The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-03-16
LAW MAKERS CONVENE
extraordinary Session Of the Fifly.Fiflh
Congress to Pass a Tariff BiII.
PRESIDENT M'KIALEY'S FIRST MESSAGE
Remarkably Short tDocument-'ro,,ch
es Upon Nothing but Need OF rscvc.
huc-urscs Congress so Enact spec
Oily Bill Embodying tho Ideas Of
Revenue md Protection.

Hue-trSeS Congress go Enact spec
Oily Bill EmbOdyfne the Ideas Of
Revenue ma Protection.
Wa shington, d. c., March 15.-Thc cx-
Iraordlnary session OF the Fifty fifth
congress was opened BY reading the
fresldents proclamation convenlng It.
S1Xty-eight Senators answered to the
roll call and the galleries were filed to
overlooking.
TWO. NEW SENATORS.
MT. w. r. Harris Pop.), or Kansas.
was sworn In as successor to Mr. Peffer
me credentials Of Henry W. Corbett,
appoint ed by the Governor of Oregon to
succeed John Fl. NIitchell-the Legis-
Iature having failed to e!cct-were pre-
,Sented by MIR. Mcbride (RepD, Of Ore
son, who stated that MI. Corbett was
present and ready to take the oath OF
Office. G,- ~ Ill O>'- -
Mr.. Gray. OF Delaware, thought that in
view Of the unusual circumstances The
credentials should be referred to the
committee on Privileges and Elections.
He made q motion to that effect and #
was agreed to- tl#Er
After the appointment Of committees
70 notify the President and House that
the Senate was ready to begin its duties
recess was taken until y. M.
AT 5iV MeSSrs. HOar and Cockrell
the committee on the part Of the SEN
ate, reported that 'the President cy
tended his cordial greeting and would
communicate a message in writing in n
short time" n
Assistant Secretary Pruden annol1nc
Ed and presented the message. which
was read by the clerk as follows:
THE PRESIDENTS MESSAGE.
TO the Congress OF the United States:
Regretting the necessity Which has re-
cured me to call you together, feel
THAT your assembling in eStra ordinary
session Is Indispensable, because OF the
condition In which we find the revenues
or the Government IT is conceded that
IT'S current expenditures are greater
than IT'S receipts and that such condi-
lion mas existed for now moro than
Three years. With unlimited means at
our command. we are presenting the re-
1narkI;ble spectacle Of increasing orr
public debt By borrowing money to meet
ordinary outlays incident upon even an
economical and prudent administration
Oh the Government. AN examination
or the subject discloses this fact in
every detail and leads inevitably to the
conclusion that she condition OF the
revenue which allows 1t is unjustii1ablc
and should be corrected
DEFICIENCY DETAILED.
We find by the reports OF the Sec
retary OF the Treasury that the revenues
from all sources, were $425,S6S, go, and
Ine eSpedltures, for all purposes, We're
$4lo,943S06 leaving IN excess of receipts
over expenditures OF S9,9l4.453
During that fiscal year SI0,570, ,467 were
paid upon the public debt, which had
been reduced since March i. 1880, $3.50.
oi6.s90, and annual interest charge de-
creased S11, ,6S4,576. Receipts Of the Gov
ernment from al sources during the
nscal year ending June 80, 1898. amount
eo 10 S16l, 1861 and it's expenditures to
Sfl5.253,SO6 leaving an ex cess Of receipts
over expenditures Of s2.341.674.
Since that time receipts OF no fiscal
year, and Without few exceptions, Of no
month Of any fiscal year. have exceed
ed expenditures. Receipts Of the Gov.
hseal year ending June 80, 1894, were
S3i2,S02.49S and its expenditures Si42,-
G0o.75S, leaving q deficit, the first sinca
the resumption Of specie payments, Of
S69, ,S03. 26O. Notwithstanding there was
4 decrease Of SIG. 7G9:l2S In ordinary ex
penseS OF Government. as compared
with the previous fiscal year. its income
was still not sufficient to provide for
Its daily necessities, and the gold re-
serve In the Treasury for the redemp-
,tlon Of green'backs was drawn upon to
meet them.
TIE BOND ISSUES.
But this did not suffice and the Gov
.
plenish the reserve. In February, 1894,
$oO.O0O00O In bonds were issued, and III
November following, the second issue OF
So0,GO0 600 was deemed necessary. Tho
sum Of S117,171.79D was realized by the
sale Of these bonds. but the reserve was
steadily decreased until, on February s,
1895. the third sale Of $62, 315 400 in bonds,
Tor sG5, 1924, was announced to Con-
gress.
The receipts OF the Government for the
tlscaa year ending June 30. 1885, were
S29o.S73.1S3, and eXpeditures s433, lis, ,426.
showing q deficit OF $42, sos. .223 a fur
ther loan OF 00000.00O was negotiated
by the Government in February, 1896.
the sale netting Sill .16G, ,246, and swelling
the aggregate Of bonds issued within
three years to s2G2. .S15, 400
For the fiscal year ending June 80,
1896, the revenues Of the Government,
from all sources. amounted to siO9 ,475,- :
408 while its expenditures were S434 G7S.-
64.4S. or an excess OF expenditures oye,
receipts OF $25.203. 245.7O.
RECEIPTS AND EXPENDITURES
In other words the total receipts for
three fiscal years, ending June 20th,
1896 We're insufficient by S137 7,S11, ,7294t to
meet total expenditures, nor has this
condition since improved. For the first
half Of the present fiscal year the re-
celpts Of the government, exclusive Of,
postal revenue. were Sl57 ,507. .603, and It's
expenditures. exclusive Of postal service,