The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1897-03-24
M'KTNLEY'S MESSAGE.
STRIKES FOR HIGH TARIFFS AND
MORE REVENUE.

STRIKES FOR High taRltFS ANU
MORE REVENUE.
A Point Made Plain That the Government
Must Either sp end Much Less or Receive
Much More.
WASHINGTON, March 15.-Both
branches of Congress assembled to-
day in extraordinary session in Obe
dience TO the Presidents proclamation
convening it. After the routine busi-
ness Of the two Houses were gotten
through the following message was
read in each House:
To the Congress of the United States
Regrettiug the necessity which has
required me to call you together. l
feel that your assembling in extra
ordinary session is indispensable be-
cause of the condition in which we
find the revenues of the government {.
1t is conceded that its current expendi-
lures are greater than its receipts,
and that such condition has existed
for more than three years. With un-
limited means at our command, we
are presenting the remarkable spectacle
of increasing our public debt by bor-
rowing money to meet the ordinary
outlays incident upon even an econo.
mical and prudent administration of
the government. An examination OF
the subject discloses this fact in every
detail, and leads inevitably to the con-
clusion that the condition of the rev
enue which allows it is unjustifiable
and should be corrected.
We find by the report of the secre-
tary of the treasury that the revenues
for the fiscal year ended June 80, 1898,
from all sources, were 1925, 868, ,26O.22
and the expenditures for all purposes
were $4l5, 953, ,806.56, leaving an ex.
cess of receipts over expenditures OF
So, 914, 1886. During that fiscal year
$40, $40, 467. SO were paid upon the pub,
lie debt. which had been reduced
since March 1, 1889, $3.50, ,076, 800, and
the annual interest charged decreased
$11, ,6S4, 576.60. The receipts of the
20 Vernment from all sources during
the fiscal year ending June 80, 1893,
amounted to 1851, 1855 AMI its ex-
penditures to $459, 9,374,8S7, showing
an excess otrecsipts over expenditures
of 50, BAL, ,674.
Since that time the receipts of no lis
cal year, and, with few exceptions, of
no month of any fiscal year, have ex-
ceeded the expenditures. The receipts
of the government from all sources
during the fiscal year ending June 80,
1894, were 1912, ,802, ,49S and its expen.
ditures $442, COS, 75S, leaving deficit
the first time since the resumption OF
specie payments of $69, 800, ,26O. Not.
withstanding there was decrease OF
SIG, 769, 1913 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
greenback was drawn upon to naeet
them. But this did not suffice, and
the government then resorted to loans
to replenish the reserve. In Febru-
ary, 1894, $50,OO0,000 were issused,
and in November following a second
issue OF $50, 0,0O0,0 900 was deemed neces'
sary. The sum of $117, III, ,795 was
realized by the sales of these bonds,
but the reserve was steadily decreased
until, on February 8, 1895, a third
sale of $62, 315, 400 in bonds for $685.
116, ,244 was announced to congress-.
The receipts of the government Tor
the fiscal year ending June 80, 1895,
were $50, ,373, 1903 and the expenditures
$433, 17S, 426, showing a deficit of $4S,
805, 1923. A further loan of $100, ,OOO,
900 was negotiated by the government
in February, 1896, the sale netting
Sill, ,166, ,246, and swelling the aggre
gate of bonds issued within three years
to $262, 315, 400.
For the fiscal year ending June 30,
1896, the revenues of the government
from all sources amounted to $4O9,'
AIS, ,40S, while its expenditures were
$434, 678, 645, or an excess of expendi'
lures over receipts of $25, ,203, ,245. In
other words, the total receipts for the
three fiscal years ending June 30, 1896.
were insufficient by $l37, ,811, 729 tc
to meet the total expenditures. Nor
has this condition since improved:
For the first half of the present fiscal
yeart the receipts of the government
exclusive of postal revenues were
$157, ,057, ,603 and its expenditures ex'
elusive of postal service $195. .410, 600,
or an excess of expenditures over re-
ceipts of $37, 7,9O2,396. In January OF
this year the receipts exclusive of pos
tai revenues were $24, 316, 994 and the
expenditures exclusive of postal SER
vice $50, ,269, ,3S9, deficit of s., 952, ,395,
for the month. In February OF this
year, the receipts, exclusive OF pcstal
revenues, were $24, 400, ,997 and eEpen
ditures exclusive of postal service,
$2S, 796, ,O56, a deficit of 1896, ,O59; or a
total deficiency of $1S6, O61, $50 for the
three years and eight months ending
March 1, 1897. Not only are we
without surplus in the treasury, bu1
with an increase in the public debt
there has been a corresponding In,
crease in the annual interest charge
from $22, 1893, 1888 in 1892, the lowest ot
any since 1862, to $34, 3S7, ,297 in 1896.
or an increase OF $l1, 493, Ala.
1t may be urged that even if the
revenue of the government had beer
sufficient to meet all its ordinary ex
penses during the past three years thu
gold reserve would still have been In
sufficient to meet the demands upor
II and that honds would necessarily