The McCook tribune. (McCook, Neb.) 1886-1936, 1897-03-26
CONGRESS CONVENES
M'KINLEY SENDS If: HIS FIRST
MESSAGE.
he Emphasizes the Fact that There Is n
Deficit and Calls Upon Congress to
Take Steps to Meet It-A Brief
but Pointed State Paper-The
Document in Full.
Mckinley to Congress.

WASHINGTON, March 15.-President
Mckinley sent rather unexpectedly
MS message to Congress this afternoon
as soon as both Houses had been or
ganized. 1t was at once read as fol-
! lows:
ITO the Congress of the United
States: Regretting the necessity which
has required me to call you together. l
feel that your assembling in extraor-
| binary session is indispensable because
of the condition in which we find the
revenues of the government. 1t is
conceded that its current expenditures
are greater than its receipts, and that
such condition has existed for
now more than three years. With un-
limited means at our command we are
presenting the remarkable spectacle of
increasing our public debt by borrow
ing money to meet the ordinary out
lays incident upon even an economic
and prudent administration of the
government An examination of the
subject discloses this fact in every de-
tail and leads inevitably to the conclu-
sion that the revenue which allows
such a condition is unjustitiable and
! should be corrected.
The Deficits for -Four Years.
"We find by the reports of the sec
retary of the treasury that the reve-
nues for the fiscal year ending June
80, 1892, from all sources were S425,-
s6s, ,26O.22, and the expenditures for all
purposes were S415, ,953, S06. Sc, leaving
an excess of receipts over expenditures
of 50, 915, ,453. G6. During that fiscal year
$40, $40, 4i7.9 % were paid upon public
debt, which was reduced since March
], 1885, $3.50, ,O76, 800, and annual interest
charge decreased $11 ,6S4. $50. The
receipts of the government from all
sources during the fiscal year ending
June 20, 1893, amounted to $461, ,716,-
SCI. "a, and it's expenditures to $780,
274, ,Ss765, showing an excess of re-
ceipts over expenditures Of $2,341.-
674.29.
''Since that time the receipts of no
fiscal year, and, with but few excep-
tions, of no month of any fiscal year.
have exceeded the expenditures. The
receipts of the government from all
sources during the fiscal year end
ing June 80, 1894, were $372, s92, ,49s29,
and its expenditures $442, SOS. 75S. 81,
leaving a deficit, the first since the re-
sumption of specie payments. of $G9,-
sO3, ,o6O S. Notwithstanding there was
a decrease of SIC, 76o. .1as. rs in the ordi-
nary expenses of the government as
compared with the previous fiscal
year, it's income was still not'sufficient
to provide for its daily necessities, and
the gold reserve in the treasury for
the redemption of gyeenbacks was
+, drawn upon to meet them.
Bend Issues Adver;ed To-
But this did not suffice, and the
government then resorted to loans to
replenish the reserve. In February,
1894, S5O, ,OOO, 900 in bonds were issued,
| and in November following q second
issue of $50, 100000 was deemed neces-
sary. The sum of Sill, ,795 was
realized by the sale of these bonds, but
the reserve was steadily decreased un-
til on February s, 1896, third sale of
S62, 315, 400 in bonds, for S65, ZIG, a44
was announced to Congress.
The receipts the fiscal year, June
20. 1895. were $500, 3.3, 2O3.3O and the
expenditures S433, LIS, ,4a6.4S, showing
a deficit of $4S, sos, 223.1S. A further
loan of 500, 900, 600 was negotiated by
the government in February, 1896. the
sale netting Sill, ,166,246 and swell
ling the aggregate Of bonds IS
sued within three years to S2G2, ,313, 400
For the fiscal year ending June 3d.
1895. the revenues of the government
from all sources amounted to S4O9, No.
4Os. rs, while its expenditures were
S434.67S, ,6544S, or an excess of expend-
itures over receipts of S25, ,203, as. 20.
In other words, the total receipts for
the three fiscal years ending Juns 30,
1896, were insufficient by S131.sli,-
72o. .46 to meet the total expenditures.
The Situation Not Improving.
"Nor has this condition since i'm
proved. For the first half OF the pres
ent fiscal year the receipts of the gov
ernment exclusive of postal revenues
were S157, 1907, ,603.7G, and its eNpendi-
lures exclusive of postal service S195,-
40. 900. 90, or an excess of eXdenditures
over receipts of S37, 9o2, 396. a. In Jan
uary of this year the receipts exclusive
of postal revenues were $@4, ,316, ,994. 05
and the expenditures exclusive CT
postal service $50, 1869, 3so ga deficit
of S5,952, ,39524 for the meath. In
February of this year the receipts
exclusive of postal revenues Were
S24, 200, 997 3s and expenditures eNclu'
sive of postal service SIS, 796, ,056.66. a
deficit of 81, 395 ,o592s; or total deficit
of S1S6, ,O3l ,5SO.44 for the three years
and eight months ending March /
1897. Not only are we without sur
plus in the treasury, but with an in
crease in the public debt there ha:
been corresponding increase in the
annual interest charge from Sea, S95,
ss3 20 in 1892, the lowest of any yeal
since 1862, to S34. .3s7, ,297.60 in 1896, OF
an increase of S1l, 1924 20.
cit may be urged that even if the
revenues of the government had beer
sufficient to meet all its ordinrry ex
penses during the past three years, Tho
gold reserve would still have been IN
sufficient TO meet the demands upOn it