun-
tries for the yellow metal. careful examination
II existing facts. II is declared. will demonstrate
that the proposed law will increase the burden
on the Treasury. The report says in conclusion:
Under existing conditions and law the Treasury
the total arnodnt Of outstanding United States
notes. Treasury notes OF 1890 banknotes and sill
Yer currency Of he country. What is proposed by
the pending bin Is TO give such a homogeneous
hat al Of il will he regarded good gold. and
that none OF il viii he Disseminated against from
result is accom- plished. the demand for gold
the Treasury under the most serious conditions Of
for export or in other words. to the Of the
whole volume of the currency above the needs of
period Of business depression. HoardnG would not
occur and a commercial panic resulting. perhaps
,,,er,To7,,crfoy or g16ated cre5it
extend into that most dangerous OF all forms of
panic which arises from distrust Of the stability OF
which forms the tool of exchanges, the means OF
settling contracts ana the measure of values.