Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1897-03-26
M'KINLEY ON TARIFF.
HE TERsELv TELLS THE MA.
lions TROUBLES.
Saga More Revenue Is the Paramount
Acknowledgements at seaports the
Favored Way of Raising It-Urges
Congress to Act.
His First Messaue.

The message sent to Congress by Prcsi-
dent Mckinley Monday was as follows:
To the Congress OF the United States:
the necessity which has re-
quired me to call you together, l feel that
your assembling in extraordinary session
is Indispensable because of the condition
ill which we find the rcvenues of the
Government. 1t is conceded that its cur
rent expenditures are greater than its
receipts, and that such u condition has
existed for now more than three years.
With unlimited means at our command
we are presenting the remarkable specta-
Gle of increasing our public debt by bor-
rowing money to meet the ordinary out
lays incident upon even an economical
and prudent administration of the Gov
eminent. An examination of the subject
discloses this fact in every detail and leads
inevitably to the conclusion that the con-
dition of the revenue which allows it is
unjustifiable and should be corrected.
We find by the report of the Secretary
of the Treasury that the revenues for the
fiscal year ending June 30. 1892, from oil
sources were $425, S6S.2GO.222, and the ex-
penditures for NIL purposes were $415,-
DOB ,SO6.56, leaving an excess of receipts
over expenditures of $9.914.453.6 6. Dur
AA9 SAoC ASSNi SCui 1O,oSOs3Osso pau
upon the public debt, which has been re-
duccd since March /. 1889. $o~59,O7G,S9O,
and the annual interest charge decreased
$11,GSA.576.G0. The receipts of the Gov
eminent from all sources during the fiscal
year ending June 80. 1898. amounted to
$461, 1866. 81, and it's expenditures to
459.314.SS1.65 showing an excess of
receipts over expenditures of $2,341.-
Co 30.
Since that time the receipts of no fiscal
year. and. with hut few exceptions. of no
month of any fiscal year, have exceeded
the expenditures. The receipts of the
Government from all sources during the
fiscal year ending June 30, 1894, were
S$3312,S02 .49S 20. and it's expenditures
S442,6O5. 1887, leaving Il deficit, the first
since the resumption of specie payments,
of $G9,S .22fO. rs. Notwithstanding there
was a decrease of SIG, $50. lbs. IS in the or
binary expenses of the Government as
compared with the previous fiscal year,
it's income was still not sufficient to pro-
vide for its daily necessities. and the gold
reserve in the treasury for the redemption
of grecnbacks was drawn upon to meet
them. But this did not suffice, and the
Government then resorted to loans to re-
plenish the reserve.
In February, 1884, $50, 100000 in bonds
was issued, and in November following a
second issue of $50. 100000 was deemed
necessary. The sun of Sill. III, 795 was
realized by the sale of these bonds, but the
reserve was steadily decreased until on
Feb. 8, 1895. n third sale of $G2. 81 400
in bonds for Sta, 1924 was announced
to Congress.
The receipts of the Government for the
fiscal year ending June ~, 1895, were
5000 3,2O3.30 and the expenditures
$43333. It's. 426.4S showing u deficit of $42,-
SO5.22223.1S A further loan of $1OO,OOO.-
600 was negotiated by the Government in
February. 1896, the sale netting SILL
1926. md swelling the aggregate Of
bonds issued within three years to $780,
$4,000. For the fiscal year ending June
30. 1886, the revenue of the Govern
ment from all sources amounted to S4O9,-
415.4OS.1S. while its expenditures were
$S434. 67S, G54.4S. or al excess of expendi-
lures over receipts of $S995. a2O3 .2245. 20. In
other words, the total receipts for the
three fiscal years ending June 80. 1896,
were insufficient by S137.S 11, 729.46 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 $151.5 O7 Goa. 776,
and its expenditures. exclusive of
postal service. S195.41O.OOO . or an ex-
cess of expenditures over receipts of $751;
9O2,3396.46. In January of this year the
receipts. exclusive of postal revenues,
We're $$24.31G .994.O5, and the expendi-
lures. exclusive of postal service. S3O,-
269.3S9.29. n deficit of $685.. = for
the month. In February of this year the
receipts exclusive of postal revenues were
SD. 400, 997.3S and expenditures. eNclu-
sive of postal service. SIS. 7796, O56.6S, n
deficit of $ 4 1855 .O59.2S or Il total deficit
of $1S6.O61, ;5SO.44 for the three years and
eight months ending March ], 1897. Not
only are we without u surplus in the
treasury hut with an increase in the public
debt. There has been II corresponding
increase in the annual interest charge
from S222.S93 $500 in 1892. the lowest
of amy year since 1867. to $:34. 1891 .2297 go
i'll 1S3G. or an increase of S11.493 414.4O.
1t may be urged that even if the rev.
enues of the Government had been sutfi-
Gent to meet all its ordinary expenses dur
ing the last three years the gold reserve
would still have been insufficient to meet
the demands upon it. and that bonds
would necessarily nave been issued for it's
TepIctlOu. DE tulS as II lnuy. IL Is clear
ly manifest, without denying or affirming
the correctness of such Il conclusion. that
the debt would have becn decreased in ut
least the amount of the deficiency. and
business confidence immeasurably
strengthened throughout the country.
Congress should promptly correct the
existing condition. Ample %evenu must
be supplied not only for the ordinary ex-
penses Of the Government but for the
prompt payment of liberal pensions and
the liquidation of the principal and inter-
est of the public debt.
In raising revenue duties should he 80
levied upon foreign products as to pre-
serve the home market so far as possible
to our own producers. to revive and in
crease manufactures. to relieve and ell
courage agriculture. to increase our do
nestle aud foreign commerce, to aid and
develop mining and building. and to rem
der to labor in every field of useful occll-
patton the liberal wages and adequate re-
wards to which skill and industry are
Justly entitled.