Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1897-03-18
PRESIDENTS MESSAGE.
The Needs of the Government
Briefly Pointed Out.
NECESSITY FOR PROMPT ACTION.
The Chief Magistrate Tells How the Reye-
nues of the Government Have Decreased
During the Past Five Years, and How
Ample Revenues Can be Provided.

nues of the Government Have Decreased
During the Past Five Years, and How
Ample Revenues Can be Provided.
Washington, March 15-The Fifty
fifth congress met in extraordinary
session at noon today in pursuance of
President McKinley's proclamation.
The work before 1.-THE passage of a
tariff BILLS pretty well cut out in
advance, but the indications are that
1t will be a stormy session, and its
length and scope are as yet mere mat
tiers Of speculation.
The first business in order in the
house after the formal opening was the
election of officers of the Fifty-fifth
congress, and, in accordance with the
action of the Republican caucus on
Saturday night, all the old officers were
reelected, as follows: Thomas B. Reed,
speaker; Rev. Henry NJ Couden, chap
lain; Alexander Mcdowell, clerk Ben
jamin F. Russell, sergeant-at-arms;
w. J. Glenn, doorkeeper; Joseph c. Nc
Elroy, postmaster. The complimentary
vote of the Democrats was cast for
John w. Bailey, of Texas.
The senate began it's work in extra
session with 81 senators present, and
with the galleries packed to their full
limit. The whole business of the day
was confined to the reading of the
presidents message, the seating of the
new senator from Kansas, Mr.. Harris,
and the reference of the credentials of
Mr. Corbett as senator from Oregon to
the committee on privileges and cleo
tions. The presidents message, the
reading of which was listened to with
the closest attention, was as follows:
To the congress of the United States:
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. 1t is conced-
ed that it's current expenditures are
greater than its receipts, and that such
a condition has existed for now more
than three years. With unlimited
means at our Command we are present
ing the remarkable spectacle of in
creasing our public debt by borrowing
money to meet the ordinary OUTLAWS
incident upon even an economical and
prudent administration of the govern
ment. An examination of the subject
discloses this fact in every detail, and
leads inevitably to the conclusion that
the condition of the revenue which al
lows it is unjustifiable and should be
corrected.
We find by the reports of the sec
rotary of the treasury that the reve-
nues for the fiscal year ending June
80, 1892, from all sources, were $425,-
S6S,260.22, and the expenditures for all
purposes were $415, 953, sos Sc, leaving
an excess of receipts over expenditures
of 1914, 1896. During that fiscal year
| $40570, 467.98 were paid upon public
debt, which had been reduced since
March 1, 1889, $259, O76, S9O,and the an
nual interest charge decreased $11, esq.,
1850. The receipts of the government
from all sources during the fiscal year
ending June 80, 1898, amounted to $461, =
716561.94, and its expenditures to $780,
374, 887.65, showing an excess of receipts
over expenditures of 1894. 67429.
Since that time the receipts of no fis-
| cal year, and with but few excep-
| lions of no month of any fiscal year,
| have exceeded the expenditures The
| receipts of the government from all
sources during the fiscal year end
| Ing June 80, 1894, were 1872, 1902, 498. 20,
and its expenditures $442. sos, 758. 81,
! leaving a deficit, the first time since
the resumption of specie payments, of
| $69, ovo. ov.58. Notwithstanding there
was a decrease of SIG, 769, 12S.7S in the
ordinary expenses of the government,
as compared with the previous fiscal
year, its income was still not sufficient
| to provide for it's 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 re-
sorted to loans to replenish the re-
| serve.
In February, 1894, $5O.O00,OOO in bonds
were issued, and in November follow
! ing a second issue of $50, 1000, 900 was
deemed necessary. The sum of Sill
| III, 795 was realized by the sale of these
bonds, but the reserve was steadily
decreased until, on Feb. s. 1895, third
sale of $62, 315, 400 in bonds, for $S5, 49,
244 was announced to congress.
| The receipts of the government for
| the fiscal year ending June 30, 1895,
were $500, 373, 20330, and the expendi-
lures $433, 17S, 4264S, showing a deficit of
| SAP, sos ,223.1S. A further loan of $100,000
900 was negotiated by the government
in February, 1896, the sale netting
Sill, 166, 246, and swelling the aggregate
of bonds issued within three years to
1852, 315, 400. For the fiscal year ending
| June 80, 1896, the revenues of the gov
| eminent from all sources amounted to
$409 Ats, 408.7S, while it's expenditures
were $434 678, 654.48, or an excess of ex-
penditures over receipts of $25, 203, 245,-
| 20. In other words, the total receipts
| for the three fiscal years ending June
| 30, 1896, were insufficient by $137 ,811,-
| 729.46 to meet the total expenditures.
| Nor has this condition since i'm
proved, for there has been a total de-
| ficiency for the three wears ending
March 1, 1897, of $780, 5S0.44, and an
increase in interest in the public debt
of $11, 49S 414.4O.
| Congress should promtly correct the
existing condition. Ample revenues
must be supplied not only for the or
| binary 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 revenue duties should
be so levied upon foreign products as
| to preserve the home market so far as
| possible. to our own producers; to re-
vive the manufactures: to relieve and
encourage agriculture; to increase our
| domestic and foreign commerce; to aid
and develop mining and building, and
to render to labor in every field of use
| full occupation the liberal wages and
adequate rewards to which skill and
industry are justly entitled. The ne
cessity of the passage of a tariff law
which shall provide ample revenue
need not be further urged. The inn
perative demand of the hour is the
prompt enactment of such measure,
and to this object l earnestly recon-
mend that congress shall make every
! endeavor.
STOCK AND PRODUCE MARKETS.
Closing Quotations of the New York and
| Philadelphia Exchanges.