The Holly chieftain., 1897-03-19
M'KINLEY's MESSAGE.
President Urges Upon Congress tho
Need for More Revenue.
tie Declares That the Recent Deficits Are
Alarming and Existing Conditions
should BE CorrectesI-Tarin BiIl
should Take Prcccdence.
WASHINGTON, March l6.-The presi-
dent yesterday sent the following mes
Sa vt tn conUraSs: s,r

uenb yesterday SeIlb Tic IOllOWtnp mes
sage to congress:
To the Congress OF the United States:
1 Regretting the necessity which has required
me to call you together. feel that your assem-
| bling in extraordinary session is Indispensable
! because of the condition In which we find the
| revenues Of the government 1t is conceded
that its current expenditures are greater than
It's receipts and that stfrlf q condition has ex-
listed for now more three years
With unlimited means ut our command we
are presenting the remarkable spectacle OF in
creasing our public debt by borrowing money
to meet the ordinary outluys incident upon even
| an economical and prudent administration OF
| the government An examination OF the sub
ject discloses this fact In every detail and leads
! inevitably to the conclusion that the condition
| OF the revenue which allows it Is unjustihable
| and should be corrected
We find by the reports OF the secretary Of the
| treasury that the revenues for the fiscal year
ended June 90 1882. from all sources were ifs5-
s6s. a6O - and expenditures for all sources were
s4l5 953, ,sO556 leaving Nh excess of receipts over
expenditures OF 1914. 4sAe6, During that fiscal
year si0. SO i67.9s were paid on the public debt
which had been reduced since March /. 1890
fa5a. .O76. $780, and the annual interest charge de.
creased slI, ,6s4. .5766Q
The receipts of the government from all
sources during the fiscal year ending June 30
1893 amounted to si6i 7l8, ,58L0i and its expendi-
lures to Sl59 3'4 Ss765. showing an excess OF re-
ceipts over expenditures of +, ,34i, ,67Ia 80 Since
that time the receipts OF no fiscal year, nnd
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 ended June 30
| 1904. were s37esE, 1919 and its expenditures
sis2. COS. 1881. leaving deficit the first since
the resumption Of specie payments, Of $50 $685.
s6a5a Notwithstanding there was decrease
of &l6. 1a TX - In the ordinary expenses of the
rod fI,a tfts,,,p
fiscal year, Its income was still not sufficient to
provide for It's daily necessities and the gold
serve In the treasury for the redemption of
grecnbncks was drawn on to meet them But
this did not surice nnd the government then re-
sorted to loans TO replenish the reserve In Feb
riiary 1894 $50 006 900 In bonds were issued and In
November following second issue OF a5D 600 900
was deemed necessary. The sum OF sil7, III ,1p5
was realized by the sale OF these bonds, but the
! reserve was steadily decreased until on Feb
ruary 8. 1904 third sale of $82 BIS 400 In bonds
| for A65 I 10 2A was announced to congress- The
receipts Of the government for the fiscal year
ending June 30 1906. were $500, 3i3 eO3 30, and
the expenditures s4S3, i7s 4aa is showing Il de-
| hcit of a., ,s05,.!zla
A further lonn OF 5000 900 was negotiated
| By the government In February 1896. the sale
netting Sill 100. PAS and swelling the aggregate
| of bonds issued within three years to sso2, ,3i5.-
| 4OO
| For the fiscal year ended June 70. 1896 the
revenues OF the government from all sources
amounted to s409. al. .4Ds.7s, while Its expendi-
lures were a4si.e7s. .6si.is. or an excess Of cx-
| penditures over receil,s of &25. 2B, 10 In
other wosds;- the total receips for the three
fiscal years ended June 80 1895 were insufficient
| by S11.Slf .I294B to meet the total expenditures
| Nor has this condition since improved. From
| the first half Of the present fiscal year, the re-
cefpts OF the government exclusive OF postal
revenues were sfb1. .5O5 Goa. 49, ind Its expendi-
lures exclusive of postal service eis5 30 OOl -
| or an excess OF expenditures over receipts of
81. 9Os, $685. 4d In january of this year the re-
ccipts exclusive Of postal revenues were s2s-
sle,99i06 and the expenditures exclusive OF
postal services $50 200 $50 % deficit Of IS 952
| ;p5. ~ for the month.
In February of this year the receipts exclu
| stve OF postal revenue were ~. 400 997.3s and
expenditures exclusive of postal service f2s
;95,o56e8 u deficit of A.ss5 05o.es: or u total
deficiency Of Slsj j05i ,5so4i for the three years
and eight months ending March I, 1897. Not
| only are we without u surplus In the treasury.
out with nn increase In the public debt there
has been u corresponding increase In the an
nual interest charge from AZ sos. .ss3 20 in 1897.
the lowest OF any year since 1852, to s34 3s.. :
| sy'o 80 In 1896 or an increase Of I'll, ,493, ,4l440
1t may be urged that even II the revenues of
the government had been sufficient to meet nll
| Its ordinary expenses during the past three
| years. the gold reserve would still have been
insufficient to meet the demands on 1t and thut
bOndsw would necessarily have been issued for
its repletion. Be this BY 1t may II Is clearly
manifest, without denying or Affirming the cor
rectness Of such conclusion that the debt
would have been decreased In at least the
amount Of the deficiency. and business conti-
',lence immca,urably strengthened throughout
the country.
Congress should promptly correct the exist
Ing conditions Ample revenues must be sup
piled not only for the ordinary expenses OF the
government, but for the prompt payment of
liberal pensions and the liquidation of the
principal and interest of the public debt.
In raising revenues. duties should be
levied upon foreign products as
to preseryethe home market. so far as possible
to our own producers: TO revive and increase
manufactures; to relieve und encourage agricul-
ture to increase our domestic and foreign COM
merce; tOAid md develop mining and building
and to render TO labor In every
field Of useful occupation, the liberal wages and
adequate rewards to which skill md industry
nre justly entitled The necessity OF the pas
sage OF a tnrln law which shall provide ample
revenue. need not be further urged. The
imperative demand OF the hour Is the prompt
enactment OF such a measure. and To this
object earnestly recommend that congress
shall make every endeavor. Before other bus
iness Is transacted, let 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
Executive Mansion, March Is 1897.