The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1897-03-18
ga I'D 20 20 NGRDSS
8PRESI DEN Z M III MI IS MESS AGE TO
THE LL W MAKERS.
He Calls Attention to the Deficit IN
the I treasury ana AXIS Congress TO
Give Il Prompt Consideration.
Necessity Of the Passage Of a
Tariff Law which Shall Provide
Ample Revenue.

.Regretting the necessity which has res
squired 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. Tt 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 I'M
limited means at our command, we are
presenting the remarkable spectacle Of in
8creasing our public debt by borrowing
money to meet the ordinary OUTLAWS in
cident upon even an economical and pru-
dent administration of the government.
An examination of the subject Tdiscloses
this fact in every detail, and leads in
evitably to the conclusion that the condi-
ton OF the revenue which allows it is un-
justif1able and should be corrected.
8 We find by the reports of the secretary
Of the treasury that the revenues for the I
+ fiscal year ending June 80, 1892, from all 4
sources, were $425, 868,26022, and the ex-
penditures for all purposes were $415, 953,-I
SO6.56, leaving an excess of receipts over
expenditures of SO. 914,453e6 During that
fiscal year $4O,57O, 567.98 were paid upon.
the public debt, which had been reduced
since March ], 1889, $259, ORG 800, and the
annual interest charge decreased $11, esq.,
1855 The receipts Of the government
i from all sources during the fiscal year
ending June 80, 1898, amounted to- s$461,
1l6, 56l.9 and its expenditures to $780,
#S14 S87.65, showing an excess of receipts
over expenditures OF. Sc, 341, 674.20. Since
that time the receipts of no fiscal year,
and with but few exceptions Of no month
of any fiscal year, have exceeded the ex-
Penditures. The receipts Of the govern
ment from all sources during the fiscal
year ending June 3d. 1894, were $372 S92, q
$3.50 and its expenditures $442. Cos, 758. 81,
leaving n Deficit,
the first since the resumption Of specie
payment, Of 500, 800, 26O58. Notwith-
standing there was a decrease of SIG, $780,
1878 in the ordinary expenses of the
government, as compared with the previ-
Gus fiscal year, its income was still not
sufficient to provide for its daily neces-
sites, 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, $50 600, 900 in bonds
were issued and in November following
a second issue Of $5O,00O,OO0 was deemed
| necessary. The sum of S111 ,795 was
realized by the sale of these bonds, but
| the reserve was steadily decreased until
on Feb. 8, 1895, a third sale of $62, 315, 400
in bonds for SOS, III, 244 was announced to
tcongress. The receipts of the govern
Fment for the fiscal year, June 80, 1895,
were $390373, 80 and the expenditures
Sa2o, g ~ u aoa aoo
/ eoo, = u
~
and swelling the aggregate Of bonds is
sued Wlthln8 tne three Years 70 $1o2, 5lo.-
1eo ~ e ~,
from all sources amounted to $409, 49,
4O9 78. while It's expenditures were S434.-
CTS ga AZ or an excess Of expenditures
! over receipts of S252O3, 245.7O. In other
| words. the total receipts for the three
fiscal years ending June 80. 1896, were in
| s,,ficient hu S137 211 T29. DC 10 meet the
| tota 4 expenditures. az ..S
Nor has This. condition since imnroved
| nor tl,a frst half Of the 'nresent fiscal
| wear +he< receints9 Of the government. ex-
elusive of 1nostal revenues. we're Is157. 5O7.-
eoe u; ana re exneni3itrres exclusive of
1,ns+a1 sar,,cs s1n5 40 nno % : ~ an az
f oIye,. ,.aceints ~ s27
! ono eoe IL ST,3S1Ta n1Iarv of this wear tha
1,ostaI revenues
,,1ara eoas e1e Dol az, and tha axnenditnres
H. - ~ a,.11;oae coz oeo 900 90
dasa;t ~ * oso 2o5' 81 for the snoonf1
f. E,al,, f +;s :. tha ,ace;,,ts
:. = so1 400
oa1 90 ,o5 ayne,,di t,,ras aycl,1sive a nos
-, - saruica q sos 7e6 o56 &c ) s3 deficit
e :, So 40 30 ~ 8 ofioit ~ q az
90, zoo 80, : tb,e ~, oI+
M ,1 s11en7
+rea s,,,y
aie W. tha .,n -
az
eares 600
on 81 doe 81 tba 1oast If
90 aa7 oo7 en IN 1aae or.
slilce looa, 81 e11 R Ids a11 40
sass - = - ~ = : s
Immediate Action Ursed.z
It may be urged that even if the re-
8 venues Of the government had been suffi-
Il Gent to meet all it's ordinary expenses
during the past three years, the gold re-
serve would still have been insufficient to
meet the demands upon it, and that bonds
would necessarily have been issued for its
repletion Be this as it may, it is clearly
4 manifest without denying or affirming
s the correctness Of such a conclusion, that
least the amount Of the deficiency. and
the business confidence immeasurably
strengthened throughout the country Gun
gongress sm9u.u ptopely 5000 s
. s,'nniied not only for the ordinary ex.
penses Of the government, but for the
! prompt payment Of liberal pensions, ant
the public debt. In raising revenue
duties q. should be SO levied upon 10 foreigr
proaucls as preserve lhe nome marhs