Born in Franklin, Indiana, Overstreet attended the schools of his native city. He was graduated from the Franklin High School in 1877 and from Franklin College in 1882. He studied law. He was admitted to the bar in 1886 and commenced practice in Franklin. He served as member of the Republican State central committee of Indiana in 1892.
Overstreet was elected as a Republican to the Fifty-fourth and to the six succeeding Congresses (March 4, 1895 - March 4, 1909). He served as chairman of the Committee on Expenditures in the Department of Justice (Fifty-sixth and Fifty-seventh Congresses), Committee on the Post Office and Post Roads (Fifty-eighth through Sixtieth Congresses). He was an unsuccessful candidate for reelection in 1908 to the Sixty-first Congress. He resumed the practice of his profession. He died in Indianapolis, Indiana, May 27, 1910. He was interred in the Columbus City Cemetery, Columbus, Indiana.
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