The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-03-24
URGED TO ACT.
Presid emit Mckinley Makes an Ap.
peal to Congress-.
Need of n Tariff Law to Increase the
COuntry's Revenues Declared to
BE the Imperative De-
mand of the Hour.

Washington, March 16.-The presi-
dent Monday sent the following mes
sage to congress:
TO the Congress Of the United States:
Regretting the necessity which has re-
CURED 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 gov
eminent. 1t is conceded that its current
expenditures are greater than it's receipts,
and that such 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 of the government
An examination OF the subject discloses
this fact in every detail and leads in
eVitably to the conclusion that the con-
dltlon or the revenue which allows 1t Is
unjustitiable and should be corrected.
I'VE find by the reports of the secretary
of the treasury that the revenues for the
nscal year ending June 80, 1892, from all
sources, were S425, S6S, 260.22, and the ex-
penditures for all purposes were s415 $685.
sO6.56, leaving an excess of receipts over ex-
penditures of s., 914, 1896. During that fiscal
year. $40. $40, .9S were paid upon the, public
debt, which had been reduced since March
l, 1883, $259, 076. 800, and the annual interest
charge decreased sl1, 634. $1,000. The receipts
OF the government from all sources dur
ing the fiscal year ending June 80, 1893,
amounted to S461, ZIG, 56l.94, and it's expend-
itures to $685. ,S5765, showing an excess Of
receipts over expenditures of 81. 341 ,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 gov
{.
cal year ending June 30, 1894. were $372,-
S02 SIG, and it's expenditures $442, sos, 758.-
~, leaving a deficit, the first since the re-
sumption of specie payments of $69, 800, 240. So.
Notwithstanding there was decrease of
Sl6, lbs Is in the ordinary expenses of the
government, as pared with the preyi-
Gus fiscal year, it's income was still not
sufficient to 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.
I'm February, 1894. $5O,OOO.OOO in bonds
were issued, and in November following
second issue of s50,000,0 900 was deemed neces-
sary. The sum of s1l7,171,795 was realized
by the sale of these bonds. but the reserve
was steadily decreased until, on February
g. 1895. third sale of 1921 400 in bonds for
$65,n6,244 was announced to congress.
The Yearly Deficits.
Inc receipts OF the government for the
fiscal year ending June 80, 1895, were $780,
373,203.3O. and the expenditures s433 49,
426.4S. showing deficit of $42 sos, 22313 A
further loan of 500, 0O0, 00G was negotiated
by the government in February. 1886, the
sale netting Sill. 166.240, and swelling the
aggregate of bonds issued within three
years to $262, 315, 400. For the fiscal year
ending June 80. 1896, the revenues of the
government from all sources amounted to
.loe.475, 4os.7S. while its expenditures were
A34,67s,654 AZ. or an excess of expenditures
over receipts of sos, ,2457O. In other
words, the total receipts for the three
fiscal years ending June 80. 1885, were in
sufficient by $137.S11. 1886 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 $157, 507, COB e. and
its expenditures, exclusive of postal serv-
ice, s195, 410. 000.22, or an excess of expendi-
lures over receipts of sS7 9o2. 1896 49, In jan
uafy of this year the receipts exclusive of
postal revenues were SN. 316 1905. and the
expenditures exclusive of postal service
0.269, 1929 deficit of $5.952. 1854 for the
month.
The Total Deficit.
In February of this year the receipts, ex-
elusive of postal revenue, were $24. 400,-
7.3S, and expenditures exclusive of pos
tai service sos, 796, 05666 a deficit of "a, $685.
059.2S: or total deficiency Of S1S6, 061, $50 A
for the three years and eight months end
ing March 1, 1897. Not only are we with
out 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 $22,S93 1888 20 in 1892, the
lowest of any year since 1852, to $34, 3S7,-
2S76O in 1895. or an increase of $11, 49S 414 40.
ut may be urged that even if the rev.
enues of the government had been suffi-
cient to meet all it's ordinary expenses dur
Ing the past 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 it's reple-
tion Be this as it may, it is clearly mani.
fest, without denying or affirming the
correctness of such a conclusion, that the
debt would have been decreased in at least
the amount of the deficiency. and business
confidence immeasurably strengthened
throughout the country.
Should BE 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
ket, so far as possible, to our own pro-
ducers: to revive and increase manufac-
lures: to relieve and encourage agricul-
ture: to increase our domestic and for
eign commerce: to aid and develop mining
and building. and to render to labor In
every field of useful occupation the lib
eral wages and adequate rewards to which
skill and industry 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 q measure, and to this object I
earnestly recommend that congress shall
make every endeavor. Before other busi-
ness Is transacted. let us first provide suf-
fcient revenue to faithfully administer the
government without the contracting Of
further debt, or the continued disturbance
of our finances. (Signed)
WILLIAM M'KINLEY."
Executive Mansion. March Is. 1887.
One Taken. the Other Left.
poth N " March IA buggy in