The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-03-18
MOREREyENUE NEEDED
The Presidents Reason For
Convening Congress.
TEXT OF HIS BRIEF MESSAGE.
Congress Should Provide q Means of
Paying the Public Debt, Pay Pensions
and Various obligations without Issu-
ing Bonds--The Deficit.

McKinley's message to congress is as
follows:
To the Congress of the United States:
Regretting the necessity which has re-
quired me to call you toge ther. 1 feel
that your assembling in extraordinary
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 more than three years With
unlimited means at our command, we are
presenting the remarkable spectacle of
increasing our public debt by borrowing
money to meet the ordinary outlays Incl
dent 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 revenues which allows 1t Is unjustifi-
able and should be corrected.
We find by the reports of the secretary
of the treasury that the revenues for the
fiscal year ending June 30, 1892, from all
sources. were $i2o, ,S6S, ,260.22, and the ex-
penditurcs Tor all purposes were S415, ,953 =
SO6.56, leaving an excess of receipts over
expenditures of S9,9li, 1896. During that
fiscal year $40, $40, 467.9S were paid upon
the public debt, which had been reduced
since March /, 1889, S259, ,O76, 800 and the
annual interest charged decreased Sll ,6SI,
1850
The receipts of the government from all
sources during the fiscal year ending June
30, 1893, amounted to SI6l, ,7l6, ,56l .94, and
its expenditures to Slb937i, ,SS765, show
ing an excess OF receipts over expenditures
of 81, 8l ,61I.29.
Since that time the receipts of no fiscal
year, and with but few exceptions of no
the expenditures. The receipts of the
government, from all sources, during the
fiscal year ending June 80, 1894, were
1878, ,S02, 492 80, and its expenditures $ii2,-
COS, 1887, leaving q deficit, the first since
the resumption of specie payments, of
SOS, ,SO3, 2605S. Notwithstanding there was
o decrease of $l6, 769, l2S.7S in the ordinary
expenses of the government as compared
with the previous fiscal year, 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, $50, 900 600 in bonds
were issued, and, in November following,
a second issue of $500O0,000 was deemed
necessary. The sum of $l11, ,7S5 was
realized by the sale of these bonds, but the
reserve was steadily decreased until on
Feb. 8, 1895, u third sale of $62, ,3l5, 400 in
bonds for S65, 1924 was announced in
congress.
The receipts of the government for the
fiscal year ending June 30, 1895, were
1890, 1873, ,203.30 and the expenditures were
S433, l7S, ,426.4S showing u deficit of $i2,-
S05, ,2231S. A further loan of 100000, 900
was negotiated by the government in Feb
ruary, 1896 the sale netting Sill, ,166, ,246,
and swelling the aggregate of bonds is
sued within three years to S262, ,3l5, 400.
For the fiscal year ending June 30, 1896,
the revenues of the government from all
sources amounted to $409, ,475, 40S17, while
its expenditures were S43I, ,67S, ,654 AS, or an
excess of expenditures over receipts of
$25, ,2O3,2 2l5.1O. In other words, the total
receipts for the three fiscal years ending
June 80, 1895, were insufficient by $751;
81 ,7294 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, ex-
elusive of postal revenues, were Sl57, ,507,-
6O3.76, and its expenditures, exclusive of
postal service, Sls5, 4lO,OOO22, or an excess
of expenditures over receipts of S37, ,902,-
396.46. In January of this year the re-
CeiptS, exclusive of postal revenues, were
S24,3l6, ,99i.O5 and the expenditures, eX-
elusive of postal service, $50, ,269, ,3S9.20, a
deficit of S5,952, 1924 for the month. In
February of this year, the receipts, exclu-
sive of postal revenue, were $24, ACC, ,997.3S,
and expenditures, exclusive of postal
service, S2S, 100, ,O5B.66, n deficit of $500
O59.2S; or a total deficiency of SlS6,06l,-
5SO.44 for three years and eight months
ending March ], 1897. Not only are we
without u surplus in the treasury, but
with an increase in the public debt there
has been corresponding increase in the
annual interest charge from 81, ,S93, $500
In 1892, the lowest of any year since 1862,
to s34, ,3oI, 1880 in 1896, or an increase of
81, ,493, 4l6 40.
1t may be urged that even If the rev.
enues of the government had been suffi-
cient to meet all its ordinary expenses
during the past three years, the gold re-
serve would still have been insufficient to
meet the demands upon 1t, and that bonds
would necessarily have been issued for its
repletion. BE this as IL may, 1t Is clearly
manifest, without denying or affirming
the correctness of such conclusion that
the debt would have been decreased in at
least the amount of the deficiency,
and business confidence immeasurably
strengthened throughout the country.
Congress should promptly correct the
existing condition. Ample revenue must
be supplied, not only for the ordinary
expenses of the government, but for the
prompt payment of liberal pensions and
the liquidation of the principal and inter-
est OF the public debt; In raising revenue
duties should be so levied upon foreign
products as to preserve the home mar
ket, so far as possible, to our own pro
ducers, to revive and increase manufac-
tories, to relieve and encourage agricul-
turc, TO increase our domestic and foreign
commerce, TO aid and develop mining and
building, 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 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 measure and to this
object | earnestly recommend that con
gress 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 MCKINLEY.
Executive Mansion, March 49, 1897.