US Presidency
1897

It has been our uniform practice to retire, not increaseour outstanding obligations, and this policy must again be resumed andvigorously enforced. Our revenues should always be large enough to meetwith ease and promptness not only our current needs and the principal andinterest of the public debt, but to make proper and liberal provision forthat most deserving body of public creditors, the soldiers and sailorsand the widows and orphans who are the pensioners of the United States. The Government should not be permitted to run behind or increase itsdebt in times like the present. Suitably to provide against this is themandate of duty the certain and easy remedy for most of our financialdifficulties. A deficiency is inevitable so long as the expenditures ofthe Government exceed its receipts. It can only be met by loans or an increasedrevenue. While a large annual surplus of revenue may invite waste and extravagance, inadequate revenue creates distrust and undermines public and private credit. Neither should be encouraged. Between more loans and more revenue thereought to be but one opinion.