The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1897-03-19
THE PRESIDENTS MESSAGE.
Necessity for Enactment of New
Tariff Bill.

"ESSHSEs
Necessity for Enactment of q New
Tariff Bill.
: The president Monday sent the fol-
lowing message to congress:
Regretting the necessity which has
required me to call you together, feel
that your assembling in extraordinary
session is indispensable because Of the
condition in which we find the reve-
nues of the government. It is conced-
ed that it's current of expenditures are
greater than its receipts, and that such
condition has existed now for more than
three years. With unlimited means at
our command, we are presenting the re-
markable spectacle of increasing our
public debts by borrowing money to
meet ordinary outlays incident upon an
even, economical and prudent admins
tration of the government. Examina-
tion of the subject discloses this fact in
every detail and leads to the inevitable
conclusion that the condition of the
revenue which allows it is unjustiiable
and should be corrected.
We find by the reports Of the secre-
tary of the treasury that the revenues
for the fiscal year ending June 80, 1892,
from all sources, were $425, S6S, 800. %,
and the expenditures for all purposes
were $415, 953, 800. 06; leaving an ex-
cess of receipts over expenditures OF
$9,914, ,454. Is. During that fiscal year,
$40, $40, 467.98 was paid upon the pub,
lie debt, which has been reduced since
March /, 1890, $3.50, O76, 800, and the
annual interest charges decreased SILL
6s4, ,576. so.
The receipts of the government from
all sources during the fiscal year ending
June 80, 1898, amounted to 1886, ,818,-
629, and it's expenditures 1888, ATT, 954,
showing an excess of receipts over ex.
penditures of $2,341, ,674. Since tn;
time, the receipts of no fiscal year and,
with but few exceptions, of no month
of any fiscal year, have exceeded ex-
penditures.
The receipts of the government from
all sources during the fiscal year end
ing June 80, 1894, were $372, 1884,
498. 30, and its expenditures, $442, $685..
1853. 81, leaving deficit, the first time
since the resumption of specie pay
ments of $69, 1903, ,260.5S. Notwith-
standing the decrease of $16, 769, 1913. 78
in the ordinary expenses of the govern
ment, as compared with the previous
fiscal year, it's income was still not suf-.
fcient to provide for its daily neces-
ssities, and the gold reserve in the treas
ury 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, $50, 900, 900 bonds
were issued, and in the November fol-
lowing second issue of $50, 900, 900
was deemed necessary. The sum of
Silt, III, 795'was realized by the sale
of these bonds, but the reserve was
steadily decreased until on February 8,
1895, third sale of $62, ,315. 400 bonds
for $65, 116, ,244 was announced to con-
gress.
The receipts of the government for
the fiscal year ending June 80, 1895,
were $500, 373 1908. 80, and the expend.
itures, $433, It's, 426. 48, showing a de-
fcit of $48, ,805, ,223. 49, A further loan
of $1O0, 900, 900 was negotiated by the
government in February, 1896, the
sale netting Sill, Ice, ,246, and swelling
the aggregate bonds issued within three
years to $262, ,315, 400.
For the fiscal year ending June 80,
1896, the revenues of the government
from all sources amounted to $409, ,475,-
408. IS, while its expenditures were
$434, 678, 654.48, or an excess of ex-
pendi.ures over receipts of $25, ,205,-
245. 70. In other words, the total re-
ceipts of the three fiscal years ending
June 80, 1896, were insufficient by
$137, ,811, 729. 46 to meet the total ex-
penditures.
Nor has this condition since inn
proved. For the first half Of the pres
ent fiscal year, the receipts of the gov
ernment, exclusive of postal revenues,
were $157, 507, ,6O3.76 and the expendi-
lures, exclusive of the postal service,
$195, ,41O, 0OO.29, or an excess of ex-
penditures over receipts of $37, ,902,
396. 46.
In January of this year there was
deficit Of $5,952, 1862 for the month.
It may be urged that even if 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 it,
and that bonds would necessarily have
been issued for it's repletion. Be this
as it may, it is clearly manifest, with
out denying or affirming the correct
ness of such conclusion, that the debt
would have been decreased in at least
the amount of the deficit and business
confidence immeasurably strengthened
throughout the country.
Congress should promptly correct the
existing conditions. Ample revenues
must be supplied, not only for the or
dinary expenses of the government, but
for the prompt payment of liberal PEN
sions and liquidation of the principal
and interest of the Pr debt. In
raising revenues, dutf -,ould be SO
levied upon foreign p, dcts as to pre-
serve the, home market as far as possi-
BILE to our producers, to revive and in
crease manufactures, to relieve and en-
courage agriculture, to increase ourd do
mestic and foreign commerce, to aid
and develop our mining and building,
and to render to labor in every field of
useful occupation liberal wages and adj
equate rewards, to which skill and in
+ dustry are justly entitled:
t. The necessity of the passage of a
tariff law which shall provide ample
revenue need not be further urged.