The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1897-03-24
HIS FIRST MESSAGE.
President Mckinley Refers to the
Deficit Exclusively.
He Urges the Enactment of n Tarin
bill tn Increase the Revenue
Declare This the Imperative
Demand of the Hour.


Washington, March ie.=xThe presi-
dent Monday sent the following mes
sage to congress:
ITO the Congress OF the United States:
"Regretting the necessity which has re-
CURED me TO call you together. feel that
your assembling In extraordinary Assion
Is Indispensable because OF the condition
In which we find the revenues OF the gov
eminent. IL Is conceded that Its current
expenditures are greater than its receipts.
and that such a condition has existed for
now more than three years. With unlimit-
ed means at our command. we are pre-
senting the remarkable spectacle of in
creasing our public debt Dy borrowing
money TO meet the ordinary OUTLAWS Incl
dent upon even an economical and pru-
dent administration or the government.
An examination OF the subject discioses
this fact In every detail and leads in
evitably TO the conclusion that the con-
dition OF the revenue wtdcn< allows II II
unjustifiable and should be corrected.
I'VE find by the reports OF the secretary
of the treasury that the revenues for the
fiscal year ending June ~. 1882, from all
sources. were $425. s6s, 26O.22, and the ex-
penditures for all purposes were s4l5,s5S.
SO6.56, leaving an excess OF receipts over ex-
penditures OF 50, gl4. asa. ". During that fiscal
year $40, $40, 467. yS were paid upon the' public
aeDt. which had been reduced since March
/. 1889. $259. 076. $50. and the annual interest
charge decreased ST.. So. 576.6O. The receipts
OF the government from all sources dur
ing the fiscal year ending June 81. 1893,
amounted TO $46l. ZIG. 56ly4 and Its expend-
itures to S459. 374 S57. 65. showing an excess OF
receipts over expenditures OF 2.3l,614
"Since that time the receipts OF no fiscal
year, and with but few exceptions OF no
month or any fiscal year, have exceeded
the expenditures. The receipts Of the gov
eminent. from all sources, during the fs-
cal year ending June 80. 1884, were $372.-
S02. 49s.29. and its expenditures SAP. o5,15S.-
~, leaving a deficit the first since the re-
sumption of specie payments. OF $6y, oOS. 24O.53.
Notwithstanding there was a decrease OF
A6 7G9, l2S.7 rs in the ordinary expenses OF the
government. as compared with the previ-
Gus fiscal year. Its income was still not
sufficient 10 provide for its daily necessi-
ties, and the gold reserve in the treasury for
the redemption of greenbacks was drawn
upon to meet them. But this did not suffice,
and the government then resorted TO loans
TO replenish the reserve.
In February, 1894, S50,000.000 In bonds
were issued. and in November following a
second issue of $50, 000, 100 was deemed neces-
sary. The sum of Sill, 1876 was realized
by the sale OF these bonds. but the reserve
was steadily decreased until, on February
S. 1885, third sale of So. 3l5. 400 in bonds for
S6S.116.2A was announced to congress.
The Yearly Deficits.
THE receipts or the government for the
fiscal year ending June 80, 1895. were $780,
1913, 40. and the expenditures $433, 49,
4264S, showing a deficit OF $42. sos. 223.13. A
further loan OF 500. 000, 900 was negotiated
by the government IN February. 1896. the
sale netting Sill. l66.240. and swelling the
aggregate Of bonds issued within three
years TO 1892, 3l5. 400. For the fiscal year
ending June 80. 1896. the revenues of the
government from all sources amounted to
1909. 475, 40S.78, while it's expenditures were
s434 ,67S, 6+ AZ. or an excess of expenditures
over receipts of So5, goa, 24570 In other
words. the total receipts for the three
fiscal years ending June 80. 1896, were in
sufficient by yl37. 81, 1896 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 $l57.507, 60S.76. and
Its expenditures, exclusive of postal serv-
ice. Sl95, 410,O %. or an excess OF expendi-
lures over receipts of $780,, 396.46. In jan
uary Of this year the receipts exclusive Of
postal revenues were S24, ,J94.O5. and the
expenditures exclusive of postal service
s2O 269, 1928. deficit OF $685. 1854 for the
month.
The Total Deficit.
In February OF this year the receipts, ex-
elusive OF postal revenue, were S24. 400.-
997. 49, and expenditures exclusive of pos
tai service SIS, 1856 Sc, deficit of "a, $685.
O59. 49, or a total deficiency of slS6, 06l, 5S0.i4
for the three years and eight months end
ing March /, 1897. Not only are we with
out a surplus in the treasury, but with an
increase in the public debt there has been
a corresponding increase in the annual in
terest charge from s22, 500, $50. 20 in 1892, the
lowest OF any year since 1862, to S34, 2s7,-
PSI go In 1896, or an increase OF 81 1893, 4l440.
1T may be urged that even If the rev.
enues OF the government had been suffi-
cient to meet all its ordinary expenses dur
Ing the past three years. the gold reserve
would still have been insufficient TO meet
the demands upon Ii, and that bonds would
necessarily have been issued for its reple-
ton. BE this as 1t may. 1t is clearly mani
fest, without denying or affirming the
OF such a conclusion. that the
debt would have been decreased in at least
The amount OF the deficiency, and business
confidence UNNECESSARILY strengthened
throughout the country
should he Promptly Corrected
Congress should promptly correct the
existing condition. Ample revenues must
be supplied not only for the ordinary ex-
penses OF the government, but for the
prompt payment OF liberal pensions and
the liquidation OF the principal and inter-
est OF the public debt. In raising rev.
enues duties should be so levied upon for
eign products as to preserve the home mar
set so far as possible to our own pro-
ulcers; to revive and increase manufac-
lures: to relieve and encourage agricul-
ure: TO increase our domestic and Tor,
sign commerce: TO aid and develop mlnynA
and building. and to render to labof In
very field OF useful occupation the lib
,rul wages and adequate rewards to which
kill and Industry are Justly entitled. The
necessity OF the passage of a tariff law
which shall provide ample revenue need
lot be further urged. The imperative de-
nand OF the hour is the prompt enactment
4 such a measure, and to this object I
arnestly recommend that congress shall
make every endeavor. Before other bust
Tess is transacted, let us first provide suf-
icient revenue to faithfully administer the
government without the contracting of
urther debt. or the continued disturbance
# our finances. (Signed)
WILLIAM M'KINLEY."
Executive Mansion. March Is, 1887.