The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1897-03-16
NEED MORE CASH
Deficiency in the Revenue the
. Sole Subject of McKinley's
Message.
Bonds Have Been Issued and the
Proceeds Used For Ex--
penSeS.

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.
ernment 1t Is conceded that it's current
expenditures are greater than its receipts,
and that such condition has existed for
now more than three years. With un.
limited means at our command, we aro
presenting the remarkable spectacle OF
increasing our public debt by borrowing
money to meet the ordinary outlay Incl.
dent upon even an e, lomical and pru.
dent administration of the government.
An examination of the subject discloses
this fact in every detail, and leads inev.
itably to the conclusion that the condi'
ton Of the revenue which allows it is un.
justifable and should be corrected.
Expenditure Exceeded Income.
We find by the reports of the secretary
of the treasury that the revenues for tho
fiscal year ending June 80, 1892, from all
sources, were $425, ,S6S 26O. 20, and the ex-
penditures for all purposes were $4l5 958,-
$685.. During that fiscal year $50,
567. .9S We're paid upon the public debt,
which had been reduced since March /,
1889, $259, ,076, 800, and the annual interest
charge decreased $ll ,6s4, $500 The re-
ceipts of the government from all sources
during the fiscal year ending June 30,
1893, amounted to Si6l, 49, 56l.9, and
its expenditures to $459, ,374, ,SS7 81,
showing an excess of receipts
over expenditures of $2,34 ,674.29
Since that time the receipts of no fiscal
year, and with but 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 so, 1894, were
S572, ,Ss2, ,4OS.29, and its expenditures
Si42, sos, 1861, leaving a deficit, the first
since the resumption of specie payment
of S69, ,SO3. .26o.5S, neutrality-suspicious. hore
GGihary expenses of the government, as
compared with the previous fiscal year.
it's income was still not sufficient to pro-
vide for it's daily necessities, and the gold
reserve in the treasury for the redemption
of greenbacks
Was Drawn Upon to Meet Them.
But this did not suffice and the govern
ment then resorted to loans to replenish
the reserve. In February, 1894, $50 ,O0OOO
| following IA second issue of $4,000 600 was
decided necessary. The sum of Sll7, IN
795 was realized by the sale of these bonds,
| but the reserve was steadily decreased un-
| til on February s, 1895, third sale of S62,
2l5, 400 in bonds for S65, ,ll6,2A was an
! nounced. Government receipts for the
fiscal year June 30, 1895, were S30373,-
2o3 30, and the expenditures $433 17o APO 4S,
showing deficit of SI2 500, 1923, Is.
A further loan of 800, 900 was nego
tiated by the government in February
| 1896 the sale netting Sill, 1866 ,2i6, anC
| swelling the aggregate of bonds isSuet
\ within the three years to 1862, ,3l5, 400. Fo
the fiscal year ending June 30, 1896, th
revenues of tho government from al
sources amounted to SlO9 ,475, 40S.7S, whil
its expenditures were $434 ,67S, ,654 4S, or al
excess of expenditures over receipts o
SO 203, ,2i5.1o. In other words, the tota
receipts for the three fiscal years ending
June 20, 1896, were insufficient by Sl37
Sill 729 46 to meet the total expenditures
Nor has this condition since improved
For the first half of the present fiscal yea
the receipts of the government, eXclusiv
, of postal revenues, were $l57, ,507 COB It
and its expenditures, exclusive of posta
, service Sl95 4l0, ,OOO. %, or an excess of el
penditurcs over receipts of $37 ,902, 1896. n
In January, of this year, the receipts, e!
, elusive of postal revenues, were S24,3l6
994 O5, and the expenditures, exclusive {
; postal service, $50, ,269, ,3S929, n Idcfcit {
81, go2, 395 "a for the month. In Februar
: of this year, the receipts, exclusive I
t postal revenue, We're $24 400, ,937 3S, an
l expenditures, exclusive of postal servic
4 S2s, ,796, ,05666, a deficit OF Si,39o, ,O592S; or
0 Total Deficit of sIss. 1901, ,5sO.44.
for the three years and eli ght months en-
t ing March |, 1897. Not only are we witt
: out Il surplus in the treasury, but with a
) increase in the public debt there has be,
j. corresponding increase in the annu
interest charge from S22 S93, $500 in 1s8
s the lowest of any year since 1862, to 50
Ss7, ,2976O in 1895, or an increase of 81
: 493, ,4l440 1t may be urged that even
q the revenues of the government had bet
q sufficient to meet all it's ordinary expens
l. during the past three years the go
;. reserve would still be insufficient to me
"a the demands upon it, and that bon
v would necessarily be issued for it's rep
ton. BE this as it may, it is clearly ma
:, fest without denying or affirming t
- correctness of such a conclusion, that t
u debt would have been decrea sed in at lea
D. the amount of the deficiency, and the bl
p mess confidence immeasurably strengt
70 ened throughout the country. Congr,
e sho ould
a Promptly Correct the Existing Conditi 10
Ample revenue must be supplied, 1
only for the ordinary expenses of the q
ernment, but for the prompt payment
~ liberal pensions and The liquidation of I
le' principal and interest of the public de
ng In raising revenue duties should be
Il levied upon foreign products as to p
lie serve the home market as far as posi-
nd to our own producers; to revive and
in crease manufactures; to relieve and
IN. courage agriculture; to increase our
~ mestic and foreign commerce; to aid q
@ develop mining and building, and to r
on der to labor in every field of useful oc,
patton the liberal wages and adequate