The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-01-17
GOLD RESERVE
To Be INTACT
Conclusion Reached After Discussion by the
Senate Finance Committee.
FULL AUTHORITY EXISTS BY Law
Whatever Deficiency in the Revenues
May Exist During the Current
Fiscal Year, Will Be Promptly Pro-
Vided for by Appropriate and Eff
cient Legislation at the Earliest
Practicable Moment, Declares Mr..
Voorhees,.
WASHINGTON. Jan. |


m CONSIDERABLE headway appears
u to have been made at the after
II noon meeting of the senate
" finance committee. which was
largely attended. and lasted for more
than an hour. Mr.. Carlisls's letter was
again discussed, and while no conclu'
sion was reached by direct vote, it APP
peared to be the sense Of the commit
tee-manifested by an absence of oppo.
sition-that the best thing to be done
| for the immediate relief of the treasury
was to make the gold reserve intact,
leaving the question of meeting the
deficit in revenues open for fur ther
consideration.
After the meeting adjourned Senator
Voorhees,, chairman of the committe,
gave to United Press reporter the
statement subjoined. In making il he
said he did not assume to represent the
views of the entire committee, but still
he knew of no opposition in the COM
mittee to the opinions expressed. This
was evident from the fact that the
statement was read to the full commit.
tee by Mr.. Voorhees, before he made it
public.
THE CONCLUSION REACHED
While Mr.. Voorhees, statement sets
forth the fact tsrsely the question of
opening up the entire fisld of financial
debate was discussed at length by the
committee and the conclusion was
reached that if at this time new bill
was sought to be introduced the treas
ury patient would collapse utterly
while the legislative doctors were
wrangling oyer the medicine they
should prescribe. The situation is
thus set forth by Mr.. Voorhees,:
"The embarrassed condition of the
treasury and the necessity for prompt
action for its relief are fully rsalizsd
There is not the slightest ground, how q.
ever, for apprehension that the public
credit will suffer, or be endangered, for
the reason that ample authority al
ready exists by law for the secretary
of the treasury to strengthen his coin
reserve to any extent required and
to meet every demand that Can
be legitimately made. The power of
the secretary for the issue OF bonds
needs nothing beyond what is given by
the act of Jan IA, 1875 The only de,
sirable object to be attained by new
legislation at this time on that subject
is to make shorter time bond with a
lower rats of interest. and yet the sec
retary feels assured that he can nego-
tiate bonds issued under the act of 1876
running only ten years, on practically
three per cent. basis.
"lt seems therefore, that it will be
wiser, safer and better for the fiuan-
cial and business interests of the coun-
try to rely upon an existing law with
which to meet the present emergency
rather than to encounter the delays
and uncertainties always incident to
protracted discussion in the two
houses of congress. This view of the
subject is rendered more imperative
by the fact that the condition OF the
treasury admits of little, If any, delay
and of no uncertainty at all in the
final action to be taken. ..
NEW LEGISLATION UNDESIRABLE.
ut would be trihiug with very
grave affair to pretend that new legis
lation on coming the issue of bonds Cal
be accomplished at this time, and in
the midst of present elements and par
ties in public life, without elaborate,
extensive and practically indefi1ite de-
bate 1t is also obvious to everyone
that the consideration and discussion
of the tariff now going on in congress-
will render any financial legislation a.
this time far more difficult and com
plicated that it might be under other
and different circumstances.
"It is proper to say in this connSc
ton that the senate finance committee
for several weeks past has had this sub
iect under almost constant considera-
ton and that the bill submitted BY
Mr.. Carlisle has been examined ant
discussed with the greatest care. Tn,
: interest of the committee will by NJ
means be abated from this time for
) ward. The fact that much remains t.
l be done is fully recognized Whatever
deficiency in the revenues may exis
} during the current fiscal year, will b.
promptly provided for by appropriate
and efficient legislation at the earlies
practicable moment