Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1901-01-28
THE OVERSTREET BILL,

Representative Overstreet's bill ito
maintain the parity of money in the
United States" is being widely discussed
at present. The avowed intent is to
make practicable the complete ex-
changea biHty of the metallic currencies
al the will of the holder The bill itself
is very brief and reads as follows:
BE it enacted. etc. that all gold and
silver coins of the United States. except
subsidiary coins. shall be eXchangeable
for each other at par at the treasury OF
the United States at the demand of the
holder.
See. ;. That for the purpose Of carry
ing out the provisions Of this act. the
secretary Of the treasury may employ
any part of the reserve fund Of gold
coin and bullion established by Section
of the act of March H. 1900 Z TITLED Ian
act to define and fix the standard OF
value. to maintain the parity of all
forms of money issued or coined by the
United States. to refund the pubic debt.
ana for other purposes and money re-
ceiNed in exchange for gold coin or bull
lion under the provisions of this act
shall be held in said reserve fund and
not paid out, except in the manner pro.
Nided in regard to United States notes
in said Section of the act of March ii,
1900.
Sec >. This act shall take effect upon
its passage.
Mr.. Overstreet himself claims. accord
ing to the Congressional Record. that
y, 10, b., will
discrimination against silver because it
can be obtained. on demand in exchange
for gold; that it will not add any bur-
den Of the treasury beyond what is
imposed by present obligations, because
all forms of money being treated alike,
there Will be no discrimination in the
presentation Of money for redemption.
In this same extract from the Con-
sressional Record it is stated that the
opposition to making silver, paper and
gold Interchangeable is based upon the
belief that it would add to the quantity
of gold obligations of the government,
and, therefore, to the burden imposed
upon the trea sury gold reserve. While
this proposition seems plausible at first
glance, examination will show that it is
not in accordance With the facts.
The treasury now redeems in gold on
demand any part Of the issues outstani-
ing on December /. 1900, of these forms
OF money: $34G. 6Sl Ole in United States
notes, 500, AS, 900 in treasury notes of
1890 and $254,O01.319 in gold certificates.
the treasury in legal tender notes. which
are themselves redeemable in gold. so
notes outstanding on December l. 1900.
which WAS 1892 2292 300, may be said 10
be redeemab BILE in gold on demand at the
treasury Of the United States
Mr.. ONerstreet says further.
So long as the government holds out
the offer to redeem amy part of this sum
of about 1896 100000 in gold coin on de-
mand. ample opportunity is afforded for
persons desiring gold to obtain it from
the treasury. 1t cannot add in any APP
precia Bile degree to the ability to OBJ
tain gold from the treasury to extend
the offer of the treasury SO as to pay
gold for silver. Silver is already paid
for gold upon demand, and demands for
silver dollars in exchange for gold are
frequently made during the crop moving
season. Perfect equality between the
two metals would, therefore. be estaD-
n prI "A
at the treasury.
The proposition that silver dollars
should be eXchangeable for gold coin at
the United States treasury, at the option
of the holder, would not change exist
ing conditions in any material respect
except in the increased degree of conf
dence inspired among the public in the
character of silver money.
The bill, it is noticed, is heartily en-
dorsed by the executive committee Of
the Indianapolis Monetary convention
and other association of business men.
The measure is unquestionably very
important one and the debates upon it
in congress will be awaited with In
! terest.