, 1897-03-16

June 80, 1896, the revenues OF the gov.
eminent from all sources amounted tc
1904 5,40S.7S while its expenditures
were $434 CTS. G54.4S, or an excess of the
expenditures over the receipts OF s25.-
203 ,254.70. In other words. the total re-
cepts for the three fiscal years ending
June 30, 1896. were insufficient by S137,-
1l.729.46 to meet the total expen-
ditures.
Nor has this condition since improv.
ed. For the first half of The present ifs,
cal year the receipts Of the government
exclusive of postal revenues, were $l57.-
507 SOB. IS. and its expenditures, exclu-
sive OF The postal service, $l95.41O.-
0OO.29, or an excess of expenditures over
receipts Of $37, 800, 1886 6. In January o.
his year The receipts, exclusive OF post
al revenues. were $24,316, 1894. 05, and the
expenditures, exclusive OF postal SER
vice. $50, 2G9, $500. a deficit of 1885,
1924; for the month of February of this
year, the receipts, exclusive of postal
revenues. were 1924, 400, 1913 s and ex,
penditures. exclusive of postal service,
s2S, 100, 423. Sc, a deficit OF 1896, O59. rs,
or a total deficit Of s1S6, O3l. 5SO.14 for the
three years and eight months ending
March /, 1897. Not only are we with
out a surpls in the treasury, but with
an increase in the public debt there has
been Il corresponding increase in the
annual interest charge from S22,S93,-
$500 in 1892, the lowest OF any year
since 1862, 10 $34,3S7, 297.6O in 1896, or
an increase of $11, 493 ,414.4O.
1t may be urged hat even if the reve-
nues OF the government had been SUI.
ficient to meet all its ordinary expenses
during the past three years. the gold re,
serve would still have been insufficient,
TO meet the demands upon ii. and that
bonds would necessarily have been is,
sued for its repletion. Be this as il,
may. it is clearly manifest. without de-
nying or affirming the correctness OF
such n conclusion, that the debt would
ave been decreased in at least the
amount Of the deficiency and business
confidence immeasurably strengthened
throughout the country.
Congress should promptly correct the
existing condition. Ample revenue mus,
be supplied, not only for the ordinary
expenses OF The government, but for the
prompt payment of liberal pensions and
the liquidation of the principal and in
terest of the public debt. In raising
revenues duties should be so levied up-
on foreign products as to preserve the
home market SO far as possible 10 II
own producers; to revive and increase
manufactures; TO relieve and encour,
age agriculture; to increase our do
nestle and foreign commerce: to aid
and develop mining and building, and
10 render to labor in every field OF use
iul occupation the liberal wages and
adequate rewards to which skill and
industry are justly entitled. The neces,
SHY OF the passage of a tariff 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
shall make every endeavor.
Before other business is transacted,
let us first provide sufficient revenue to
faithfully administer the government
without the contracting of further debt,
or the continued disturbance of our
finances.
WILLIAM M'KINLEY.
Executive Mansion, March Is, 1897.