The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1897-03-19
M'KINLEY's MESSAGE.
The President Sends His First
Communication to Congress.
SThe Document Deals Wholly with Statfs-
tics About the Deficit I'm the Rev
enues-No Reference Made to
Foreign Questions.

WASHINGTON, March 15.-The presi
dent sent the following message to con
| gress:
To THE CONGRESS OF THE UNITED STATES
1 Regretting the necessity which has required me
to call you together, I feel that your assembling
| In extraordinary session Is indispensable, be-
| cause 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 ex-
| listed for now more than three years.
With unlimited means at our conlInGnd we
| are presenting the remarkable spectacle Of iii
| creaSing our public debt by borrowing money to
meet the ordinary outlays incident upon even
economical and prudent administration OF
| the government. An examination OF the sub
ect diSclOses this fact in every detail and leads
inevitably to the conclusion that the condition
| of the revenue which allows it Is unjustiflable
and should be corrected.
We find by the reports OF the secretary of the
| treasury that the revenues for the fiscal year
ending June go 1892, from all sources were S4so,
603, ,26022 and the expenditures for all purposes
were S415. .953, ,80656, leaving an excess of re-
ceipts expenditures of 80, ,914, 1896. Dur
ing that fiscal year S40,570, 1878 were
paid upon the public debt, which had
been reduced since March l. 1889, $3.50
076,S90, and the annual interest charge
decreased $l1. .5S4 $3.50. The receipts of the
government from all sources during the fiscal
year ending June 80. 1893, amounted to S46l 49,
56194, and It's expenditures to $3.50 374, ,887. s.
showing an excess of receipts over expendi-
lures of 81. .341. .67429.
Since that time the receipts of no fiscal year.
and with but few exceptions of no month of any
fiscal year, have exceeded the expendi-
lures. The receipts of the government, from all
sources during the fiscal year ending June 80
1894, were 1872 802, ,4e629 and its expenditures
S442 Cos 5S67, leaving deficit the first since the
resumption OF specie payments, of S69, ,803 300 53
Notwithstanding there decrease of 5I6,-
769, f2878 in the ordinary expenses of the gov
ernment, 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
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, $50 600, 900 in bonds were is
sued, and in November following second issue
of $50, 600 900 was deemed necessary. The sum
of Sill, ,795 was realized by the sale
of these bonds but the reserve was
steadily decreased until, on February 8.
1895, third sale of S62 3l5 400 in bonds for $685.
1924 was announced to congress. The receipts
OF the government for the fiscal year ending
June 80 1895, $500 373 2O9 30 and the expend-
itures $433, 178, 426. 48, showing deficit Of S42
605. .223. IS. A further loan of 500 100000 was
the sale netting Sill ,246 and swelling the ag
gregate of bonds issued within three years to
$780,, ,515, 400
For the fiscal year ending June 90 1886, the
revenues of the government from all sources
amounted to $409. .475 a08. 70, while its expendi-
lures were s434 4,67S, ,654. 49, or an excess of ex-
penditures over receipts OF s25, ,203, ,245.70. In
other words, the total receipts for the three
fiscal years ending June 80, 1895, were insult
fcient by S137, ,S11, 46 to meet the total ex-
penditures.
Nor has this condition since improved. For
he iret halt of he fha
ceiptS of the government, exclusive of postal
revenues, were S157, ,507 60376, and it's expend-
itures, exclusive Of postal services, s195, ,410,-
000.22, or an excess Of expenditures receipts
of S37 .9o2. 1885, 49,
In January, of this year. the receipts exclu-
sive of postal revenues were $24, ,3i6 9940 05, and
the expenditures exclusive of postal services
$50. .269, 29, deficit of S.. .952 1854 for the
month
In February of this year the receipts exclu-
sive Of postal revenue, were S24, 400, ,9973 49, and
expenditures exclusive of postal service
S28, ,796, ,05666, deficit of 81, ,395, ,O592 26;
or a total deficiency of s1S6 O61, ,580.44 for the
three years and eight months ending March l.
1897. Not only are we without surplus in the
treasury, but with an increase in the public
debt there has been corresponding increase in
the annual interest charge from S22 S93 $780, 20 in
1892, the lowest of any year since 1862, to S34.
S87 297. go in 1896, increase of Sill 493 41440
1t may be urged that even IL the revenues of
the government laQ Deon Sufnclent to meet ali
Its ordinary expenses 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
Its repletion. Be this as 1t may, it is clearly |
manifest, without denying or affirming the cor
rectness OF such conclusion, that the debt
would have been decreased in at least the
amount Of the deficiency, and business con-
ddence immeasurably strengthened Throughout
the country.
conditions. Ample revenues 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 interest |
Of the public debt. In raising revenues, duties /
should be SO levied upon foreign products to /
preserve the home market, so far as possible, |
10 our own producers; to revive and increase |
to relieve and encourage agri- |
culture; to increase our domestic and for /
sign commerce; to aid and develop mining |
ind building; and to render labor Ia every field |
If useful occupation the liberal wages and ade-
luate rewards to which skill and industry are l
Justly entitled. The necessity of the passage of |
tariff law which shall provide ample revenue |
iced not be further urged. The imperative de- |
nand of the hour is the prompt enactment of |
;uch measure, and to this object earnestly |
recommend that congress shall make every en-
ieavor.
Before other business is transacted, let us
lrst provide sufficient revenue to faithfully ad- |
minister the government without the contract /
ng Of further debt or the continued disturb
Ance of our finances
WILLIAM MCKINLEY.