The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-03-16
M'KINLEY SENDS HIS MESSAGE
THE PAPER URGES CONGRESS- TO
PROVIDE MORE REVENUE.


tics ON the Governments Receipts
and Expenditures During the Past
-Four Years-No Demonstration Fol-
lows the Conclusion OF Its Read
ing in the senate.
Washington, March l5.-The extraordn-
airy session of the Fifty-fifth congress
was opened by reading the Presidents
proclamation convening it. SiXty-eight
senators answered to the roll call, and
the galleries were filed to overfowing.
w. A. Harris, pop, of Kansas, was
sworn in as the successor to Mr.. PETER.
The credentials of Henry w. Corbett, APP
pointed by the governor of oregon to sue
ceed John II. Mitohell-the legislature
having failed to elect, were presented by
Mr.. Mcbride rep, of Oregon, who stated
that Mr.. Corbett was present and really
to take the oath of office.
Mr.. Gray, dem, of Delaware, thought
that in view of the unusual circumstances
in connection with the case, the creden-
tials should be referred to the committee
on privileges and elections. He made
motion to that effect, and it was agreed to.
After the appointment of committees to
notify the President and the House that
the Senate was ready to begin it's duties,
a recess was taken until o'clock.
At $40 o'clock Messrs. Hoar, rep, of
Massachusetts, and Cockrell, dem. Of
Missouri the committee on the part of
the Senate. reported that the President
EXTENDED his cordial greeting and would
in, x1yrff IN "a
short time
Assistant Secretary Pruden announced
and presented the message, which was
read by the clerk as follows:
ITO the Congress of the United States:
Regretting the necessity which has requir-
ed me to call you together, l feel that your
assembling in extraordinary session is In
dspensble because of the condition in
which we find the revenues of the govern
ment 1t is conceded that its current ex-
penditures are greater than its receipts
and that such condition has existed for
more than three years.
with unlimited means at our command,
we are presenting the remarkable spec
tacle of increasing our public debt by bor-
rowing money to meet ordinary outlays
incident upon even an economical and pru-
dent administration of the government.
An examination of the subject discloses
this fact in every detail and leads inevita-
bly, to the conclusion that the condition of
the revenue which allows it Is unjustifia-
BILE and should be corrected.
1--WE find by the reports of the Secretary
of the Treasury that the revenues for the
fiscal year ending June 80, 1892, from all
sources were 1926, 1858, 260 and the expendi-
lures for all purposes were $415, ,953, 500. leav-
ing an excess Of receipts over expenditures
of $9,914,453. During that fiscal year $4O,
4 r1.Is g1I1,k
which had been reduced since March !,
1889, $3.50, 076 $50, and the annual interest
charge decreased 81, ,6S4,57 The receipts
of the government from all sources during
the fiscal year ending June 30, 1893 amount
ed to S461, 1861, and its expenditures to
$459,37i,SS7, showing an excess
of receipts over expenditures of
81, ,341,674. 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 dur
ing the fiscal year, ending June 80, 1894,
were S372, ,S02 49S and it's expenditures $442,-
COS, 75S, leaving a deficit, the first since the
resumption Of specie payments, of $780,
S03.260. Notwithstanding there was a de-
crease of ,769,125 in the ordinary ex-
penses of the government, as compared
with previous fiscal years, its income was
still not sufficient to provide for its daily
necessities and the gold reserve In the
treasury for the redemption of green
backs was drawn upon to meet them. But
this did not suffice, and the government
then resOrted to loans to replenish the re-
serve. In February. 1894, S50O0O.O0O in bonds
were issued, and in November following
a second issue of $j0,O00.0O0 was deemed
necessary. The sum of $117, III, ,795 was real
lied by the sale Of these bonds, but the
reserve was steadily decreased until on
Feb. S, 1895, a third sale of s623 400 in
bonds for SG5,ll6,2H was announced to
congress.
'The receipts of the government for the
fiscal year, ending June 30, 1895, were $780,
373,203, and the expenditures 1888. IFS. 1926
showing a deficit of $i2, sos 223. A further
loan Of $l00OO0,000 was negotiated by the
government in February, 1896, the sale net
ting Sill ,246, and swelling the agere-
gate Of bonds issued within three years TO
$262 $1,000.
For the fiscal year ending June 80, 1895.
the revenues Of the government from ali
sources amounted TO S409. 475 4Os, while its
expenditures were $i3i,67s, ,65i.4s. or an ex-
cess of expenditure over receipts of
S25, 3,2i5.7O
In other words, the total receipts for
the three fiscal years ending June 30. 1896.
were insufficient by $l37, 81, ,729. .46 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. ox-
elusive OF the postal revenues were $751;
5O6.6O3 and It's expenditures, exclusive Of
the postal service, Sl95 80, 900. or an excess
of expenditure over receipts of S37,902. 1896.
"In January Of this year the receipts.
exclusive Of the postal revenues, were S2i
1864, and the expenditures, exclusive OF
the postal service, S0.269.3S a deficit of
$J,952,S95 for the month.
in February OF this year the receipts.
exclusive Of the postal revenue, were 24
400. $751; and the expenditures, exclusive of
the postal services. $50, 269,3 3S9 a deficit OF
S. 1896 059 or a total deficit Of SiSG O6l $50 for
the three years and eight months ending
March j, 1897.
mot only are we without "A surplus In
the treasury. but with an Increase in the
public debt there has been correspond
ing Increase In the annual interest charge
from So. SS3 in 1892. the lowest of any
year since 1862, to $3i,SS7.297 In 1896, or an
Increase Of Sll. .493, 4H. 1t may
be urged that even IL the
revenues OF the government had been
sufficient to meet all It's ordinary expenses
during the past three years the gold re-
serve would stll have been insufficient to
meet the demands upon IT, and that bonds