The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1897-03-19
M'KINLEY'S MESSAGE.
The Expenditures of tbs Government
Are Greater Than the Receipts.
Congress is Asked to Promptly Correct
the Existing COndition-AmPle Rev.
enue Must Be Supplied to Meet Or
binary Expenses.


enue Must Be Supplied to Meet Or
binary Expenses.
WASHINGTON. March Is - The president
| Monday sent the following message to con-
| gress:
| GREETING the necessity which has required me
| to call you together, feel that your assem-
| bling in extraordinary session is indiSpenS
| able, because of the condition in which we
| find the revenues Of the government. 1T is
| conceded that it's current expenditures are
| greater than its receipts, and that
| such condition has existed now for
| three years With unlimited means
| at our command, we are presenting the re-
/ markable spectacle OF increasing our public
| debt by borrowing money to meet the ordin-
| airy OUTLAWS incident upon even an economical
| and prudent administration of the govern
ment An examination of the subject dis
closes this fact in every detail and leads inev-
/ itably to the conclusion that the condition of
| the revenue which allows it is unjustifable
| and should be corrected.
| We find by the reports of the secretary of
| the treasury that the revenues for the fiscal
| year ending June 60 1892, from all sources
| was S425 66S. $50 D. and the expenditures for
| all purposes were S4l5 953, 800 SO, leaving an
excess of receipts over expenditures of So
ga, 45S &c During the fiscal year $40 $40, 46z 90
| were paid upon the public debt, which had
been reduced since March l. 1885, $3.50, 076 $50,
and the annual interest charge decreased
| S11,6S4, $40 60 The receipts Of the gov
| eminent from all sources during
| the fiscal year ending June 80, 1898,
amounted to S461 Tie Sol "a and its expendi-
| lures of 81, BAL 674. g. Since that time the re-
ceipts of no fiscal year, and with but few ex-
! ceptions of no month of any fiscal ear, have
| exceeded the expenditures The receipts Of
| the government from all sources during the
fiscal year ending June %. 1894, were 1872. 802-
1890 and its expenditures S442 COS, 75S 81.
| leaving a deficit, the first since the re-
| sumption of specie payments, of SIS, S03 $50. So
| Notwithstanding there decrease OF
| Sl6, 769, 87S in the ordinary expenses Of the
| government as compared with the previous
! fiscal year, it's income was still not sufficient
| to provide for its daily necessities, and the
| gold reserve in the treasury for the redemp-
tion 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. 5000 01O in bonds were
issued, and in November following a second
issue of $50, 100000 was deemed necessary.
The sum of SATELLITES was realized by the
sale of these bonds but the reserve was
steadily decreased until February 8, 1926
third sale of S62 35, 400 in bonds, for S65 u.s.
| PA, was announced to Congress
| The receipts of the government for the fis-
cal year ending June 30. 1895, were $500. S7s.-
203 &c. and the expenditures S433 AS, 426. 4S.
showing a deficit of s42, sos, 228 Is A further
loan Of Sl00, 900, 900 was negotiated by the gov
ernment in February, 1896. the sale netting
Sill, l66246 and swelling the aggregate OF
bonds issued within three years to S262. 315,-
400 For the fiscal year ending Juue 80, 1896
the revenues OF the government from all
sources amounted to S409, AS. 40S %. while its
expenditures were S434, 67S. 654 4S, or ar
excess OF expenditures over receipts
of So, 203, a4a70 In other words
tho ol fOr
ending June 80, 1896, were insufficient by $751;
81. 1896 to meet the total expenditures. MOI
has this condition since improved. For the
first half of the present fiscal year. the re-
ceiptS OF the government, exclusive OF postal
revenues were sl57, 5O7. 6O376 and it's expendi-
lures exclusive of postal service 1895. 410 O00 %
or an excess of expenditures over rec eipts o.
$S7, 902, $780, IS.
In January Of this year the receipts. exclu-
sive of postal revenues. were S243l6. 994 o. anC
the expenditures, exclusive Of postal service
$50 269 SS9 90 a deficit OF S. 952 305 "a for the
month. In February Of this year the receipts
exclusive Of postal revenue were S24 ADO, 9s7 80
, and the expenditures. exclusive of pos
tai service, S2S796 ,O56 &C., deficit o
1895. Oo928 or total deficiency
Of SlS6O6l. $50 A, FOR the three years
and eight months ending March 1, 1897
Not only without surplus in the
treasury, but with an increase in the public
debt there has been 4 corresponding increase
in the annual interest charge from ;22S93-
98& 20 in 1892, the lowest of any year since 1862
to S34 Ss7, 297. 60 in 1896, increase of 81,
493,414 40
the government had been sufficient to NEE
all its ordinary expenses during the pas
three years the gold reserve would still
have been insufficient to meet the de-
mands upon it, and that bonds would
: necessarily have been issued for its repletion
Pa HI IN If iSn In orI-y
l out denying or affirming the correctness o
such conclusion, that the debt would have
: been deere aSed in at least the amount of tht
deficiency and business confidence immeas
urably strengthened throughout the country
Congress should promptly correct the exist
ing condition Ample revenue must be sup
\ piled, not only for the ordinary expenses o
the government, but for the prompt paymen
: of liberal pensions and the liquidation o
the principal and interest Of the public debt
In raising revenues, duties should be so levieC
upon foreign products as to preserve thu
home market. far possible, to our Owl
producers: to revive C-:d increase maUufac
lures; to relieve and encourage agric culture
to increase our foreign and domestic com
merce: to aid and develop mining and building
and to render TO labor in every field of usefu
occupation the liberal wages and adequate re
s wards to which skill and industry are justly
] entitled. The necessity of the passage of
tariff law which shall provide ample revenue
need not be further urged The imper
= alive demand of the hour is TIT
c prompt enactment OF such measur,
and to this object L earnestly
recommend that congress SHALL make every
endeavor Before other business is trans
z acted let US first provide sufficient revenue Il
faithfully administe the government witnou
the contracting of further debt the con
tinued disturbance OF our finances.
WILLIAM MCKINLEY.
Executive Mansion March Is, 1897.
. THEW DIE TOGETLER