Evening star., 1901-01-30
TO MAINTAIN THE PARITY
MR.. OvERSTREET MAKES HIS RE.
PORT ON THE SUBJECT.
Declares In Favor of Exchange of
silver Dollars at Holders
Demand for Gold.

Representative Overstreet of Indiana has
submitted his report the bill which he
was authorized by the banking committee
to report to the House, 'to maintain the
parity Of the money of the United States.''
The report declares that the bill ''reaf-
firms 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 MAIN
tanned by exchange for gold at the treas
ury upon the demand of the holder" Mr.
Overstreet then continues:
The only reasonable and scientific
method for making provision for the pari-
ty Is by providing that the silver dollars
shall be exchangeable for gold at the treas
ury upon demand of the holder. In this
way the declared purpose of the govern
ment to maintain such parity will be made
operative by direct and simple method,
which will at all times demonstrate the
existence Of the parity. The purpose Of the
government as declared by Congress should
be coupled with a provision Of law au-
thorlzlng the Secretary of the Treasury to
carry into effect such purpose by some rea-
sonable, over tact, which shall show the
ability and readiness of the government, at
all times, to put such purpose into practice.
The first section of the bill grants this au-
y,
who is thereby directed at the demand of
the holder to exchange gold coin for stand
ard silver dollars when presented to the
treasury of the United States in sums not
less than $60.''
COuntry's Strong Position.
The report refers to the present strdhg
position Of the United States by reason Of
the balance Of trade, amounting upon the
face OF the merchandise movement to more
han 1,,vI
years, and maintains that in case Of none
tary pressure and demand for gold in other
countries the gold stock of the United
States would be amply protected by the
ability OF American f1nanciers to raise the
interest rate and bid against other coun-
tries for the yellow metal. A careful ex-
animation Of existing facts 1t is declared,
will demonstrate that the proposed law will
not increase the burden upon the treas
ury. The report says in conclusion:
Under existing conditions and law, the
treasury sustains a burden upon the gold
reserve equal to the total amount Of out
standing United States notes, treasury
rency Of the country.
Make All Good as Gold.
"What Is proposed by the pending bill, is
to give such homogeneous character to all
the money Of the United States that all
Of it will be regarded as good as gold
and that none of 1t will be Disseminated
against from distrust Of its permanent
parity with gold. If this result is ac-
complished, the demand for gold upon the
treasury under the most serious conditions
Of commercial panic would be limited to
the demand for export, or, in other words,
to the excess OF the whole volume of the
currency above the needs Of a period Of
business depression. Hoarding would not
occur, and commercial panic. resulting
perhaps from overproduction or inflated
credit, would not extend into that most
dangerous of all forms Of panic which
arises from distrust Of the stability Of the
standard and of the value of the currency
which forms the tool Of exchanges, the
means Of settling contracts, and the meas
ure of values"