People's Pilot, Volume 3, Number 31, Rensselaer, Jasper County, 19 January 1894 — SHOULD NOT WAIT. [ARTICLE]

SHOULD NOT WAIT.

»«««ti Financier* Think Carlisle Should at Once Issue Bonds. Washihgtox, Jan. IK.—A meeting ol the senate finance com ip it tee was held Tuesday afternoon for the purpose of considering Secretary Carlisle’s letter and bond bilL After the conclusion of the meeting Senator Voorhees, as chairman of the committee, handed to an Associated Press reporter the statement given below. In making it he said he did not assume to represent the views of the entire committee, and yet he knew of no opposition in the committee to the opinions expressed. He submitted his statement to the full committee before giving it to the public. It is as follows: “The embarrassed condition of the treasury and the necessity for prompt action for its relief are fully realized. There is not the slightest ground, however, for apprehension that public credit will suf. fer 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 legitimate. The power of the secretary for the issue of bonds needs nothing beyond what is given by the act of January 14, 1875 i The only desirable object to be attained by new legislation at this time on that subjeot is to ma';e a shorter time oond with a lower rate of Interest, and yet the secretary feels assured that he can negotiate bonds issued under the act of 1875, running only ten years on practically a 3-per cent basis. "It seems, therefore, that it will be wiser, safer and better for the financial and business interests of the country to rely upon existing laws with which to meet the present emergency rather than encounter the delays and uncertainties always incident to protracted discussion in the two houses of congress. This view of the condition ot the treasury admits of but little if auv delay and of no uncertainty at all in the final action to be taken. It would be trifling 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 present elements and parties in public life with elaborate, extensive and praotioally indefinite debate. It is also Obvious to everyone that the consideration and discussion of the tariff now going on in congress will render any financial legislation at this time far more difficult and complicated than it mfight be under other and different circumstances. “The interest of the committee will by no means be abated frem 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 senate finance committee authorSenator Voorhees to introduce the Carlisle billin the senate and also to present the letter from the secretary of the treasury for the consideration of that body, which was done.