Freeland tribune. (Freeland, Pa.) 1888-1921, 1894-01-18
NATIONAL CAPITAL.
The Law of 1878 Good Enough.

WASHINGTON, Jan. 17.-Mr. Voorhees,,
chairman of the senate finance committee,
made the following statement to United
Press Hporter:
ihe embarrassed condition of the
treasury and the necessity for prompt
action Tor its relief are fully realized.
Ihere Is not the slightest ground, how
ever, Tor apprehension that the public
credit will suffer, or be endangered for
the reason that ample authority already
EXISTS ny law for the secretary of the
treasury to strengthen his coin reserve to
any extent required and to meet every de.
hahd taat can be legitimately made. The
power of the secretary for the issue of
pohus needs nothing beyond what is given
by the act of Jan. IA, 1875 The only de-
sirable object to be attained nv n now leo
islation at this time on that subject is to
make shorter time bond with n lower
rate OF interest, and yet the secretrry feels
assured that he can negotiate bonds issued
under the act of 1875, running only ten
years, on practically a per cent. basis
1t seems, therefore, that it will be wiser,
safer, and better for the financial and
business interests of the country to RELY
upon an existing law with which to meet
the present emergency rather than to en-
counter the delays and uncertainties al
ways 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 but little if any delay
and no uncertainty at all in the final ac-
| tion to be taken.
ut would be trifling with a very grave
affair to pretend that new new legisla-
tion concerning the issue of bonds can be
/ y,li igIA ,A -, l,,
midst of present elements and parties in
public life without elaborate, extensive
and practically indefinite debate. 1t is
also obvious to everyone that the consid-
Grafton and discussion of the tariff now
going on in congress will render any
financial legislation at this time far more
difficult and complicated than it might
| be under other and different circum-
| stances.
ut is proper to say in this connection
! that the senate finance committee for sew
cral weeks past has had this subject un-
der almost constant consideration and
that the bill submitted by Mr.. Carlisle
has been examined and discussed with the
! greatest care. The interest of the com
mittee will by no means be abated from
| this time forward. The fact that much
remains to be done is fully recognized
| Whatever denc1ency IN the revenue may
exist during the current fiscal year will be
promptly provided for by appropriate and
efficient legislation at the earliest practi-
cable moment"
Considerable headway appears to have
been made at the last meeting of the SEN
ate finance committee, which was largely
! attended, and lasted more than an hour.
Mr.. Carlisle's letter was again discussed,
and, while no conclusion was reached by
direct vote, it appeared to be the sense of
the committee-manifested by an absence
of opposition-that the best thing to be
done for the immediate relief of the treas
ury was to make the gold reserve Intact,
leaving the question of meeting the de-
felt in revenues open for further consd-
Grafton. After the meeting adjourned
Senator Voorhees,, gave the United Press
reporter the statement given above. In
making it he said he did not assume to
represent the views of the entire commit
tee, but still he knew of no opposition in
the committee to the opinions expressed.
| This was evident from the fact that the
statement was read to the full committee
! by Mr.. Voorhees, before he made it pu bile.