The sun., 1894-01-17
STATEMENT FROM VOORHEES,.
PUBLIC CREDIT VIII NOT SUFFER- on
BE ENDANGERED.
The Senate Finance Cornuittse Decides that
the Bs.t Way to Rsuevs the Treasury
Il to Make the cold Reserve Iptset


The Senate Finspee Co-,m,,tss Decides the,
the Rs-t Way to Rsiievs the Treasury
Il 60 Msk. the Goid Reserve IptseL
WASHINGTON. Jan. 10. Con siderable head
way appears to have been made at the after
noon meeting OF the Senate Finance Commit
tee. which was largely attended. and lasted for
more than an hour Mr.. Carlisles letter to
Chairman Voorhees, was discussed. and while
no conclusion was reached by direct vote. It
appeared to be the sense OF the committee
manifested by att absence OF opposition
that the best thing TO be done for the I'M
mediate relief OF the Treasury was to
make the gold reserve intact. leaving
the question OF meeting the deficit In
revenue omen for further consideration. After
tho meeting adjourned, Senator Voorhees,,
Chairman OF tho committee, gave out the
statement subjoined. In making II he said he
did not assume to represent the views OF the
entire committee. but still he knew of no op-
position In the committee to the opinions ex-
pressed This was evident from the fact that
the statement was read to the full committee
by Mr. Voorhees, before he male 1t public Mr..
Voorhees, statement says:
The embarrassed condition OF the Treas
ury and the necessity for prompt action for it's
relief are fully realized. There is not the
that the public credit will suffer. or be en-
dangered. FOR the reason that ample authority
already exists by law for tho Secretary OF the
Treasury to strengthen his coin reserve to any
extent required and to meot 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 IL. 1876. The only desirable object to be
attained by new legislation at this time on
that subject is to make q shorter-timo bond
with lower rate OF interest. and yet the Sec
retary feels assured that he can negotiate
bonds issued under the Act OF 1878. running
only ten years. on practically a three 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 IN ex-
isting law with which to meet the present
emergency rather than to encounter the DELAYS
discussion in the two Houses OF Congress.
This view OF tho subject is rendered moro i'm
1y ns saSf hht that ,hs Gon6tGG Of thG
no uncertainty at all in the final action to be
taken.
TO pretend thnt new legislation concerning the
issue OF bonds can be accomplished at this
parties In public lie. without elaborate. exten.
sive. and practically indefinite debate. 1t is
also obvious to every one that the considera-
IN Congress will render any nnnncin legisla-
tion at this time far more difficult and comrit-
Gated than It might be under other and differ
ent circumstances.
1t is proper to say in this connection that
the Senate Finance Com mittes for several
weeks past has had this subject under almost
constant consideration and that the bill sub
mitted by Mr.. Carlisle has been examined and
discussed with the greatest caro- The interest
Of the committee will by no means be abnted
from this time forward. The fact that much
remains to be done IL fully recognized. What
evor deficiency In the revenues may exist dur
ing the current fiscal year will be promptly
provided for By appropriate and efficient leg
is.ation at tho earliest practicablc moment"
In accordance with the action OF the COM
laid Mr.. Carlisla's letter and the draft Of the
bill he had drawn before the Senate. He asked
that the hiil bo printed in bill form. but this
wat objected to by MIR. Teller on the ground
that II came from mother Senator nor COM
mttse and was not introduced as a bill. InRs-
much as no one volunteered to introduce the
Secretary's bill, 1t was ordered to be printed
simply as a document.
Fifteen separate offers. aggreRating S40.-
0OO.OOO to take bonds should Secretary Car
lisle issue them, have been received at the
Treasury DEPARTMENT. One offer to take n
block OF S25 OOO. 900 was received from New
York firm this morning. Another offer to take
SlIo worth was received from mechanic.