US Presidency
1897

A further loan of $ 100,000,000 was negotiated by the Government in February, 1896, the sale netting $ 1,166,246, and swelling the aggregate of bonds issued within three years to $ 262,315,400. For the fiscal year ending June 30, 1896, the revenues of the Government from all sources amounted to $ 409,475,408.78, while its expenditures were $ 434,678,654.48, or an excess of expenditures over receipts of $ 25,203,245.70. In other words, the total receipts for the three fiscal years ending June 30, 1896, were insufficient by $ 137,811,729.46 to meet the total expenditures. Nor has this condition since improved. For the first half of the present fiscal year, the receipts of the Government, exclusive of postal revenues, were $ 157,507,603.76, and its expenditures, exclusive of postal service, $ 195,410,000.22, or an excess of expenditures over receipts of $ 37,902,396.46. In January of this year, the receipts, exclusive of postal revenues, were $ 24,316,994.05, and the expenditures, exclusive of postal service, $ 30,269,389.29, a deficit of $ 5,952,395.24 for the month.