The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-16
M'K|NlEY'S MESSAGE
Not a Word About 1nterna-
tional Monetary Conference.
CONFINED TO THE TARiFt
ASt KIBES INADEQUACY OF REVE-
ENUE TO WILSON DUTIES
sAMeolpex PARTE STATEMENT
Bond Issues Made Much OF, BESIDES
Which Congress is Asked Only to
Pass the Bill and Deal Liber-
ally With Pensioners.
ally With Pensioners.

Pass the Bill and Deal Liber-
ally With Pensioners.
Washington, March 15-The President
to-day sent the following message to
Congress.
To the Congress of the United States:
Regretting the necessity which has re-
quired me to call you together, feel that
your assembling in extraordinary session
is Indispensable because of the condition
in which we find the revenues of the gov
ernm,'nt 1t is conceded that its current
expenditures are greater than its receipts,
and that such a condition has existed for
more than three years. With unlimited
means at our command, we are presenting
the remarkable spectacle of increasing
our pUbhe debt by borrowing money to
meet the ordinary outlays incl
dent upon even an economical
and Ir,ldeH administration Of the
government. An examination Of
the subject diScloses this fact in every de-
tail. and leads inevitably to the conclusion
that the condition of the revenue which
duOWS IL Is siIlu SIOuIu DG
corrected.
We find by the reports of the Secre-
tary of the Treasury that the revenues
for the fiscal year ending June 30, 1892,
from all sources, were $425, ,S6S, ,26O. % %
and the expenditures for all purposes
were $415, ,953, ,SO6. sc. leaving an excess of
receipts over expenditures Of $9.914, 49,
66. During that fiscal year 4O,570, 467 .9S
were paid upon the public debt. which
had been reduced since March /, 1889.
$259, ,076S 800, and the annual interest
charge decreased $11 1,6S4,5TO.60. The
receipts of the government from all sour
ceS during the fiscal year ending June 30.
1893. amounted to $461. .716 561 "a, and its
expenditures to $459, ,374. .SS7 50. showing
an excess of receipts over expenditures of
$2,341 ,67429.
Since that time the receipts of no fiscal
year, and with but few exceptions 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
S372, ,S02, ,49S.29, and its expenditures
$442, ,605, 1887, leaving a deficit. the first
since the resumption of specie payments
of 500, 800, ,260.5S. Notwithstanding
there was a decrease of SIG, ,769, ,12S.7S
in the ordinary expenses of the govern
ment, as compared with the previous fis-
cad year, its income was still not sufficient
to provide for it's daily necessities and the
gold reserve in the Treasury for the re-
demption of green backs was drawn upon
to meet them. But this did not suf-
fee, and the government then resorted
to f0ans to replenish the reserve. In
February, 1894, $50,000,000 in bonds
were issued, and in November following
a second issue Of $4,000, 900 was deem
ed necessary. The sum Of $117,171, ,795
was realized by the sale of these bonds.
but the reserve was steadily decreased
until, ON February 8, 1895, a third sale
Of $62, ,315 400 in bonds, for $50, 16, ,244,
was announced to Congress. The receipts
of the government for the fiscal year end
ing June 80, 1895, were $500, ,373, 2O3. 80
and the expenditures S433, IT'S, ,426. .4S,
showing a deficit of S42, ,S05, ,2231S A
further loan of 500, 100000 was nego-
tiated by the government in February,
1896, the sale netting Sill, ,166, 246, and
swelling the aggregate of bonds issued
within three years to S262, ,315 400 For
the fiscal year ending June 80, 1886, the
revenues of the government from all
sources amounted to $4O9, ,475, ,40S.7S,
while its expenditures were $434 ,67S,-
654.4S, or an excess of expenditures over
receipts of $25, ,203, ,245.70 in other words,
the total receipts for the three fiscal
years ending June 80, 1896, were insult
ficient by S137. 81, ,729.46 to meet the
total expenditures. Nor has this condi-
item since improved. For the first half
of the present fiscal year, the receipts OF
the government, exclusive of postal rev.
enue, were $157,5O7, ,6O376, and it's ex-
pendftures, exclusive of postal service,
$195, ,410,OOO.22, or an excess of expendi-
lures over receipts of $37 ,9O2, ,296.46. In
January of this year. the receipts, exclu-
sive of postal revenues, were $24,316,-
994.O5, and the expenditures exclusive
Of postal service. $40, ,269, ,3S9.29, deficit
of 1885,, 1854 for the month. In Feb
ruary Of this year, the receipts, exclusive
Of postal revenues, were $24 ,4OO, ,997 ,3o,
and expenditures, exclusive OF postal
service, 2S,796 O56.66, a deficit Of $4,-
35O59.2S; or a total deficiency Of $685.
Wl ,bSO.44 for the three years and eight
months ending March j, 1897. Not only
are we without n surplus in the Treas
u1y, but with an increase in the public
debt. There has been corresponding in
crease in the annual interest charge from
S22, $685. $500 in 1892, the lowest Of any
year since 1862, to 81 ,3S7 ,297 go in 1896,
or an increase Of S11 ,493, ,414.4O
1t may be urged that even if the rev
enues of the government had been suf-
ficient to meet all it's 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 issued
fer Its repletion. Be this as it may, it is
cie.rly manifest, without denying or af-
frn,ipr the correctness Of such conclu-
sien. that the debt would have been de-
creassa in at least the amount OF the de-