The Republican. [volume] (Oakland, Md.) 1877-current, 1897-03-18
THURSDAY, MARCH 18, 1897.
MESSAGE TO CONGRESS.
President Mckinley on the Need of Reeve
nue. Legislation for Pensions, Payment
of the Public Debt, and Other
PurnnsnS.


of the Public Debt, and Other
Purposes.
To the Congress Of the United States:
Regretting the necessity which has
required me to call you together, |
feel that your assembling in extraor
binary session is indispensable, be-
cause of the conditions in which we
find the revenues of the Government.
1t is conceded that its current eXpen-
ditures are greater than its receipts,
and that such a condition has existed
now for more than three years. With
unlimited means at our command, we
are presenting the remarkable spec
tacle of increasing our public debt by
borrowing money to meet the Ordi-
nary OUTLAWS incident upon even an
economical and prudent administra-
tiOn of the Government. An eXami-
nation of the subject disclOses this
fact in every detail, and leads newt
ably to the conclusion that the con-
ditiOn of the revenue which allows it
is unjustifable and should be correc-
ted.
We find by the reports of the secre-
tary of the Treasury that the reve-
nues for the fiscal year ending June
80, 1892, from all sources were 1926,
S6S, 260.22, and the expenditures for
all purposes were $415, 953, 500. 56, leav-
ing an excess of receipts over expen-
ditures of $9,914, 1886. During the
fiscal year $40, $40, 4G79S We're paid
upon the public debt, which had been
reduced since March I, 1889, 1888, 076, .
$50, and the annual interest charge
decreased $11, 5S4, $1,000 The receipts
of the government from all sources
during the fiscal year ending June
80, 1893, amounted to &461, 716, 561 81
and its expenditures to &459, 1854 1877 .G5
showing an excess of receipts over
expenditures of $2,341 ,674.29.
Since that time the receipts of no
fiscal year, and with but few eXcep-
tions, 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 80, 1894, were $372, 500 ,49S. %, and
its expenditures, SAP, sos, 75S. 81, leav-
ing a deficit, the first since the
resumption of specie payments, of
1863, S03, 260.58. Notwithstanding there
was a decrease of $40, 1853, 1873 IS in the
ordinary expense of the Government
as compared with the previous fiscal
wear, its income was still not suffici-
ent to provide for its daily necessities,
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 Govern
ment then resorted to loans to replen-
ish the reserve.
In February, 1894, $5O,OOO,OO0 in
bonds were issued, and in November
following a second issue of $50, 100000
was deemed necessary. The sum of
$117,171, 100 was realized by the sale
of these bonds, but the reserve was
steadily decreased, until, on Feb. 8,
1895, a third sale of $62, 315, 400 in
bonds, for $65, 116, PA, was announced
to Congress.
The receipts OF the Government for
the fiscal year ending June 30, 1895,
We're $3.50, 373, 203 30, and the expendi-
lures $433, IFS, 425.48, showing deficit
of $40, 800, 223.18. A further loan of
$4,000 900 was negotiated by the
Government in FEBRUARY, 1896, the
sale netting sill 166, 24G, and swelling
the aggregate of bonds issued within
three years to $262, 315, 400. For the
fiscal year ending June 30, 1896, the
revenues OF the Government from all
sources amounted to &409, 475, 40S. rs,
while its expenditures were S434 G7S,-
6j448, or an excess Of expenditures
over receipts OF $26, 2O3, 245.7O. In
other words, the total receipts of the
three fiscal years ending June 30,
1896, were insufficient by $137, 81, 728.-
As to meet the total expenditures.
Nor has this condition since i'm
proved. For the first half of the pres
ent fiscal year the receipts of the
Government, exclusive of postal reve-
nues, were S157, 5O7, 6O3.7G, and its ex-
penditures, exclusive Of postal service
$195, 41O, 000 %, or an excess of eXpen-
ditures over receipts Of $37 9O2, 296.4G
In January of this year the receipts,
exclusive of postal revenues, were
$24, 1916, 995.O5, and the expenditures,
exclusive of postal service, $50, 269,-
$500, a deficit Of $685., 1895. "a for the
month. In February of this year the
receipts, exclusive of postal revenues,