The indicator., 1897-03-20
MORE MONEY WANTED
BURDEN OF THE PRESIDENTS
MESSAGE.
Mr.. Mckinley Says That Is the Imperative
Need OF the Hour-He Shows What the
Deficiency Is.

| extraordinary session is Indispensable
| because of the condition 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 Il condition has existed
now for more than three years. With
| unlimited means at our command, we
are presenting the remarkable specta-
! Gle of increasing our public debt by
! borrowing money to meet the ordinary
| outlnys Incident upon even an ecouom.
| ical and prudent administration of the
/ government An examination of the
| subject dlscloSes this fact in every de
tail and leads inevitably 10 the conclu-
| sion that the condition Of the revenue
! which allows IL is uujustitable and
should be corrected
eve find by the reports Of the secre-
! tarE of the treasury that the revenues
| for the fiscal year ending June 30,
| lSn2. from all sources were S125. .SGS.-
/ 2'h22. and the expenditures for all
! purposes were Sil5.9l3 St0.jG, leaving
an excess Of receipts over cNpendi-
| lures of SH9l1. Il3.6G. During that Hs-
| cal year SiO,57O, ,lGToS were paid upon
| the public debt. which has hccn re
| duc'd since March /, 1889, $3.50 oTG, $50,
and the annual interest charge dc
I creased Sl1 1.GSi 56T co.
The receipts OF the government
| from all sources during the fiscal year
[ eudiug June -. 1SA3, amounted 10
| .7lG5l;i .oi, and It's expenditures to
SiIH%1i. .SS1.Ga, showing an excess of
receipts over expenditures of So, GIL
| 32I.Ti,
since that time the receipts of no
fiscal year. and with but few excep-
tons OF mo- month Of any fiscal year
have exceeded the expenditures The
receipts al The government from all
sources, during tn fiscal year ending
| June 20, 1854 were S372 So. 49S -,
aud its expenditures St42, 2,G0j.T los 81
| leaving a deficit, the first since the re
sumption of specie payments, of SG9-
s03,2Go@S Notwithstanding there was
d decrease of SlG,7GS. 12STS in the or
binary expenses OF the government as
| compared with the previous fiscal
year It's Income was still not sufficient
10 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 gov
ernWent then rcsorted TO loans to re-
pleuisb the reserve. In February,
lS3L SjpO0oro in bonds were issued
and in November following a second
issue Of jO.OuU.Ouo WIS deemed neccs-
sary. The sum of SllT,lTl. T9J was
realized by the sale of these bonds
hut the reserve was steadily decreased
until February 8. 1898. third sale of
SG2.3l5,tr in bonds. for which there
was realized In gold coin SGj, ,116,24
was announced in Congress.
The receipts of the government for
the fiscal year ending June 80 1890
We're $500. O.373 2U3 30. and the cNpenli-
lures Si33. .t7s. i2G,4S showing "a deficit
Of So. SIS .223.lS. \ further loan of
Sl".p1,ono was negotiated by the gov
crnment in February. 1896, the sale
netting S11l.lGG.2iG and swelling the
aggregate of bonds issued within three
years to S262,3ij. 100 For the fiscal
year ending June 30. 1896, the revc-
nues Of the government from all
sources amounted to 9.475. 4os.7s,
while its expenditures were SI3f.G7s.-
GiI4S, or an excess Of expenditures
over receipts Of So. .203. .2i5.7O. In 9th
er words, the total receipts for the
three fiscal years ending June 80, 1896,
were insufficient by Sl3T .S11 .729. 4G to
meet the total expenditures.
Nor has this condition since i'm
proved For The first half of the pres
ent fiscal year. ihe receipts of the gov
ernmcnt exclusive Of postal revenues,
Were Sl57.50I ,Gu3.Ii. and its expendi-
tures, exclusive Of postal service,
Slai. i.4l0,cpo.29, or an excess of expen-
diturcs over receipts of S3T. 9O2. .39G. 4G
In January Of this year, the receipts.
exclusive Of postal revenues. are S2I.-
3lG.g3ioj, and the expenditures. exclu-
sive Of postal service $50. 300 3S9 %. a
deficit Of Sl.9,2 .3aj.2i For the month
in February Of this wear, the receipts,
exclusive of postal revenues, were
S2t io0,9oT3s. and expenditures. rx-
elusive Of postal service, SIS. 7DG. .U5G6G
a deficit of 1885, o59.2S. or a total dcfi-
cit uf S1SGu3i ,jSO44 for the three
years and eight months ending March
/, 1897 Not only are We without a
surplus in the treasury. bur with an
increase in the public debt there has
been q corresponding increase In The
annual interest charge from So. sg3.-
$50 IN 1892, the lowest of any year
since 1NG2 To S3i.3sT .2g7Gu in 1896, or
an Increase Of 81 I93.i1iI0.
at may bc urged that even if the
revenues Of the government had been
| sufficient to- meet MI lbs ordinary OK
ponses during the past flrce years. The
gold reserve would still have been in
sufficient 10 meet the demands upon it
and that bonds would necessarily haye
been issued tor It's rcplption. BE this
us il may. it Is clearly manifest. with.
| oui denying or affirming he correctness
of such conclusion that the debt
would have been decreased in nt least
the amount of the deficiency and
business confidence immcasurably
strengthened throughout the country
Congress should promptly correct
the existing condition. Ample rcve-
nucS must be- supplied not only for the
ordinary expenses Of the government.
hut for the prompt payment of liberal
pensions and the liquidation of tho
principal and interest Of the public
drbt In raising revenues. duties
| should be levied upon foreign products
| as to preserve the home market so far
| as p1ssibl" TO our own products: 10 re-
| cciYe and Increase manufactures; To
| relieve and encourage agriculture: TO
| increase our domestic and foreign com.
merce; TO aid and develop mining and
! building; and to render to labor in ev.
! cry field Of useful occupation the liher-
! nj wages and adequate reward TO
| which skin and industry are iustly en-.
| Titled The necessity Of the passage
| Of a tariff law which shall provide am
! pie revenue need not he further urged
! Tile imperative demand of The hour is
| the prompt enactment of such meas
urc. and Ia this object earnestly rec
| ommend thai Congress shall make ey-
cry endeavor
Before other business is transacted
! let us first provide sufficient revenue
to faithfully administer the govern.
ment without the contracting of fur.
thcr debt, or the continued disturb.
ance of our finances.
"WGLLTAM MKINIEY.
Executive Mansion. March 10, 1897 -
CONGRESS IN SESSION.