Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-03-16
CONGRESS AT WORK.
Il Net in Extraordinary Session on
Yesterday.
WKIELEY SENDS In HIS MESSAGE.
Il Is Reasonably Short and COnSpiru-
OuSly Statistical.
REVENUE HIS CHIEF THEME.
He Wants II TO Stop The Deficit and
for Pensions.
SCENES AND INCIDENTS OF DAY.
REELECTION OF Speaker Reed;
.Habe" Bailey His opponcnt-Pro-
SCENES AND INCIDENTS OF DA,

The President late this afternoon sent
the following message to Congress-
TO the Congress Of the United States:
RegretHng the necessity which has re-
ouircd me to call you together. l feel
that your assembling N extraordinary
session is indispensable. because OF the
condition in which we find the revenues
OF the government
II is conceded that its current expendi-
lures are greater than its receipts. and
that such q condition has existed for
more than three years. With unlimited
means at our command. we are present
ing remarkable spectacle of increasing
our public debt by borrowing money to
meet ordinary outlays incident upon even
am economical and prudent administra-
-.1n Of the government. An examination
O.. the subject discloses this fact in every
detail. and leads inevitably TO the con-
clusion that the condition of revenue
which allows it is unjustihable, and
should be corrected.
CONDITION OF THE TREASURY.
We find by the reports Of the Secretary
OF the Treasury that the revenues for
the fiscal year ending June 90. 1892. from
ali sources. were 1925 SIS. .26O p and ex-
peuditures for all purposes were $15.-
es NS56. leaving an excess of receipts
over expenditures of 1914 1896. During
that fiscal year, SD57O. i67. .9S was paid
upon the public debt. which had been re-
duced. since March 1, 1889. S259. $50, and
annual interest charge decreased S11,6s4.-
5000. Receipts Of the government from
adj sources during the fiscal year ending
June 50. 1893, amounted to siGi.7l656l.94,
and its expenditures to S69.374SS7.65,
showing an excess Of receipts over ex-
penditures Of $2.3n,67429.
Since that time receipts Of no fiscal
year. and. with but few exceptions. Of no
month Of any fiscal year. have exceeded
the expenditures. Receipts of govern
ment from all sources during the fiscal
year ending June 30. 1894. were s372. sO2.-
$3.50. and it's expenditures $4i2.605, 1881
leaving a deficit (the first since the re-
sumption Of specie payments). Of $6s, SO5-
25)5S Notwithstanding. there was a de-
crease Of $l6.7 .12S7S in the ordinary ex-
penses Of government, as compared with
the previous fiscal year. its income was
still not sufficient TO provide for its daily
necessities, and the god reserve in the
Treasury for the redemption of green
backs was drawn upon to meet them.
But this did not suffice and the govern
ment then resorted to loans TO replenish
the reserve.
In February. 1894. S5OOOOOoO in bonds
were issued, and in November following
second issue of 600 was deemed
necessary. The sum OF Sl1ln.73 was
realized by the sale Of these bonds. but
the reserve was steadily decreased, until,
on February g. 1875, a third sale. of S62-
Gl5 400 in bonds. for S65.116.2A was an
uounced 10 Congress.
OUR RECEIPTS.
The receipts Of the government for the
fiscal year ending June 80, 1888, were $780,
873 3o330 and expenditures $iS3 us. AS,
showing a deficit OF $i2 800, ,223lS. A fur
ther loan of 800 10000 was negotiated
bv the government i'm February, 1896, the
sale netting Nl1. .166 246. and swelling the
.grregate of bonds issued within three
years 10 SOP 23l5. 400. For the fiscal year,
ending June 80 1896 the revenues of the
government. from all sources, amounted
t0 2A9 475. .20S7S. while its expenditures
rendifures over receipts of SIS, 203. 2b.70.
In other words. the total receipts for
three fiscal years ending June 80, 1885,
were insufficient by $l3ISl,129 46 TO meet
the total expenditures.
Nor has this. condition since improved.
For the first half Of the present hscal
year the receipts of the government, eX-
elusive Of postal revenues. were Sl5E5OH-
08-G and its expenditures, exclusive OF
postas service 1856 4lOOD022 or an excess
0f expenditures over receipts of S5rSJ2'-
.054C. I'm January Of this year the re-
ceipts. exclusive Of postal revenues. were
&i1Gs40j. and expenditures over re-
Ceipts &7902. .2s5.46
I'm January OF this year the receipts,
exclusive Of postal revenues were 24.-
Ufg9L0J. and expenditures. exclusive OF
postal service, $50. .269 3S9.29. deficit OF
81 T2 1924 for the month. In February
Of this year the receipts exclusive or
rostal revenues. were s24. 400. .997.SS and
expenditures. exclusive Of postal service,
SIS -S7aGOGG6-a deficit Of 1886, ,O5sSS; or n
total delft Of s1s6 O6i ,5S0H for three years
and eight months. ending March J. 1897.
Not only are we without surplus IN
the Treasury, but with an increase in the
public debt. There has been corre-
sponding increase In the annual interest
charges from S22 500 $3.50 in 1892 the
lowest Of any year since 1862, TO SiSoL-
$3.50. in 1896, or an increase OF Sh,4%'-
H4D.
GOLD RESERVE.
II may be urged that. even II the reve-
rucs Of the government had been sufii-
c.ent 10 meet all the ordinary expenses /
during the past three years, the gold /
rascryc would stil have been insufficient |
f0 meet the demands upon II, and that |
bonds would necessarily have been issued |
for its rcplotion BE this as II may, II |
is Dearly manifest. without denying or |
affirming the correctness OF such con- |
cluson that the debt would have been |
decreased In al least the amount OF de-
fclencv. and business confidence immea- |
slrbly strengthened throughout the |
country.
Congress should promptly correct ex- |
istlng conditions Ample revenues must /
be- supplied. not only for ordinary ex-
penses OF the government but for /
prompt payment Of liberal pensions. ana
the liquidation Of the principal and In
ierest Of the public debt
THE TARIFF.
IN raising revenues duties should be 50
levied upon foreign products as 10 pre-
serve the home market so far as pos
s.ble, 20 our own producers; 10 revive ana
increase manufactures; 20 relieve ana
encourage agricultural interests: 10 IN
crease our domestic and foreign com,
rnerce: 20 aid and develop mining ana
building. and 10 render 20 labor in every
held useful occupation and nperal
wages. and adequate rewards 70 ~nion
skill and Industry are justly entitled.
"-~ n-osssitr of the massage OF 4 t'Ini