Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-03-15
HIS FIRST MESSAGE.
1 Financial Statement by President
Mckinley.
puBLIC REVENUES INSUFFICIENT.
congress Reconvened in Order 10 Enact
Laws Necessary 10 Meet the
Conditions.

President To-Day sent Ane ioiIoHlnB
message to Congrefs:
Regretting the necessity which has
required me to call you together, L
feel your pssemblying in extra
ordinary session is Indispensable be-
csuse of the condition In which we
find the revenues OF the government.
1t 10 conceded that lite current expen.
ditnres are greater than it's receipts and
that such condition has existed now
more than three years. With the unlim
tied means ut your command, we are
presenting the remarkable spectacle
OF increasing our public debt
by borrowing money to meetsthe
ordinary outlays incident upon even
m economical and prudent adminlstra-
tion OF the government. An examina.
tion OF the subject discloses this fact
IN every detail and leads inevitably
to the conclusion that the condition oil
the revenue which allows IL is unlusii-
fable and should be corrected.
We find by the report OF the secreta-
W Of the treasury that the revenues
for the fiscal year ending June
3Oth, 1892, from all sources
were S425, s6S, 26o22, aud the ex-
penuitures Tor all purposes were
sil5. 953 ,SO6.56 leaving au excess OF
receipts over the expenditures S9,Sl4,-
1885. During that fiscal year $780,
507, 49,. 9S, were paid upon the puDhc
debt, which has been reduced since
March l, 1859, S259,076,s $50, and the
annual interest charged decreased
sll,7s4,576.80. The receipts OF the
government from all sources during
the fiscal year ending June SOth, 1913,
amounted to SAG. ZIG, 56l "a, anu lis
expenditures to s459. 3I4 iss765, show
ing an excess Of receipts over the e2-
penditures OF 81, 84l ,674 20.
Since that timestne receipts OF no
fiscal year, with but lev exceptions,
and of no month OF any fiscal year,
have exceeded the expenditures. The
receipts of the government nom oil
sources, during the fiscal year ending
June both, 1894, were 1872 S92, s9S.29
and its expenditures SAP, 600. 1853 81,
leaving q deficit, the tirst since The
resumDtiOn specie payments OF S69,-
sOB. go. IS, Notwjtheganding thers was
n decreasp Of Sl6,769, l2S7S in the
ordinary expensrs OF the government
ms compared with the previous heoal
wear, it's income was still not sufficient
10 provide Tor lie daily necessities ana
the gold reserve In the treasury Tor the
redemption OF greenbncks was drawn
upon to meet them, but this did not
suffice and the government then re.
sorteu to loans to replenish the reserve.
THE ISSUE OF BONDS.
In February 1894, $50, 100000 bonds
were Issued anu III November follow
tHa nj n
deemed necessary. A sum of olOI,-
l7l,7s5 was realized by the sale OF
THESE bonds, but the reserve was
steadily decreased until on February
Sth, 1895, third saie Of Sb2i SI5,4 OO
bonds, and sos, l16, 244 was announced
TO Congress. Jue receipts Of thu gov
eminent for the fiscal year. June 3JIh,
1895, were $3.50 373, 203 30 aud the
expenditures S433. l7S, 426. Is, show
ing deficit OF S1oioOo,-
2l0.l8. A further loan OF
SlOO,O00,0OO was negotiated by the
government In February, 1895, tae
sale petting Sill l68, 246 and swelling
the aggregate OF bond Issued within
three years to 1892, 1915, 400. For the
fiscal year ending June 80, 1895, the
revenues OF the government rom all
source, were S4O9, 475, 40S.7S, willis its
expenditures were S4aA. 67s ,6544s, an
excess OF expenditures over the re.
ceiptsi of S25. 203 24570. In other
other words the receipts for the three
fscai years ending June 30, 1896, were
insufficient by Sl37. 81 1928. 40, TO meet
the total expenditures.
THE REVENUES INSUFFICIENT.
Nor has this condition siBce I'm
"A W.. ftfnf ball ~ In NFga
emit fiecal year, the receipts OF the
government, Exclusive OF the postal
Tevenuep, were Sl57, 507 ,60S76 and tbs
expenditures, exclusive OF the postal
service, Sl95, 4l0, 000.29,o r an excess OF
expenditures over the receipts OF S81,-
500, 396.a6.
la January this year, the receipts,
exclusive OF the postal revenues, were
S24,3l6 994 90, a deficit OF SIS 952, 1886. "a
Tor the month. In February this year
t0e receipts, exclusive OF the
Ostal revenues, were S24, 800
91T3S, and the expenses oil
the government exclusive ri the
postal service was SOS, 796 056 SO, @
deficit of S4,396, 053. 2S or "A total ueticil
OF SlS6, O3l, 1904 for the three years
ana eight mOnths ending March !,
1897
Not only are we without surplut
In the treasury, but with the increase
Of the public debt there has been q
corresponding increase OF the annual
interest charge from So, s93, $500 IL
1892, the iowest Of any year since
1862, to s34, 3s7.29 go, 1896, or an In
crease OF Sill ABB, 4l4.iO.
1t may be urgeu That evon II tbs
revenues OF the government had beer
tnifioent to meet all its ordinary ex
penses duiing the past three years, The
gold reserve would still have beer
Insufficient to meet the demands upon
II and that bonds would necessarily
have been issued for lis repetition
be this as 1t may, 1t Is clearly mani
Ieat, without denying or affirming thu
correctness Of such conclusions, tina
the debt would have been decreased a
least the amount the deficiency anl
the business confidence immensursblI
strengthened Throughout the country
CONDITION MUST BE CORRECTED.
Congress should promptly correc
The existing condition. Ample Ieye
nuea must be supplied not only for tn
1tdinary expenses OF the government
but for the prompt payment OF liberia
pensions anu the Liquidation OF princi
IA and interest OF the public deDi. Ii
Alslng revenues, duties should be o