The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-03-16

expenditures of 1894, 1886. Dur
ing that fiscal year, $40, $40, 467.9S
were paid out on the public debt,
which had been reduced since
March 1, 1889, $259, 076,S95, and the
annual interest charge decreased
81, 6S4, 1850 The receipts of the
government, from all sources, dur
ing the fiscal year ending June 81,
1898, amounted to S461, 716, 561.94 and
its expenditures to S495, 374, SS7.65,
showing an excess of receipts over
expenditures of s2,341, 674.29.
Since that time the receipts of
no fiscal year, and with but few
exceptions, of no month of any
fiscal year, have exceeded the eX-
penditures. The receipts of the gov
eminent from all sources, during
the fiscal year ending June 80, 1894,
were 1872, SO2, 1925, and the eXpen-
dftures $442, COS, 1887, leaving de-
felt, the first since the resumption
OF specie payments, of $685.
500, 260.5S. Notwithstanding there
was a decrease of SIC, 169,-
1878 in the ordinary expenses
of the government, as compared
with the previous fiscal year, its in
come was still not sufficient to pro-
vide for its daily necessities, and
the gold reserve for the redemption
of greenbacks was drawn upon to
meet them; but this did not suffice.
and the government then reSorted
to loans to replenish the reserve.
In February, 1894, $50000,0 900 in
bonds were issued, and in Novem-
Der following second issue OF
50,0G0.000 was deemed necessary
The sum of Sill, ,795 was realized
by the sale of these bonds, but the
reserve was steadily decreased I'M
til February s, 1895. a third sale
of So, 315, 400 in bonds for $65, 116,-
pa was announced to congress. The
receipts of the government of the
fiscal year ending June 80, 1895,
were $3.50, S73, 023.03 and the eXpendi-
lures $433, IFS, 1858, showing a de-
felt of $40, sos, 223.1S. a further loan
of 100000 900 was negotiated by
the government in February, 1886.
the sale netting Sill, 166, 206, and
swelling the aggregate of bonds is
sued within three years TO 1892,
315, 400. For the fiscal year ending
June 80, 1896, the revenues of the
government from all sources
amounted to S409, AS, 40S.7S, while its
expenditures were $434, 67S, 654. IS, or
an excess of expenditures over re-
ceipts of S25,203, 245.70. In other
words, the total receipts for the
three fiscal years ending June 80,
1895. were insufficient by S137, SILL
729.46 to meet the total eXpendi-
lures. Nor has this condition since
improved.
For the first half of the present
fiscal year, the receipts of the gov
eminent, exclusive Of postal reve-
nues, were $157, 507, $685. rs, and it's
expenditures, exclusive of postal
service. 1892. 40, 009.22, or an excess
of expenditures over receipts of $751;
sos. 1886.
In January OF this year the re-
ceipts. exclusive OF postal revenues,
were S24, 316. 994.02, and the expendi-
lures, exclusive of postal service,
$50, 269, 3S7.29, a deficit of S., 952, 1854
for the month,
In Februar@7 of this year, the re-
ceipts. exclusive OF postal revenue,
were s24,400, 997.3S, and expenditures,
exclusive of postal service. SIS, 1885,,
056. Ca deficit of 1885, O592S, or a
total deficiency of s1S6. 061, 5S0.44 for
the three years and eight months
ending March 1. 1897.
Not onlv are we Without a sur
plus in the treasury, but With an
increased public debt there has been
a CORRESPONDING increase in the an
nuai interest charges from SO, $685.,
$500 IL 1892, the lowest of any
year since 1862, to S34, 33T .29T.60 in
1S96-or IN increase of ST. 493, 414.40.
It NAV be urged that even if the
revenues of the government had
been sufficient to meet all its ordi-
nary expenses during the past three
years the gold reserve would still
have been insufficient to meet the
demands upon it, and that bonds
would necessarily have been issued
for its repletion. Be this as it may,
it is clearly manifest, without de-
nying or affirming the correctness
of such a conclusion, that the debt
would have been decreased in at
least the amount of the deficiency
and business confidence immeas-
urably strengthened throughout
Che country. Congress should
promptly correct the existing condi-
ton. Ample revenue must be sup
piled, not only for the ordinary eX-
penses of the government, but for
the prompt payment of liberal pen
sions an the liquidation of the
principal and interest of the public
debt. IN raising revenues, duties
should be so levied upon foreign
products as 20 preserve the home
market so Ear as possible to our
own producers to revive and in
crease manufactures; to relieve and
encourage agriculture; to increase
our domestic and foreign commerce
and to aid and develop mining and
buildings; and to render to labor in
every field of useful occupation the
liberal wages and adequate rewards
to which skill and industry are
Justly entitled. The necessity of
the passage of q tariff law which
shall provide ample revenue, need
not be further urged. The impera-
tive demand of the hour is the
prompt enactment of such a meas
ure and to this object I earnestly
recommend that congress shall
make every endeavor. Before other
business is transacted. let us first
provide sufficient revenue to faith
fully administer the government
without the contracting of further
debt or the continued disturbance
of our finances.
WILLIAM M'KINLEY.
Executive Mansion, March Is, 1897.