The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-30
United States, i'm Gaining Its Emi>
nencei Has Aroused other Ma
tipns to Greater Energy.
LETTER FROM SECRETARY HAY
TELLING OF THE WORK OF OUR
CONSULAR SERVICE ABROAD.
Extra sission of Congress discussed
by thu Cabinet-Cuban Constitu-
sion TO he Considered.

WASHINGTON, Jan. 29.-The report OF
Representative Overstreet. of Indiana. on
the bill which he was authorized by the
banking committee TO report TO the House.
TO maintain the parity OF the money OK
the United States, was presented 10 the
House I'd day. The report declares that
the bill Ireafirms the declaration OF the
United States government TO maintain the
parity of all forms OF money with the
gold standard of value. and makes pro-
vision whereby the parity of the silver
dollars may be maintained by exchange for
gold at the treasury upon the demand OF
the holder" Mr.. Overstreet then con-
tinues:
1.-The only reasonable and scientific meth
cd for making absolute provision for the
parity is by providing that the silver dol
lars shalli be exchangeable for gold at the
treasury .0n demand OF the holder In
this way .he declared purpose of the gov
ernment 20 maintain such parity VIII be
made operative by direct and simple meth
ods which viii at all times demonstrate
the existesnce of the parity The purpose
OF the government as declared by Congress
should bel coupled with a provision OF law
authorizing the secretary of the treasury
TO carry fato effect such purpose by s0mo
reasonable. overt act. which shall show the
ability and readiness OF the government
tice. The; first section of the bill grants
this auth5rity TO the secretary OF the
treasury, who is thereby directed at the
demand df the holder TO exchange gold
coin for standard silver dollars when pre-
sented TO the treasury Of the United States
in sums riot less than fifty dollars"
1t is declared that making silver dollars
cxchangesioie for gold coin at the treasury
would moi change existing conditions I'm
any material respect except in the In
creased degree of confidence inspired
among tho public in the character OF silver
money.
The report points out that the wise dis
tribution df the silver certificates and their
small determinations make IL practically
impossible TO gather them together for
presentatifn in large amounts TO the treas
ury. 1t SLOWS that the silver certificates
of denomination OF SO o., less have risen
since the GUNNER of 1893 from about s2io.-
oo0.0Oo to Si5s 0o.O0o. while higher denomina-
tions havq fallen by about So. 100000 and
amount OILY to s690o0.0O0. 1t says that a
heavy demand fell upon the treasury dur
ing the panic years for boarding. which
would be avoided If all the money OF the
United stdtes was equally guaranteed.
The report refers to the present strong
position OF the United States by reason OF
the balance Of trade. amounting on the
face of merchandise movement TO more
than two thousand million dollars during
the past ffur years. and maintains that in
case of monetary pressure and demand
for gold Inf other countries. the gold stock
of the United States would be amply pro-
tected byi the ability OF The American
financiers ito raise the interest rate and
bid againss other countries for the yellow
metal. A icareful examination OF existing
facts, 1t ii declared. will demonstrate thai
the propoIed law will not increase this
burden up.n the treasury.
The repdrt says I'm conclusion: Under
existing c!nditions and law the treasury
sustains az burden upon the gold reserve
equal TO The total amount OF outstand-
ing United. States notes. treasury notes Of
1890. banki notes and silver currency OF
the county. What is proposed by the
pending bill is TO give such a homogen-
eous chartcter to all the money of the
United Stites that all of it viii be re-
garded as good as gold and that none OF
it will be disseminated against from dis
trust of It's permanent parity with &C d.
II this result is accomplished the demand
for gold uion the treasury under the most
serious cc;oditions OF commercial panic
would be tlmited 10 the demand for ex-
port or. In other words. 20 the excess
of the who;e volume OF the currency above
the needs Of a period Of business depres-
sion. HoaSding would not occur ard
commercial panic. resulting perhaps from
overproducsion or inflated credit. would
not extendi into the most dangerous OF all
forms OF Panic which arises from distrust
OF the stasbility OF the standard and ot
the value Of the currency forms the tool
or exchanges. the means OF settling con-
tracts and 1.-THE measure of values.