Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1897-03-20
EXTRA SESSION.
President Mckinley Commands
Congress to Assemble at Once.
Receipts Must Meet Expenditures
Resume and Recommendations.

/ WASHINGTON, d. c., March l6-Presi-
dent Mckinley has called an extra session OF
/ Congress to provide ways and means for
government expenses. The message Is here
given In full:
To the Congress Of the United States :
Regretting the necessity which has required
me to call you together, feel that your
assembling in extraordinary session Is In
dispensable, because Of the condition in
which we find the revenues Of the govern
ment. =.
1t is conceded that its current expendi-
lures are greater than its receipts, and that
such condition has existed now for more
than three years. With unlimited means at
our command, We are presenting the re-
mi.rkable spectacle OF increasing our public
debt by borrowing money to meet the ordi-
nary outlays incident upon even an economi-
cal and prudent administration OF the gov
eminent. An examination of the subject
| discloses this fact in every detail, and leads
inevitably to the conclusion that the condi-
tion OF the revenue which allows 1t Is unjusti-
fable, and should be corrected.
| We find by the reports Of the secretary OF
the treasury that the revenues for the fiscal
year ending June 80, 1892, from all sources,
were 1925, 1868, 26022 and the expenditures
for oil purposes were $4l5, 1908, so6. 90 leaving
an excess Of receipts over expenditures OF
9.9l4, 453.6G. During that fiscal year $40,
SIC, 467.98 was paid upon the public debt.
which had been reduced since March l.,
| 1899, $50 ,076, $50, and the annual interest
charge decreased $ll,6s4 $1,000. The re-
ceipts Of the government from all sources
during the fiscal year ending June 80, 1888,
amounted to $46l ZIG, SCI. "a, and its eXpendi-
lures to S459,37 4, 1857 65, showing an excess
| of receipts over expenditures OF S2,34l,-
! 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 govern
ment from all sources during the fiscal year
| ending June 80, 1894, were $372, 1902 49S.29,
and its expenditures S442. sos, 1887, leaving
q deficit, the first since the resumption Of
specie payments. of S69, 500, 260. So. Not
withstanding there was decrease OF $16,-
769, 1878 in the ordinary expenses OF the
| government, as compared with the previous
fiscal year, its income was still not sufficient
to provide for its daily necessities, and the
gold leserve in the treasury for the redemp-
ton of greenbacks was drawn upon to meet
them But this did not suffice, and the gov
eminent then resorted to loans to repenish
the reserve.
In February, 1894, s5O,OOO 1000 in bonds
were issued, and in November following
second issue of $50. 900, 900 was deemed nee
essary. Tho sum OF S117. III ,795 was real
ICED by the sale Of these bonds. But the re-
serve was steadily decreased, until, on Feb.
8, 1895, third sale of S62,3l5 6, 400 in bonds
'or S65. 116. 244. was announced to Congress.
The receipts of the government for the
fiscal year ending June 80, 1885, were $780,
SIS, 2033O, and the expenditures S433, 49,
426.4S, showing a deficit of S42, SO5, 223. 10.
A further loan of 800, 600, 900 was negotiated
by the government in February, 1896, the
sale netting Sill 166, 246. and swelling the
aggregate of bonds issued within three
years to 1892, 3l5, 400. For the fiscal year
ending June 30, 1896, the revenues Of the
government rom all sources amounted to
s409, AIS, 4O3.75, while its expenditures were
$4S4 ,67s. GE4. AS, or an excess OF expenditures
over receipts Of 1875, 203, 245.70.
In other words, the total receipts for the
three fiscal years ending June &c. 1896, were
insufficient, by sl37, 81 ,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 gov
eminent, exclusive OF postal revenues, were
1857 .5O7, 6O3.76, and its expenditures, ex-
elusive of postal services, Sl95, 410 ,O00.22, or
an excess of expenditures over receipts of
s37, 9O2. 396.46. In January Of this year the
receipts. exclusive OF postal revenues, were
1924 .3l6, 994.05, md the expenditures, exclusive
of postal service, $50, 1863, 1888. 20, deficit Of
S., 052, 1924 for the month. In February Of
this year the receipts. exclusive of postal
revenues were 1924, 400, 997. 3S. and expendi-
lures. exclusive OF postal service, $2S, 1885,
O56 66, a deficit of $4,395, 059 %, or a total
deficiency of 1885,, O61 1904 for the three
years and eight months ending March 1,
1895.
Not only are we without a surplus in the
treasury, but with an increase In the public
debt, there has been corresponding in
crease in the annual interest charges, from
S22, 1893, $3.50. 20 in 1892-the lowest OF any
year since 1362-to $34, 1897, 297. go in 1896, or
an increase of 81, 493 ,4A.40.
1t may be urged that, even II the revenues
OF the government had been sufficient to
meet all its ordinary expenses during the
past three years, the gold reserve would
still have been insufficient to meet the de-
mands upon it, and that bonds would neces-
sarily have been issued for its repletiOn. Be
this as it may, it is clearly manifest, without
denying or affirming the correctness of such
q conclusion, that the debt would have been
decreased in at least the amount of the def
cheney, and business confidence immeasura-
bly, strengthened throughout the country.
Congress should promptly correct the ex-
listing condition. Ample revenues must be
supplied, not only for the ordinary expenses
, Of the government, but for the prompt pay
ment of liberal pensions and the liquidation
OF the principal and interest of the public
debt. In raising revenue, duties should be so
levied upon foreign products as to preserve
the home market, so far rs possible, to our
own producers to revive and increase man
ufactures to relieve and encourage agricul-
ture; to increase our domestic and foreign
commerce to aid and develop mining and
building and to render to labor In every field
of useful occupation the liberal wages and
adequate rewards to which skill and indus
try are justly entitled.
The necessity Of the passage of tariff
law which shall provide ample revenue need
not be further urged. The imperative de-
mand Of the hour is the prompt enactment
OF such measure, and to this object I earn
every endeavor. Before other business Is
transacted let us first provide sufficient
revenue to faithfully administer the govern
ment without the contracting Of further debt,
or the continued disturbance OF our
finances. WILLIAM MCKINLEY.