Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1901-01-31
A FINANCIAL BILL.
Report on Maintaining the Parity
Of All Our Money.
EXCHANGE COLD FOR SILVER DOLLARS
The Bill Not Likely to Increase the Bur
den ON the Treasury, but viii Make
All Forms Of Our Money as
Good as Gold.

Good as Gold.
! Washington, Jan. 30.-The report
of Representative Overstreet, of In
diana, upon the bill which he was au.
thorized by the banking committee
to report to the house, ito maintain
the parity of the money Of the United
States" was presented to the house
yesterday. The report declares that
the bill ''reatiirms the declaration OF
the United States government to
maintain the parity of all forms OF
money with the gold standard OF
value, and makes provision whereby
the parity of the silver dollars may
be maintained by exchange for gold
at the treasury upon the demand of
the holder"
! Mr.. Oyerstreet then continues: "The
only reasonable and scientific method
for making absolute provision for the
parity is by providing that the silver
dollars shall be exchangeable for gold
at the treasury upon demand of the
holder. In this way the declared pur-
pose of the government to maintain
such parity will be made operative by
direct and simple method, which will
AZ all times demonstrate the existence
of the parity. The purpose of the
government as declared by congress
should be coupled with provision of
law authorizing the secretary of the
treasury to carry into effect such pur-
pose by some reasonable, overt act,
which shall show the ability and read
mess of the government, at all times,
to put such purpose into practice.
The first section Of the bill grants
this authority to the secretary of the
treasury, who is hereby directed at
the demand of the holder to exchange
gold coin for standard silver dollars
when presented to the treasury of the
United States in sums not less than
$780,"
1t is declared that making silver
dollars exchangeable for gold coin at
the treasury would not change exist
ing conditions in any material respect
except in the increased degree Of con-
fidence inspired among the public in
the character of silver money.
The report points out that the wide
distribution of the silver certificates
and their small denominations made
it practically impossible to gather
them together for presentation in
large amounts to the treasury. It
shows that the silver certificates of
denominations of $40 or less have
risen since the summer of 1893 from
about $24O,0OO,OOO to $35S,OOOOOO, while
higher denominations have fallen by
ABOUT $22 100000 and amount only to
$69,OOOOOO 1t says that heavy de-
mand fell upon the treasury during
the panic years for boarding, which
would be avoided if all the money 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 upon the face of the mer-
chandise movement to more than 49,
OOO,OOO'0O0 during the past four years,
and maintains that in case of monetary
pressure and demand for gold in other
countries the gold stock of the United |
States would be amply protected by |
the ability of American financiers to |
raise the interest rate and bid against |
other countries for the yellow metal. |
A careful examination of existing
facts, it is declared, will demonstrate
the proposed law will not increase the
burden upon the treasury.
The report says in conclusion:
Under existing conditions and law
the treasury sustains burden upon
the gold reserve equal to the total
of outstanding United States
notes, treasury notes of 1890, bank
notes and silver currency of the coun-
try' What is proposed by the pend
ng bill is to give such homogeneous
character to all the money of the
United States that all of II will be re-
yarded as good as gold and that none
If it will be Disseminated against
rom distrust of its permanent parity
With gold If this result is accom-
,lished the demand for gold upon the
reasury under the most serious con-
litions of commercial panic would be
United to the demand for export, or
n other words, to the excess of the
whole volume of the currency above
he needs of period of business de-
PRESTON"
WHY RErOMF ppnrrcTANrc