The herald., 1897-03-16

the third sale of $62. .315, 400 bonds $685.
116,244) was announced to congress The
receipts of the governments first fiscal
year. ending June 80. 1895, were $ss, s,a7S,-
203.SO. and expenditures $43S,17S, ,426.4S,
showing deficit of 8.sO5, ,223.1s A fur
ther loan of 800, 600. 900 was negotiated
by the government in February, 1896, the
sale netting Sill, ,166, ,246 and swelling the
aggregate bonds Issued within three
years to $262, 1876. 900.
For the fiscal year ending June 20. 1896,
the revenues of the government from all
sources amounted to s4o9. AIS, ,40S. .7s, while
its expenditures were $434, ,678, ,654.48 or
an excess of expenditures over receipts
Of $25, ,203, ,245.70 In other words, the to-
tai receipts of the three fiscal years end
ing June 80, 1896. were insufficient by
$137, ,811, ,729. .46 to meet the total expendi-
lures. nor has this condition since i'm
proved. For the first half Of the present
fiscal year the receipts Of the govern
ment, exclusive Of postal revenue. were
$157, ,b07, ,60S. .76, and expenditures. exclu-
sive Of postal services, s195. Az, ,ooo.2s, or
an excess of expenditures over receipts
Of $35, ,9o2, ,396.46. In January this year
the receipts, exclusive Of postal revenues.
were $24, ,S1e. .994.29, deficit of $685. ,3s7 "a
for each month. In the treasury this
year the receipts, exclusive of postal
revenues, were $24, 400. .977.3S, and ex-
penditures exclusive Of postal service,
S2S, zoe, ,O76.66, q deficit of $4,3s5, ,063.28, or
total deficit Of s1s6. 6.oS1. 1904 for the
three years and eight months ending
March /, 1897.
SURPLUS ALL GONE.
Not only are we without surplus In the
treasury, but with an increase In the
public debt there has been correspond
ing increase in the annual interest
charge from s22, ,S9s, $500 In 1892, the
lowest of any year since 1862. to $34,337,-
2e7. 90, in 1896, or an increase of $11, ,49S,-
414.40. It may be urged that even II the
revenues of the government had been
sufficient to meet all its ordinary ex-
penses during the past three years. the
gold reserve would still have been in
sufficient to meet the demands upon 1t,
and that bonds would necessarily have
been issued for IT'S repletion. Be this as
IL may, It is clearly manifest without
denying or affirming the correctness OF
such q conclusion, that the debt would
have been decreased at least the amount
deficient and business confidence I'M
measurably strengthened throughout
the country.
CORRECTION NEEDED.
Congress should promptly correct ex-
isting conditions. Ample revenues must
be supplied not only for ordinary ex-
penses Of the government. but for the
prompt payment Of liberal pensions and
the liquidation Of the principal and In
terest of the public debt. In raising
revenues the duties should be so levied
upon foreign products as TO preserve the
home market so far a. possible to our
producers, revive and increase our man
ufactures; to relieve and encourage our
agricultural industries; to increase our
domestic and foreign commerce; to aid
and develop mining and building, ana
to render to labor in every field OF useful
occupation liberal wages and adequate
rewards to which skill and industry are
Justly entitled. The necessity OF pass
ing a tariff law which shall provide am
pie revenue need not be further
urged. The imperative demand Of the
hour II the prompt enactment Of such
. measure, and to this object earnestly
recommend that congress shall make
every endeavor. Before other business
is transacted let us first provide sufficient
revenue to faithfully administer the
government without contracting further
debt or continued disturbance of our
finances.
(Signed) WILLIAM M'KINLEY.
Executive Mansion, March 10, 1897