The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-19
A CONFESSION OF INCOMPETENCE.


A CONFESSION OF INCOMPETENCE.
The statement of Senator VOORHEES,, chair
man of the Senate committee on finance,
relative to the prospect of financial legisla-
ton. was nothing more nor less than con-
fesson of the unfitness of the Democratic
party for power. The Secretary of the
Treasury had sent Mr.. Voorhees, a state
ment Of the condition of the treasury and
the needs of the government that disclosed a
financial crisis. He had shown that there
was existing a treasury deficit of s43 900.
which was increasing at the rate of about
S,OOO,O0) a month, with a prospect of it be-
ing at least s7S 100000 by the end of the
fiscal year and a possibility of it being $780,
100000. He had shown that by the first Of
| February the coin reserve for the protection
and redemption of greenbacks would be re-
| duced to s66. COL s64. "a sum-" as he rightly
said wholly inadequate for the purpose
| for which it was created" On account Of
this critical condition of the treasury" as
| he termed 1t, he reminded Mr. Voorhees, that
he had twice appeared before your COM
mittee and. after full explanations of the
| situation, urged prompt legislative action
| en- the subject" No action having been
| taken, the Secretary addressed the chairman
| of the finance committee in writing. stating
the situation in detail and gave his letter to
| the press. thus informing the public Of the
| non-action of the committee. In order to
meet the emergency which was daily and
hourly growing more critical the Secretary
again urged the committee to secure the
passage of a bill authorizing him to make
a special issue Of bonds, and he gave strong
reasons why new legislation preferable
to acting under the law of 1875.
No minister of finance ever made more
| urgent appeal to legislative body to come
| to the relief of government treasury than
was this letter of Secretary Carlise's. What
Senator Voorhees, reply? 1t was a
| fiat refusal to comply with the Secretary's
| request, the ground mainly, that under
| existing circumstances it would be impos-
| sible to get bill through Congress in time
to do any good. 1t would, he said, be wiser,
| safer and better for the Secretary to use
| the power he already had than to trust to
the uncertainty Of getting new power from
Congress. He said:
| 1t would be trifing with a very grave
! affair to pretend that new legislation con-
| corning the issue of bonds can be accom-
| pltshed at this time and in the midst of
4 elements nuhlip
| with elaborate. extensive and practically
indefinite debate. 1t is also obvious to
| cussion of the tariff now going in Con-
| gress will render any financial legislation at
| this time far more difficult and complicated
| than it might be under other and different
| circumstances.
| This was equivalent to saying that with a
\ majority in both branches of Congress the
Democrats could not be depended upon to
| pass a bill to meet financial crisis of the
most pressing character. He says any at
tempt to pass the bill prepared by the Sec
rotary would provoke elaborate, extensive,
| and practically indefinite debate" evidently
meaning by members of his own party. He
| says, further. that 1t would be useless to try
to pass any financial legislation pending the
|
| now going The Democrats are in ma
| jority, and they could side-track the tariff
| question in the House if they wanted to.
| No caucus agreement or rule of the House
| should be permitted to stand in the way of
action for the financial relief of the govern
ment. But the chairman OF the Senate
| finance committee did not view the matter
in this light. He saw only the certainty of
| a prolonged discussion and the obstruction
offered by the tariff question, and he in
| formed the Secretary that it was useless for
him to expect any legislation. In effect, he
informed the Secretary that the Democrats
in Congress would not do anything for him,
and he must get along the best way he
| could
Within less than twenty-fcur hours
after Senator Voorhees, had given his
statement to the press the Secre-
| tary issued circular offering
s50.OOO,OOO of bonds under the act of
1915. The bonds he offers are at a higher
rate of interest and longer time than he
wanted to offer. but Senator Voorhees,
statement left him no alternative. Although
the bonds will bear per cent. interest the
Secretary hopes to be able to dispose of them
on terms that will make them really 3 per
cent. bonds If he fails to do this the re-
sponsibility will rest on the Democrats in
Congress who barred the way to new legis-
laton. Thus, while Democratic Secretary
of the Treasury is issuing bonds to raise
money to supplement the insufficient reve-
nues of the government a Democratic Con-
gresS will continue its efforts to pass bill
to reduce the revenue and increase the
deficit. Senator Voorhees, statement was
confession of the incompetence of the DEM
ocratic party to administer the government
| STEALING a SECURITY.
The cheap money element in the Demo-
cratic party in the House, which seems to
constitute a ma jority, is determined that