The Republican journal. [volume] (Belfast, Me.) 1829-current, 1897-03-18
The President to Congress.

up wednesday as unfinished business
The President to Congress.
Brief but Important Message. Expenditures
are Exceeding Receipts. Necessity for Pro.
tective Tariff.
WASHINGTON, d. c., March To- President
Mcklnley's first message to Congress was
delivered at late hour this afternoon. IT.
was as follows:
10 THE CONGRESS OF THE UNITED STATES:
Regretting the necessity which has re-
CURED me to call you together, feel that
your assem- bling in extraordinary session is
indispensable because of the condition in
winch we find the revenues of the govern
ment 1t is conceded that its current ex-
pendltures are greater than it's receipts and
that such condition has existed now for
more than three years. With unlimited
means at our command, we are presenting
the remarkable spectacle of increasing our
pubic debt by borrowing money to meet
the ordinary ontlays incident upon even an
economical and prudent administration of
the government.
An examination of the subject discIoses
this fact IN every detail and leads inevitably
to the conclusion that the condition of the
revenue which allows it is unjustitiable and
unprecedented. We find by the reports of
the secretary of the treasury that the rev
enue Tor the fiscal year ending June 80, 1892,
from all sources was over S425, ,S6S, ,260 D. and
the expenditures for all purposes were $415,-
953. .o06 30, leaving an excess of receipts over
expenditures of S99l4 45} &C. During that
fiscal year SAC, $40, ,467 9S was paid upon the
public debt, which had been reduced since
March /, 1882 $3.50 ,076, $50 and the annual in
terest charge decreased S11 ,6S4 SIC 60
The receipts of the government from all
sources Qurlup the fiscal wear auIiuo J,,uo
30, 1888 amounted to S461, ZIG 561 81 and its
expenditures to S459, ,S74 SS7 90, showing an
excess of receipts over expenditures of S.,
341 ,674 %.
Since that time the receipts of no fiscal
year, and with but few exceptions of no
month of any fiscal year. have exceeded tie
expenditures. The receipts of the govern
ment from all sources, during the fiscal
year ending June 30, 1894, were ;S372 SO2 ,498.-
20 and its expenditures $442 605, 1881, leav-
ing deficit, the first since the resumption
of specie payments, of 500 1903, ,260 So
notwithstanding there was a decrease OF
SIG, 169, l2S7S in the ordinary expenses of the
government as compared with the previous
fiscal year, its income was still not sutfi-
cient to provide fol it's daily necessities anG
the gold reserve in the treasury for the re-
demptiOn of greenbacks was drawn upon to
meet them, but this did not suffice and the
government resorted to loans to repenish
the reserve.
In February, 1894, $50 600, 900 in bonds
We're issued and IN November following a
second issue of S50,0000 600 was deemed nee
essary. The sum of SILT III ,795 was real
lied by the sale &c these bonds but the re-
serve was steadily decreased until Feb 8,
1895, third sale of So, ,>25, 100 in bonds for
Sb5 1924 was announced to Congress.
The receipts of the government for the
fiscal year ending June 50, 1895, were $780,
73,203 80 and the expenditures S433, 49,
426 is, showing a deficit of SO ,S05, ,223 Is. A
further loan of 800 600 600 was negotiated
by the government i'll February, 1896, the
sale netting Sill 166, 246 and swelling the ag-
gregate of bonds issued within three years
to S262, ,3l5 400. For the fiscal year ending
June 80 1896, the revenues of the govern
ment from all sources amounted to S409,-
40, ,40o.1S, while its expenditures We're
S4@4, 67s,G54 49, or an excess of expenditures
over receipts of SO, 20, ,245 10,
In other words the total receipts for the
three fiscal years ending June 80 1896, Were
Insufficient by S137 81 100 46 TO meet the
total expenditures.
Nor has this condition since improved.
For the first half of the present fiscal year
the receipts OF the government. exclusive of
postal revenues, were S157 ,507 ,603 IS aud its
expenditures, exclusive of postal service,
Sl95 40 000 % or an excess of expenditures
over receipts of S;i1 ,902, .i$ri 46.
In January of this year the receipts, ex-
and The expenditures, exclusive Of postal
service, e40, ,269 $50 25 deficit of s. !i52 }95
II for the month. In February OF this year
the receipts, exclusive of postal revenues,
We're S24 400. 991 ;SS; expenditures, exclusive
of postal service, SIS, ,796, ,056 &c, deficit of
81 39J, ,059 2S, or a total deficiency of $780,
061 $50 II for the three years and eight
months ending March. 1896 Not only are
We without surplus in the treasury but
with an increase ia the public debt, there
has been corresponding increase in the an
nual interest charge from SO S93, ,SS;} 20 in
1899, the lowest of any year since 1862, to
s3i 'o7 ,291 90 in 1896 increase of Sl1,-
493,41i 40. 1t may be urged that even
If the revenues of the government had
been sufficient to meet all its ordinary
expenses the past three years, the gold
reserve would still have been insutf-
cent 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 manifest, without denying
or affirming the correctness of such a CON
clusion that the debt would have been de-
creased in at least the amount of the
deficiency and business confidence i'm
measurably strengthened throughout the
country Congress sh uld promptly cor
rect the existing condition. Ample rev.
enues must be supplied not only for
the ordinary expenses Of the government
but the prompt payment of liberal pensions
anu bU6 iluuludtiOu pl tuH prlUclpdl anu IN
terest of the public debt. IN raising revenue,
duties should be so levied upon foreign pro-
ducts as to preserve the home market, SO far
as possible, to our own producers; to relieve
manufacturers 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 wage and adequate
rewards to which skill and industry are just
iy entitled. The necessity of the passage of
a tariff law, which shall provide ample rev.
enue, need not be further urged The i'm
perative demand of the hour is the prompt
enactment of such a measure and to this
object earnestly recommend that Congress
shall make their endeavor.
Before other business is transacted let us
first provide sufficient revenue to faithfully
administer the government without the con-
traction of further debt OF continued dis
turbauce of our finance.
WILLIAM MCKINLEY
Executive Mansion, March 10, 1897
Bucksport Seminary Association.
The third annual reunion of the Bucksport