The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-31
SENATOR VOORHEES, ON THE FINAN-
CIAL SITUATION.


a prominent place to what it was
pleased to call 1.-The reassuring words of
Senator Voorhees,, chairman of the Sen
ate finance committee" Mr. Voorhees,
said:
l am not alarmed on the subject of the
finances at this time, for the reason that
l know, as well as any future event can
be determined by the experience. of the
past, and by the most careful calculation,
that as soon as our present revenue laws
get into full operation and working order.
amply and n saet hae
sufficient to meet all government expenses.
! predict that this will occur within the
bonds avowedly for the redemption of the
currency, but in reality to raise money to
the meantime 1T is gratifying to know that
there is a surplus of more than sixty mil
lions of dollars in the treasury every dol
lar of it at par with gold, which can be
used to meet every honest and patriotic OBJ
legation of the government, thus tiding
over the present temporary embarrassment
until the treasury is made easy and COM
Portable, as it will be, under existing legis-
lation.
Commenting on this editorial. the
Post says:
This is in exact accord with the Presi-
dents conclusions. 1t emanates from
source entitled to the highest respect and
the most implicit confidence. Mr.. voor-
hees is statesman of long service, of ex-
tended experience and of distinguished
ability, and when he assures the country
that the new tariff laws will yield an abun-
dant revenue the country may safely dis
miss all apprehension on that score, and
direct its attention and its sohcitude to
other matters. Mr.. Voorhees, knows what
he is talking about.
The Journal must take leave to differ
with the Post as to the weight to be at
tached to Mr.. Voorhees, views. His
position as chairman of the Senate COM
mittee on finance does, indeed, lend
some interest to his expressions. but an
accidental position of that kind does not
add anything to the real weight of
views expressed by it's occupant The
Journal is not unmindful of Senator
Voorhees, genial and engaging quail
ties, but his mastery of economic and
financial questions and his success as
prophet are not such as to entitle his
views in the present situation to much
weight His prediction that within six
ty days the revenues of the government
will be more than sufficient to meet it's
expenses is a very rosy one. and no
doubt Secretary Carlisle would be very
glad to believe it. Doubtless there will
be considerable increase in the rev.
enueS when the present law gets into
full operation. and the tide of imports,
now at low ebb, begins to rise again.
But the increase has got to be large to
make good a monthly deficit of nearly
$6000,0O0. Senator Voorhees, takes no no.
tice of the fact that on July /, 1894,
there was an accrued deficit of 500, $685.
260, and that it has been accommodating
since at the rate of about $6,O0000O
month. 1t is to be regretted that his
not enable him to point out where the
necessary large increase of revenue is
to come from. and when the yawning
monthly chasm between receipts and
expenditures will be bridged.
Mr.. Voorhees, deserves credit for
frankness in the admission that the
sales of bonds which have recently been
made to the amount of s100,O0OO00 and
the further proposed sales. are "avow-
eddy for the redemption of the cur
rency, but in reality to raise money to
pay current expenses" 1t would have
been more accurate If he had said they
were avowedly to maintain the gold re-
serve, and thereby the parity with gold
of the governments paper promises to
pay, but the gist of the statement is in
the part which admits that the money
realized by the sale of the bonds has
been used to pay current expenses. Yet
he has not word in depreciation of the
costlness or danger of such a policy, or
in condemnation of the imbecility of
Congress, which has forced the govern
ment to resort to it,
The statement of the Post, that Mr.
Voorhees, views are 'in exact accord
with the Presidents conclusions" seems
to be misleading. 1t is true the Presi-
dent did say: There need be no fear
that we cannot pay our current ex-
penses with such money as we have"
but he also said. THE apprehension
now existing and constantly increasing
as to our financial ability does not rest
upon calculation of our revenue" His
message was an urgent appeal for the
| accumulation of an ample fund of gold
| and the adoption OF such measures as
| will prevent suspension of gold pay
| ments and the placing of the country on
! a silver basis. On this most important
| phase of the question Senator Voorhees,
| is at complete discord with the Presi-
| dent. In fact, on the very day that he
! promulgated his rosy views on the
| financial situation he voted. as chairman
| of the finance committee, in favor of re-
| porting free silver bill This was his
| response to the Presidents appeal for
| relief for the treasury and the main
| tenance of the public credit If he is in
accord with the President the latter
| backing.