Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-01-17
UNDERWRITERS.
THE COUNTRY's FINANCE.
MIR. Voorhees, Makes u Statement in
Regard to Raising Money.

Regard to Raising Money.
Mr.. Voorhees,. as chairman of the Senate
finance committee. has given out the fol-
lowing statement with regard to the con-
dition of the treasury and the efforts of
Secretary Carlisle to secure legislation to
relieve the stress:
THE embarrassed condition of the treas
TRY and the necessity for prompt action
for its relief are fully realized. There Is
not the slightest ground, however. for ap
prehension 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
his coin reserve to any extent required,
and to meet every demand that can be
legtimately made. The power of the Sec
rotary for the issue of bonds needs MOTH
ing beyond what is given by the act Of
January IA, 1915 The only desirable OBJ
Ject to be attained by new legislation at
this time on that subject is to make a
shorter time bond with a lower rate OF
interest. and yet the Secretary feels as
sured that he can negotiate bonds issued
under the act of 1873. running only ten
years. on practically 5 per cent
basis. 1t seems, therefore. that 1t will be
wiser, safers and better for the fnanc ial
and business interests of the country 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 discussions
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. de-
lay, and of no uncertainty at all in the
final action to be taken.
1T would be trifiing with very grave
affair to pretend that new legislation
Issue n bonds he a o.
complished at this time and in the midst
of present clements and parties in pubic
life, without elaborate. extensive and
practically indefinite debate. 1t is also
obvious to every one that the considera-
ton and discussion of the tariff now going
en- in Congress will render any financial
legislation at this time far more difficult
and complicated than il might be under
other and different circumstances.
" 1t is proper to say in this connection
that the Senate finance committee for sew
eral weeks past has had this subject under
almost constant consideration, and that the
bill submitted by Mr.. Carlisle has been ex-
amined and discussed with the greatest
care. The interest of the committee will by
no means be abated from this time for
ward. The fact that much remains to be
done is fully recognized. Whatever defici-
ency in the revenues may exist during the
current fiscal year Will be promptly pro-
vided for by appropriate and efficient legis-
lation at the earliest practicable moment"
Considerable Roadway was made at the
afternoon meeting of the committee. which
was largely attended, and lasted for 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 treasury was to make the gold reserve
intact, leaving the question of meeting the
deficit in revenues open for further consid-
Grafton.
In accordance with the action of the COM
mittee, Mr.. Voorhees, later in the afternoon
laid Mr. Carlisle's letter and the draft of the
bill he had drawn before the Senate. He
asked that the bill be printed in bill form,
but this was objected to by Mr.. Teller. on
the ground that it came from neither Sem
ator nor committee and was not introduced
as a bill. Inasmuch as no one volunteered
to introduce the Secretary's bill, 1t was or
dered to be printed simply as q document