The morning call., 1894-01-17
CAN ISSUE BONDS.
Carlisle Invited to Go
Ahead.
REPLY OF THE SENATORS.
Voorhees, Gives Out a Statement
to the Press.
REPLY OF THE SENATORS,
THE EMERGENCY IS PRESSING
But 1t Is Not Deemed Wise to
Attempt Financial Legislation
at This Time.

WASHINGTON, Jan. 16-A meeting of
the Senate Finance Committee was held
this afternoon for the purpose of consd-
ering Secretary Carlsle's letter and bond
bill. After the meeting Senator Voorhees,,
as chairman of the committee, handed al
Associated Press reporter the statement
given below. In making 1t he said be did
not assume to represent the views of the
entire committee. and yet he knew OF no
opposition in the committee 10 opinions
expressed. He had submitted the state
ment to the full committee before giving it
to the public. 1t is as follows:
''The embarrassed condition of the treas
ury and the necessity for prompt action
for relief are fully realized. There is not
the slightest ground. however, for appre-
hension that the public credit will suffer
or be endangered, for the reason that
ample authority already exists by law for
the Secretary of the Treasury to strengthen
the coin reserve to any extent required,
and to meet every demand that can be
legltimately made. The power of the
Secretary to issue bonds needs nothing
beyond what's given by the act of Janu-
ary, 1877. The only desirable object to be
attained by new legislation at this time is
10 make shorter time bond with low
rate of interest. yet the Secretary feels
assured that he can negotiate bonds issued
under the act Of 1875. running only ten
years on practically per cent basis.
ut seems. tn erefore, that 1t will be wiser.
safer and better for the financial and busi.
ness interests of the country to rely upon
existing law to meet the present emergency
rather than 70 encounter the delays and
| uncertainties always incident to a pro.
| tracted discussion in the two houses Of
Congress. This view of the condition of
the treasury admits of little If any delay
and no uncertainty at all in the final ac-
ton to be taken. It would be trifiing with
a very grave affair to pretend that new
legislation concerning the issue OF bonds
can be accomplished at this time and in the
midst of the present elements and parties
in public life with elaborate. extensive and
practically indefinite debate. It's also OBJ
vious 10 every one that the consideration
and discussion of the tariff now going on
will render any financial legislation at this
time far more difficult and complicated
than it might be under another and differ
ent circumstance.
1T is proper TO say that the Senate
Finance Committee for several weeks past
has had this subject IN der almost constant
consideration, and the bill submitted by
Secretary Carlisle has been examined and
discussed with the greatest care. The in
terest of the committee will by no means
be absted from this time forward. The
fact that much remains TO be done is fully
recognized. Whatever deficiency in the
revenues may exist during the current
fiscal year will be promptly provided for
by appropriate and efficient legislation at
the earliest moment"
The committee to-day authorized Voor-
hees to introduce the Carlisle bill in the
Senate and also to present the letter from
the Secretary for the consideration of that
body. which was done. This auth oriZa-
tion as 20 the introduction of the bill is
not intended to mean, however, that the
committee has decided to make an effort
to pass it through the Senate or that ii has
given it further Endorsement than to allow
it to be printed and referred 10 the COM
mittee in the regular way for considera-
ton.
1t is reported on fairly good authority
tn at Carlisle intends to issue on February
] en- OuRh bonds to restore the gold reserve.
1t is said that ne will issue per cent
bonds, as they are shorter term than As or
4h's. The issue will probably be about
$40, 200. 600. Fifteen separate offers to take
bonds, aggregating 10000. 900, should the
Secretary issue them, have been received
at the Treasury Department. One offer to
take a block of $4,000, 600 was received
from New York firm this morning.