Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1897-03-22
THE PRESIDENTS MESSAGE.

sage TO congress la5b TUESDAY we
give it in part below:
tsTo the Congress of the United
States: Regretting the necessity
which has required me to call you to-
gether, feel.that your asse mbiing in
extraordinary session is indiSpe nsable
because of the condition in which we
find the revenues OF the government
1t is conceded that its current ex-
penditures are greater than its re-
ceipts, and that such a condition has
existed for now more than 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 ordinary OUTLAWS incident
upon even an economical and pru-
dent administration of the govern
ment. An examination of the sub
ject discloses the fact in every detail,
and leads inevitably to the conclusion
that the condition of the revenue
which allows it is unjustifiable, and
should be corrected.
We find by the reports of the secre-
tary of the treasury that the revenue
for the fiscal year ending June 80,
1892, from all sources leaves an excess
of receipts over expenditures of about
100000 900. During that fiscal year
$40, $40, 467, 98 was paid upon the pub
lie debt, which had been reduced since
March 1, 1889, $259, 076, 800, and the
annual interest charge decreased $11, :
6S4 $40, so. The receipts of the gov
eminent from all sources during the
fiscal year ending June 80, 1898, show
an excess of receipts over expendl-
lures of 50, 341, 674, 80.
Since that time, the receipts of no
fiscal year, and with but few excep-
lions of no month of any fiscal year
have exceeded the expenditures.
Notwithstanding there was a de-
crease of SIG, 769, 1913, 78 in 1894 in the
ordinary expenses of the government
as compared with the previous fiscal
year, its income was still not sufflci-
ent to provide 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 government
then resorted to loans to replenish
the reserve.
In February 1894, $5O,O0O,OOO in
bonds were issued, and in November
following, a second issue of So, 0O0,0OO
was deemed necessary. The sum of
Sill, III, 795 was realized by the sale
of these bonds. But the reserve was
s. 1895, third sale of $62, 315, 400 in
bonds for $50, 116, 244 was announced
to Congress.
The receipts of the government
for the fiscal year ending June 80,
1895, showed deficit of $40, 805, 223, 10.
A further loan of 500, 600, 900 was ne
gotiated by the government in Feb
ruary, 1896, the sale netting Sill, 1885,,
246, and swelling the aggregate of
bonds issued within three years to
1882, 315, 400. For the fiscal year end
ing June 80, 1895 the revenues of the
government showed an excess of
expenditures over receipts of $25, 203,-
1851
In other words, the total receipt for
the three fiscal years ending June 80,
1886, were insufficient, by $137, 811,-
729, As, to meet the total expenditures.
Nor has this condition since i'm
proved. For the first half Of the pres
sent fiscal year the receipts of the
government exclusive of postal re-
venues showed an excess of expendi
lures over receipts of $37 1902, 1896, 40
which with the deficit since Jan. 1st
makes a total deficiency Of 1886, O61,-
$50, "A for the three years and eight
months ending March 1, 1897.
Not only are we without surplus
in the treasury, but with an increase
in the public debt there has been a
increase in the annual
interest charges, from $22, 1893, 1885,, 20
In 1S92-the lowest of any year since
1862-to $34 1897 ,297, go in 1896, or an
increase of 81, 493, Ala, 40.
1t may be urged that, even if the
revenues of the government had been
sufficient to meet all it's expenses dur
ing the past three years, the gold re-
serve would still have been insuffici-
emit 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 that |
the debt would have been decreased |
in at least the amount of the deficien
cy, and business confidence i'm
measurably strengthened throughout
the country.
Congress should promptly correct
the existing condition. Ample re-
venues must be supplied, not only for
the ordinary expenses of the govern
ment, but for the prompt payment of
liberal pensions and the liquidation of
the principal and interest of the pub
lie debt. In raising revenue, duties
should be SO levied upon foreign pro-
ducts us to preserve the home market
so far as possible, to our own produc
ers; to revive and increase manufac-
lures; to relieve and encourage agri-
to increase our domestic and
foreign commerce; to aid and deve-
lOp mining and building, and to rend-
er to labor in every field of useful oc-
cupation the liberal wages and ade
quate rewards to which skill and in
dustry are justly entitled.
The necessity Of the passage. of a
tariff law which shall provide ample
revenue need not be further urged.
The imperative demand of the hour
is the prompt enactment of such a
measure, and to this object I earnest
ly recommend that Congress shall
make every endeavor. Before other
business is transacted let us first pro-