The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1897-03-20
HIS FIRST.
President MeKii]n1lssy's Message to;
Congress IL Brief
REFERS TO DEFICIT EXCLUSIVELY,
He Urges the Enactment of a T.rin
Bill to 1ncr .sfa4tress: the Revenue .
Declare This, the Imperative :
Demand Of the Hour.

Demand, 81, the Hour.
Washington, March 18.-The presi-
dent Monday sent the following mes
sage to congress-:
"To the Congress of the United States:
"Regretting the necessity which has re-
quired me to call you together, feel that
your assembling in extraordinary session
Is Indispensable because OF the condition
in which we find the revenues Of the gov
eminent. 1T is conceded that its current
expenditures are greater than its receipts,
and that such a condition has existed for
now more than three years. With unlinit-
ed means at our Command, we are pre-
sent1ng the remarkable spectacle Of in
creasing our public debt by borrowing
money to meet the ordinary OUTLAWS incl
dent upon even an economical and pru-
dent administration OF the government.
An examination Of the subject discloseS
this fact in every detail and leads in.
evitably to the conclusion that the con-
dition of the revenue which allows 1t 10
unjustifable and should be corrected.
I'VE find by the reports Of the secretary
of tho treasury that the revenues for the
fiscal year ending June 80, 1892, from all
sources. were s425,ses2eO.22. and the ex-
penditures for all purposes were $4l596s,-
SOC. Sc, leaving an excess OF receipts over ex-
penditures Of 9,9l4, $3.50. During that fiscal
year $4o, $40, 4s7 So were paid upon theipublio
debt, which had been reduced since March
], 1889, $259, O76, 800, and the annual interest
charge decreased $11, 1884, $3.50. The receipts
Of the government from all sources dur.
Ing the fiscal year ending June 80, 1893,
amounted TO s461, ZIG, 66t.94, and Its expend.
1tures to $459, 3T4, S57 65, showing an excess OK
receipts over expenditures Of s2.s4i,e74:2
"since that time the receipts Of no f1sca!
year, and with but few exceptions of no
how
the expenditures. The receipts OF the gov
eminent, from all sources. during the tis-
cal year ending June 30, 1894, were 1884,
500, 49s29, and its expenditures S442 605, 49,
81, leaving deficit, the first since the re.
sumption Of specie payments, OF $69, So3, O.6S.
Notwithstanding there was q decrease OF
$16,709, 879 in the ordinary expenses of the
government, as compared with the prevl-
Gus fiscal year, it's income was still not
sufficient to provide for it's daily necessi"
ties, and the gold reserve In the treasury for
the redemption of Ereenbacks was drawn
upon to meet them. But this did not suffice,
and the government then resorted to loans
to replenish the reserve.
I'm February, 1894. $50,00o,ooo In bonds
were issued, and In November following
second Issue Of $50, 900 WAS deemed neces-
sary The sum Of Sill. III. 795 was realized
by the sale az sh&,se bonds, but the reserve
was steadily decreased UNTIL on February
8, 1895, third sale Of &c., 315, 400 In bonds tor
$e5. 49, 44 was announced to congress.
The Yearly Deficits.
1.-THE receipts Of Thea government for tho
fiscal year ending June 80, 1895, were $780,
81. 208.30. and the expenditures $43S.178,-
Ag6 4s, showing deaoit OF $42, 8Q5, 22313. A
By the government in February, 1895, the
sale netting l1l,166,24o, and swelling the
aggregate Of bonds Issued within three
years to s262, s15, 400. For the fiscal year
ending June 80 1896. the revenues Of the
government from all sources amounted to
taos, 475, 40S.7S, while Its expenditures were
s4A, sis, ea 4s, or an excess Of expenditures
over receipts Of ..$e5;2o3, 245,7o. In other
words the total receipts for the three
fiscal years ending June 80, 1896, We're In
sufficient by s137.S11. 49, 6 to meet the total
Nor has this condition since improved.
For. the first half Of the present fiscal year
the receipts Of the government. exclusive
Of postal revenues, were $167, 5W. Go3.76, and
it's expenditures. exclusive OF postal serv-
ice, 1885, 41o, OoO22. or an excess Of expendl'
lures over receipts 1887 .eo2,s sG.46. In jan
uary Of this year the receipts exclusive Of
postal revenues wero s24.316, 94.oh, and the
expenditures exclusive Of postal service
SIC, 26e, q, deficit Of $685. 1854 for the
month.
The Total Deficit.
In February Of this year the receipts ex"
elusive of postal revenue. were $2a,4oo.-
997. SO, and expenditures exclusive of pos
tai service s2S, 7a8, 05ss6, deficit OF s4,395,-
92s; or total deficiency Of $1s6, ,5so.44
for the three years and eight months end
Ing March /, 1887 Not only are we with
out O surplus in the treasury, bat with en-
increase In the public debt there has been
terest charge from s22.so3, 1888 20 in 1892, the
lowest of any year since 1862. to ss4,ss,'
PSI so In 1883, or an increase OF $ll, 493 l4.40.
"lt may be urged that even II the rev.
euues of the government had been suftl-
Client to meet all Its ordinary expenses dur
Ing the past three years, the gold reserve
would still have been insufficient to meet
the demands upon it, and that bonds would
necessarily have been issued tor It's reple-
ton. Be this as 1t may, 1t Is clearly mani
fest, without denying or affirming the
debt would have been decreased In at least
the amount Of the deficiency. and business
confidence UNNECESSARILY strengthened
throughout the country. t.
Should he Promptly Corrected.
Congress should promptly correct the
b supplied not only for the pt cry *
p pronpt payment Of liberai pensions and
the liquidation Of the principal end inter-
ep en- dulles should be SO LEVIED upon for
e}gn products as to preserve the home mar
ducers; to revive and increase manufac-
lures; to relieve and encourage agrieul-
eign commerce; to aid and develop mining
and building. and to render to labor. in
every field Of useful occupation the lib
eral wages ana adequate rewards to- which
skill and industry are Justly entitled. The
necessity Of the passage Of tariff law
which shall provide, ample revenue need
mand Of the hour Is the prompt enactment
Of such measure, and to this object I
earnestly recommend thnt ,c congress ess shal
ness is sacted let lis first provide suf-
ficIent revenue to faithfully administer the
further debt, or the continued disturbance