Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1897-03-18
M'KINLEY ON TARIFF.
he TERSELY TELLS THE Ma.
TONS TROUBLES.
Says More Revenue IL the Paramount
Necessity Inn posts at Seaports the
Favored Way Of Raising Jt-.Urges
Congress to Act.
Hia First Message.


TO the Congress of the United States:
Regretting the necessity which has re-
FQuired ME to call you together, feel that
your assembling in extraordinary session
is indispensable because of the condition
in which we find the revenues of the
Government. 1t is conceded that its cur
rent expenditures are greater than its
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 specta-
Gle of increasing our public debt by bor-
rowing money to meet the ordinary out
lays incident upon even an economical
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 con-
ditiOn of the revenue which allows it IL
unjustifable and should be corrected.
We find by the report Of the Secretary
OF the Treasury that the revenues for the
fiscal year ending June 30. 1892. from all
sources were $425, S6S, 26O. D. and the ex-
pendtures for all purposes We're $415,-
0o3, SO6.5G, leaving an excess of receipts
over expenditures of $9.914, 1896 Dur
ing that fiscal year $40, $40, 467 .9S was paid
upon the public debt, which has been re-
duced since March /. 1889, 259.O76, 800,
and the annual interest charge decreased
$11 1884. $1,000. The receipts of the Gov
eminent from all sources during the fiscal
year ending June 80, 1888. amounted to
$461, 16.561.94. and its expenditures to
$780, 4. SS1 30, showing an excess of
receipts over expenditures of $2.341.-
674.1.
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 30, 1894, were
$:'122 So. 1879. and it's expenditures
$442. Goa, 75SS7 leaving deficit, the first
since the resumption of specie payments,
of 500. SO3 .2D.oS. Notwithstanding there
was decrease of SIG, 760, 12S. 70 in the Or
binary expenses of the Government IN
compared with the previous fiscal year.
it's income was still not sufficient to pro-
vide for its daily necessities. and the gold
reserve in the treasury for the redemption
of greenbucks was drawn upon to meet
them. But this did not suffice, and the
Government then resorted to loans to re-
plenish the reserve.
In February. 1894. $50. OOO. 600 in bonds
was issued, and in November following q
second issue of $5O,OOO,OOO was deemed
necessary. The sum of $117,171, 795 was
realized by the sale of these bonds, but the
reserve was steadily decreased until ON
Feb. 8, 1895. third sale of $62,315, 400
in bonds for $50, 1924 was announced
to Congress.
The receipts of the Government for the
fiscal year ending June 30. 1895, were
$3!W, 313, 2E5.3O. and the expenditures
$433. Is. 426.4S. showing deficit of $42,-
SO3, Ibis A further loan of $1OO,OO0.-
600 was negotiated by the Government in
February. 1896. the sale netting SILL
1926. and swelling the aggregate of
bonds issued within three years to $780,
30. 400. For the fiscal year ending June
30. 1896. the revenues of the Govern
ment from all sources amounted to $780,
413. HOSTS. while its expenditures were
434.61S. G.4lS. or an excess of expendi-
lures over receipts Of SO, Dob 2245. 70. In
other words. the total receipts for the
three fiscal years ending June 30, 1896,
were insufficient by $l37 .S11, 720.4G 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 S157, 5O7 .6O3. 49,,
and its expenditures, exclusive of
postal service. S195. 41O, OOO.o2, or an ex-
cess of expenditures over receipts of $751;
9U2.:,96.4G. In January of this year the
receipts. exclusive Of postal revenues.
were 31G.J94.0J. and the cxpendi-
lures, exclusive of postal service. $780,
263.:.SJ.29. a deficit of s., 952 "a for
the month In February Of this year the
receipts exclusive OF postal revenues were
aud Il; Il,
siye Of postal service, SIS. 796. O56.6S. u
deficit of s4,335. O39.2S; or total deficit
of S1S6.O61 $50 A for the three years and
eight months ending March l. 1897. Not
only are we without u surplus in the
treasury but with an increase in the public
debt. There has been a corresponding
increase in the annual interest charge
from So. S93. $500 in 1892. the lowest
of any year since 1862. to $:s4 .3S7. 2s97 10
in 1886, or an increase of $l1, 403, 414.4O.
1t may be urged that even If the rev.
enucs Of the Government had been suffi-
Gent to meet all it's ordinary expenses dur
ing the last three years the gold reserve
would still have been insufficient to meet
the demands upon it. and that bonds
would necessarily have been issued for its
repction. Be this as it may. it is clear
~ manifest. without denying or affirming
the correctness Of such conclusion. that
the debt would have been decreased in ut
least the amount of the deficiency, and
business confidence UNNECESSARILY
strengthened throughout the country
Congress- should promptly correct tho
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 revenue duties should be 20
levied upon foreign products as to pre-
serve the home market 80 far us possible
70 our cwn producers, to revive and i'm
crease manufactures. to relieve aud en-
courage agriculture. to increase our do
nestle and foreign commerce, to aid and
develop mining and building, and to RS
der to labor in every field Of useful a.
patton the liberal wages and adcquate
wards to which skill and industry aJp
justly entitled.
The necessity of the passage Of q tarf8
law which shall provide ample revenue