The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-03-16
EXTRA SESSION IS ON
CONTINUED from First Page

fee, AMI the government then resorte
to loans to replenish the reserve.
In FEBRUARY, 1894, $4,000, 900 in bond
were issued and in November following
a second issue of s5o,OOO, 900 was deemet
necessary. The sum of s117,171,795 wa
realized by the sale of these bonds, bu
the reserve was steadily decreased un
I'll on February s, 1895, third sale Of
SCI, BIS, 400 in bonds for $65,116, pa was
announced to congress.
The receipts Of the government for the
fiscal year ending June 80. 1895, were
$500, 81, 2o3. 80 and the expenditures $4S3,-
IFS, 426 As. showing a deficit of $4S,s05.-
z231S. A further loan Of 500, 600, 900
was negotiated by the government in
February, 1895, the sale netting Sill, 1885,
2A6 and swelling the aggregate of bonds
issued within three years to S262, 215, 400.
For the fiscal year ending June 80,
1896, the revenue of the government
from all sources amounted to s409, 49,
40S.7S, while its expenditures were $434,-
SIS, 6544S, or an excess of expenditures
over receipts Of 81, 203. 245.7O. In other
words, the total receipts for the three
fiscal years ending June 80, 1896, were in
sufficient by s137, S11, 729. IS 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, ex-
elusive Of postal revenues, were $751;
7,6O3.76, and its expenditures, exclusive
Of postal service, s195, 410, 0O0.22, or an ex-
cess Of expenditures over receipts of
s37, 9o2, 1886. 46. In January of this year
the receipts, exclusive of postal reve-
nues, were s24316, 99405, and the expen-
ditures. exclusive of postal service, $780,
69,3S9.29, a deficit of s., $50. 1854 for the
month. In February Of this year the re-
ceipts. exclusive of postal revenues, were
s24, 400,99 and expenditures, exclusive
Of postal services, SIS, 796, 056.66, a deficit
Of S4,395. 059.2S; or total deficit of $685.
D3l, 1904 for the three years and eight
months ending March /, 1897.
Not only are we without a surplus in
the treasury but there has been an in
crease in The public debt and a CORES
ponding increase in the annual interest
charge from SD $500 in 1892, the lowest
Of any year since 1862 to S34, 3S7, 297. so in
1896. or an increase of s11, 493, 4144O
1t may be urged that even If the reve-
nues Of the government had been suffi-
Gent 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 it and that
bonds would necessarily have been is
sued FOR its repletion. Be this as it
may, it is clearly manifest, without de-
nyfng or affirming the correctness of
sucn 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.
Congress should promptly correct the
existing condition. Ample revenues
must be supplied not only for the ordin-
ary expenses Of the government but for
the prompt payment of liberal pensions
and the liquidation of the principal and
interest Of the public debt In raising
revenues, duties should be so levied up-
on foreign products as 10 preserve the
home market so far as possible for our
own producers; TO revive and increase
manufactures; to relieve and encourage
agriculture; to increase our domestic
h-iA AoilOShi Nb-itiIitlOts ~ dlu anu ue-
velop mining and building, and to rem
der TO labor in every field of useful oc-
cupation the liberal wages and adequate
rewards 10 which skill and industry are
Justly entitled. The necessity for the
passage of tariff law which shall pro-
vide ample revenue need not be further
urged. The imperative demand of the
hour Is the prompt enactment of such
measure, and to this object I earnestly
recommend that congress shall make
every endeavor.
Before other business is transacted, let
US firsts provide sufficient revenue TO
faithfully administer the government
without the contracting of further debt.
or the continued disturbance of our f.
nances.
WILLIAM MKINLEY,
Executive Mansion, March 10, 1897.