The times. [volume] (Richmond, Va.) 1890-1903, 1897-03-16
Mckinley Urges Congress TO Pass a New
Tarf Law Promptly,
He IGNORES ALL OTHER SUBJECTS.
The Receipts and Expenditures OF Tho fas l
Threo Years Compared-rbe Bond
Issues-Receipis for the Yess.
Tie Revenues first

the deficit Of the roveI ues and recon-
mended the immediate enaq qment Of
tariff bill TO raise the requisite revenue
No reference is made to Cuba or other
foreign questions. The message was as
follows:
To the Congress Of the United States.
Eeeretting the necessity which has
required me to call you together, / feel
that your assembling in extraordinary
session Is indispensable because Of the
condition in which We end the revenues
OF the government. IL IS conceded that
its current expenditures are greater thdh
its receipts and that such condition mas
existed for now more than three years.
With unlimited means at our command.
wo are presenting the remarkable spec
tacle OF increasing our pubic dept uy
borrowing money 10 meet the ordinary
outlay incident upon even AN eeononi-
cal and prudent administration OK mo
government An examination ot the
subject discloses this fact IN every de-
tail and leads inevitably 90 the conclu-
sion that the condition Of the revenue
which allows lt IS unjustidable and should
bs corrected.
We find by the reports OF the Secretary
of the Treasury that tho revenues for the
fiscal year ending June 30 1872. from all
sources were si25.S6S. 26O.22. and tho expen-
/ ditures for all purposes were Sl5,s15.eOb CD.
leaving the excess OF receipts over eN-
penditures OF S99lf453.C6. During that
fiscal year. Si0.5s0 1928 were paid upon
the public debt. which had been reduced
since March J. 1859, SZjs,Ol6SO and the
annual interest charge decreased $ll'-
6Si57G.Go.
Tho receipts of tho government from
am sources during the fiscal year ending
luna 81, 1893. amounted 20 Si0lI5 ~.
and IFS expenditures to Nl3.5ihoht'.
showing am excess of receipts over eN-
penditures OF s23il6'i-'.
since that time the receipts Of no hscal
wear. and with but few exceptions OF ITO
month Of any fiscal year, have eNceue"
tho expenditures.
The roceiuts of the Government from
all sources during the fiscal year enulns
/ June 3D. ls9f We're S3l-.sN-, f.'.-'' an" l''
expenditures SH2 cl5.0l>e., leaving Il "'.
! 0cit the first since the resumption OF
enooio pavmcnts. on sGe. s03 2f0.5S. Notwith-
/ standing there was a decrease of fio''n'-
/ 1gs7 I'm the ordinary expenses or tne
/ Government. as compared with the pre-
,ious fiscal year. IT'S income WAS stil NOT
sufficient 10 provide for IT'S daily necessl-
/ Tics and the gold reserve in the treasury
/ for the redemption or ereenhacks W.s
I f,.,., rnon TO meet them But this ara
/ mot suffice. ana the Government thea re-
sorted tO loans to reploni-h the reserve
BOND ISSUES.
Tr February. 1884, $4,000 900 I'm hchu7
were issued and n November following
/ "a second issue of No0owo was deemed
necessary. The sum Of Sllrlh''s' was
realized hy the sale of these nohu7' nu'
the reserve was steadily decre'7ru ulll'
/ ON February S. 1895. third safe OF >n-'-
all4o in bonds. for F'lip'-t ""' ""-
nounced 20 Congrcs5.
The receipts Of the Government FOR inc
/ fiscal wear ending June 3d. 1875, We're s-'.-
/ 2-e ea3.sD and the expenditures St"'l'''-
/ e6g showing a deficit Of Si2, 'o1.--5le.
A further loan Of Sl0o000WO was nego-
/ f9tod by tho Government In February
| 1896. the sale netting Sll1.lt62ib ana sW, u
/ in0 tho aggregate Of bonds issued Wlthlh
/ three years 20 S212.3i5.io1. .-,.
For The fiscal year ended June SD. 1870.
/ fine revenues Of the Government from iiii
/ sonraas amounted 10 500 fl5ioS1S. while
its oxpondltures were Si3i61S65iiS, or am
/ excess OF expenditures over receipts OF
/ S25 5el3.2i570
I'M other words. tho total receipts for
the three fiscal years ending June o lN''
were insufficient by NaLsll,i-Hio % meet
the total expenditures.
THE PRESENT YEAR.
Nor has this condition since improved.
For the first ha.f of the present fiscal
year the receifts Of the Government, eN-
elusive of postal revenues, were SloAa0i,-
Cs.-f. and its expenditures. exclusive OK
I Id
off expenditures over receipts OF $780,
3546. i'm January Of this year the re-
coipts exclusive Of postal revenues were
s2iolc.G9i0J ard the expenditures exc
elusive OF postal service, $50 -is,a,J-a a.
delcit of xHJ-.N52i for the month. ln
February OF this year the receipts. eNclu-
flge OF postal revenue. were >-iio3oDso,
and the expenditures. exclusive of postal
service. So. .O5jGj. a deficit of Si59j.-s, or 20
total deficit OF SlS5.o6i5S0If for the three
years a,d cig-r months siding March ].
Not only are We without n surplus IN tho
| Treasury. but with an increase I'm the
public debt there has been cOrres snOnd-
ing increase in the annual interest charge
from SD $685., 20 in 1892. the lowest of any
year since 1852 TO Ssf.3S7 Zg1.sJ In 1896, or
an increase Of Si493.ilL40.
10 may he urged that even n the revenues
meet an It's ordinary expenses during the
past three years. the gold reserve would
stlA have been insufficient % meet the
demands upon it. and that bonds would
necessarily have been issued for its reDie-
ticn BE this as 10 may. Il IS manifest
without denying or affirming the correct
mes Of such "a conclusion that the debt
would have been decreased in at least the
amount Of the deficiency. and business
confidence immclsurahly strengthened
throughout the country
PROMPT ACTION.
Congress should promptly correct the
existing conditions. Ample revenues
must be supplied, not only fer the ordL
nary expenses Of the Government, but
for the prompt payment OF liberal pen
sicns and the liquidation Of the principal
and interest OF the public debt. In
raising revenues. duties should be so
levied upon foreign products as TO pre-
serve the home market, so far as posi-
BILE. 70 our own producers; to revive and
increase manufactures. to relieve and
encourage agriculture; to increase our
domestic and foreign commerce. TO AID
and develop mining and building and
to render TO labor In every field OF use
ful occupation the liberal wages and
adequate rewards 70 which SKILL and
Industry are Justly entitled. The neces-
sity Of the passage Of q tariff law which
shall provide ample revenue need not
be further urged. The imperative de-
mand Of the hour Is the prompt enact
ment OF such q measure. and TO this OD-
iect earnestly recommend that Congress
shlu make every endeavor. Before