The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1897-03-19

Extraordinary Session to Con-
slider Tariff. Bill.
President McKinley's First Message to
Congress Urges Immediate Passage Of
Act to Increase Revenue.


Congress Urges Immediate Passage of
Act To Increase Revenue.
Washington March 16.-Both houses
VI congress assembled yesterday in ex-
traordinary session, pursuant to a call
issued by President Mckinley. The
principal measure to be considered is the
tariff bill, which has been prepared by
the ways and means committee. AS
soon as the house had organized, Chair
man Dingley introduced the measure.
Speaker Reed and the other officials
of the last house were reelected.
Following is President McKinley's
message, which was read at the opening
session of both branches:
To the Congress of the United States:
Regretting the necessity which has re-
quired me to call you together, feel that
your assembling in extraordinary ses-
sion is indispensable because of the con-
dition in which we. find the revenues of
the government. 1t is conceded that its
current expenditures are greater than
it's receipts and that such a condition has
existed for now more than three years.
With unlimited means at our command,
we are presenting the remarkable spec
tacle of increasing our public debt by
| borrowing money to meet the ordinary
OUTLAWS incident upon even an econom-
! ical and prudent administration of the
government. An examination of the sub
ject discioses this fact in every detail and
! leads inevitably to the conclusion that
the condition of the revenue which al
lows it is unjustifable and should be
corrected.
We find by the reports Of the secretary
of the treasury that the revenue for the
fiscal year ending June go 1892, from all
sources were $425 S68, 26O.22. and the ex-
penditures for all purposes were $415,-
953, S06.56, leaving an excess of receipts
over expenditures Of $9914,453.66. Dur
ing that fiscal year, $40,57O, 1878 were
paid upon the public debt which had
been reduced, since March l, 1889, $685.
076, 800. and the annual interest charge
decreased ST, 6S4 $3.50.
The receipts of the government from
all sources during the fiscal year ending
June go 1898 amounted to s461, 1861 a.
and it's expenditures to 1859, 374, 1857 IS,
showing an excess of receipts over ex-
penditures of 50, 341. 674.29.
Since that time the receipts of no fiscal
year and with but few exceptions of no
month of any fiscal year. have exceeded
the expenditures. The receipts of the
government from all sources during the
fiscal year ending June 80, 1894, were
1872. S02. 1922, and its expenditures $442,-
Cos. 1887 leaving u defcit the first since
the RESUMPTION of specie payments, of
$50, 500, 2605S.
Notwithstanding there was a de-
crease of SIG. 769 12S.i8 in the ordinary ex-
penses of the government as compared
with the previous fiscal year. its income
was still not sufficient to provide for it's
daily necessities and the gold reserve in !
the treasury for the redemption of green
backs was drawn upon to meet them. |
But this did not 81, flee, and the govern
nIent then resorted to loans to repenish
the reserve.
In February, 1894, $50. 900 900 in bonds |
were issued, and in November following
a second issue of $50, 600 900 was deemed
necessary. The sum of $117.171. 795 was
realized by the sale of these bonds. but
the reserve was steadily decreased, I'M
til on Feb. 8, 1895, a third sale Of 1852. 315.-
400 in bonds for sos, 116, pa was announced
to congress-
The receipts of the government for the
fiscal year ending June 30. 1895 were $780,
373, 203.3O, and the expenditures S433, 49,
426.4S showing a deficit of SAP. SOC. 223. Is.
A further loan Of $780, 900, 900 was nego-
tiated by the government in February.
1896 the sale netting Sill. Ice. 246 and
swelling the aggregate of bor6s issued
within three years to 1882, 315, 400. For
the fiscal year ending June 80, 1896, the
revenues of the government from all
sources amounted to S4O9. AIS. 4OS:7S while
.e-o
an excess of expenditures over receipts
of So. 2O3, 245. 70 In other words the total
receipts for the three fiscal wears ending
June 80. 1896. were insufficient bv s197
.729.46 TO meet the total expenditures
Nor has this condition since improved
For the fist half Of the present fiscal ;
year the receipts Of the government ex
elusive Of postal revenues were s157 .507
603.76 and its expenditures exclusive Of
postal service $195,410, 00022. or an excess {
OF expenditures over receipts of $37 902-
1885, 46.
In January of this year the receipts, ex-
elusive of postal revenues, were S24 316-
994.05, and the expenditures, exclusive of
postal service, $40, 269, 389. rs, a deficit of '
IS, 952,S9524 for the month.
In February Of this year the recejpts
exclusive of postal revenues, were $24-
400 997sS; expenditures, exclusive of nos
tai service, s2s, 7es. o56se, a deficit of
81, 1896, O59.2S; or a total deficiency of 1885,
l61, 5S0.44 for the three years and eight
months ending March I, 1896.
Not only are we without a surplus in =
the treasury, but with an increase in the
public debt there has been a correspond
ng increase in the annual interest [
charge from s22. s93, 1888 20 in 1892. the low c
Est of any year since 1862. to S34. 2S7, 297 60
N 1896, or an increase of 81. 493. Ala. 40 t
1t may be urged that even if the rev.
,nues of the government had been suffi- !;
,ient to meet all its ordinary expenses, =
Turing the mast three years. the gold re-
serve would still have been insufficient
o meet the demands upon il, and that l
ponds would necessarily have been is u
Tued for its completion. Be this as il
nay. it is clearly ma uifest without de- "
lying or affirming The correctness of
uch a conclusion that the debt would
lave been decTra sed in at least the n
mount of the deficiency and business \
confidence UNNECESSARILY strengthened d
throughout the country.
Congress should promptly correct the
xisting condition. Ample revenues ~
must be supplied. not only for the or6i- u