The Union times. [volume] (Union, S.C.) 1894-1918, 1897-03-26
M'K|NLEY'S FIRST MESSAGE.
Estra Session of the Fifty-Fifty
Congress Convenes.
8RlEt In RECOMMENDATIONS
Session Called to Deal With Deficits
and Prevent Same I'm Future by
Passing y Tariff Bill.


ordinary session of the Fifty fifth Con-
Sress was opened by reading the Presi-
dent sproclamation nconveniugit. Sixty
eight Senators answered to the roll call,
and the galleries were filled to over
flowing.
Mr.. w. A. Harris, of Kansas, was
sworn in as successor to Mr.. PETER.
After appointment of committee to
notify the Presidhnt and the House that
the Senate was ready to begin its du-
ties, recess was taken until D. m.
Assistant Secretary Pruden ANNOUNCE
ed and presented the message, which
was read by the clerk, as follows:
10 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 con-
ceded that its current expenditures are
greater than its receipts, and that
such condition has existed for now
more than four years. With unlimit-
ed means Mt our command, we are pre-
sentlnS the remarkable spectacle of in
creasing our public debt by borrowing
money to meet the ordinary outlays in
cldent upon an economical and prudent
administration of the governments An
examination of the subject discloses
this fact in every detail, and leads in
evitably to the conclusion that the rev.
enue that allows it is unjustifable and
should be corrected.
We find by the reports of the Secre-
tary of the treasury that the revenues
for the fiscal year ending June 80. 1892,
from all sources were 1926, S6S, 260. %,
and the expenditures for all purposes
were S4l5, J53, S06. 56. leaving an excess
of receipts over expenditures of 50, Ola,
453. 66. During that fiscal year $40, $40, :
ACT. rs were paid upon the public debt,
which had been reduced from March /,
1889, $259, O16, 800, and the annual inter
est charges decreased $1l, ,GS4, 578. so.
The receipts of the government from all
sources during the fiscal year ending
June 30, 1898, amounted to 1851, 1l6, 56I
and its expenditures to $3.50, 314, SS7,
showing an excess of receipts over eX-
penditures of 81, ,G74. Since that
time the receipts of no fiscal year, and
but with few exceptions of no more of
any fiscal year, have exceeded the ex-
penditures. The receipts of the gov
ernment from all sources, during the
fiscal year ending June 30, 1894, were
S312, So2, 1913 and its expenditures
SAP, O05, 15S, leaving n deficit, the first
since the resumption of specie pay
ments, of 500, SO3, 2G0. NotwithStand-
ing there was decrease of SIG, 100, l2S,
in the ordinary expenses Of the govern
ment as compared with the previous
fiscal its income was still not sufficient
to provide for its daily necessities ana
the gold reserve i'll the TGeasury for
the redemption of greenbncks was
I'll 70 han, ll,,t t1,t.,
did not suffice, and the government
then resorted to loans to replenish the
reserve.
in February, 1894, $50, 900, 600 in
honds were issued, and in November
following second issue of $50, 600, 900
was deemed necessary. The sum of
S117, III, 795 was realized by the sales of
these bonds, but the reserve was stead
lily decreased until, on February 8,
1895, third sale of $62, 315, 400 in bonds
for $56, llG, pa was announced to Con-
gress:
The receipts of the government for
the fiscal year ending June 30, 1895.
were $3.50, 3'3, 203 and the expenditures
Si33, lis, 42G. showing deficit of Si2,
S05, 223. A further loan of 800, 900, 900
was negotiated by the government in
February, 1896, the sale netting SILL
1865, PIG and swelling the aggregate
of bonds issued within three years to
$2G2, 3lj, 400. For the fiscal year end
ing June 30, 1896, the revenues of the
government from Ill sources amounted
to $40D, 475, 40S, while its expenditures
were $434, ,67S, ,654. or an excess of eX-
penditures over receipts of $25, 203, 245.
In other words, the total receipts for
the three fiscal years ending June 30.
1896, were insufficient by Sl37,8 729
to meet the total expenditures.
Nor has this condition since i'm
proved. For the first half of tho
present fiscal year, the receipts of the
government, exclusive of postal reve-
nues were 1857, 507, ,8O3, and its ex-
penditures, exclusive of postal service,
$l95, 4lO, 900, or an excess of expen-
dltures over receipts of $37, ,802,-
ceipts, exclusive of postal revenues,
were $24, 3l6, 994 and the expenditures,
exclusive of postal service, $50, ,2G9, ,389
a deficit of SIS, 592, 800 for the month. In
February of this year the receipts, ex-
elusive of postal revenues, were $24.-
400, D7 and the expenditures exclusive
of postal service, $2S, zoe, ,066, deficit
OF "a, 395, ,050, or o total deficiency Of
$l8G, ,O61, $50 for the three years and
eight months ending March lst, 1897.
Not only are we without a surplus in
the Treasury, but with IN increase in
the public debt there has been cores
ronding increase in the annual interest
charge from S22, S03, SS3 in 1892 the
lowest of any year since 1862, to S34,-
3S7, 291 in 1896, or an increase of SILL
4O3, 3,4l4. 1t may be urged that even if
the revenue of the government had
been sufficient to meet all it's ordinary
expenses during the past three years,
the gold reserve would have still been
insufficient to meet the demands upon
1t, but be that rs it may it is clearly
manifest, without denying or confirm