The state herald., 1897-03-19
MORE MONEY WANTED
BURDEN OF THE PRESIDENTS
SSAGE.
MIR. MCKINLEY says That Is tho Imperative
Need of the Hour--He Shows What the
Deficiency Is

TO the Congress of the United
States: - Regrctting the necessity
which has required me TO call you to,
gether, | feel that your assembling in
extraordinary session is indispensable
because of the condition in which we
lind the revenues of the government.
1t Is conceded that its current eNpen.
diturcS are greater than its receipts,
and that such n condition has existed
now for more than three years. With
unlimited means at our command, we
are presenting the remarkable specta-
Gle of increasing our public debt by
borrowing money TO meet the ordinary
0utlayS incident upon even an econom.
ical and prudent administration of the
| government. An examination of the
subject discloscS this fact in every de
tail and leads inevitably to the cOnclu-
sion that the condition of the revenue
which allows II is unjustiliable and
| should be corrected.
I'VE find by the reports of the sccre-
tary of the treasury that the revenues
Tor the fiscal year ending June 30,
1892, from all sources were Si25 $685.
2Go,22, and the expenditures for all
purposes were Sil5.953, ,S60.aG leaving
an excess of receipts over eXpcndi-
| lures of S9,9lI 1896. During that is.
cal year Si0,j7O IGT,9S were paid upon
the public debt, which has been re
duced since March I, 1889, 500. $40
and the annual interest charge de
| creased Sll,GSi.56TGO.
'rhe receipts of the government
| from all sources during the fiscal year
ending June 80, 1893, amounted 10
SilG,7lG,5Gl,9l, and its expenditures to
| SiJ9,3T4, ,SSI65, showing an excess Of
receipts over expenditures of SD, =
325.7l
"Sincc that time the receipts Of no
fiscal year, and with but few eNcep-
tlons of no month Of any fiscal year.
have exceeded the expenditures. The
receipts of the government from all
sources, during tn fiscal year ending
June 30, 1894. were S3T2. .S92. .4gS ~.
and Its expenditures Sii2,G0J, ,75S.ST.
leaving deficit, the first since the re-
sumption of specie payments, Of SG9,-
Sn3,2Gu.3S. Notwithstanding there was
decrease Of SlG.TGS, 12S.TS In the or
dinary expenses of the government as
compared with the previous fiscal
year, Its income was still not sufficient
to provide for its daily necessities and
the gold reserve in the treasury for the
i'N'llllllNl VI ETttubdthS WIS NTNNfl
upon to meet them.
But this did not suffice. and the gov
ernmcnt then rcsorted to loans to re-
plcniSh the reserve. In February,
1891, SjO,OOO.OD0 i'm bonds were issued
and In November following a second
issue of 100000 was deemed neces-
sary. The sum Of S117,l7l,T9J was
realized by the sale of these bonds.
but the reserve was steadily decreased
until February S, 1895, third sale of
S62,3lo,ioo in bonds, for which there
was realized In gold coin So, J,1lG,2ii.
was announced in Congress.
''Fhe receipts Of the government for
the llscal year ending June 30. 1895.
We're S'Hlo,3I3, 1880. and the cXpcndi-
lures SiS3, las, ,i2i.IS. showing n deficit
of 81. sos S,223.lS. A further loan of
SlbOO,DOo was negotiated by the gov
ernment In February. 1896, the sale
netting Sill i.lGG,2IG. and swelling the
aggregate of bonds issued within three
years 10 S2G2.3l5, 400. For the fiscal
year ending June 30 1896 the reye.
nues of the government from all
sources amounted to 500 IT5. .lOS. IS.
while Its expenditures were si3i.GIS.-
6iI.iS, or an excess Of expenditures
er words. the total receipts for the
three fiscal years ending June 20. 1896.
Were insufficient by Sl3I ,Sll ,T2g. 40 to
meet the total expenditures.
'NOr has this condition since i'm
proved. For the iirSt half of the pres
cnt fiscal year the receipts Of the gov
ernmcnt. exclusive of postal revenues,
were Sl5I.5oI .Ggl.T6, and its eXpendi-
lures. exclusive of postal service,
Sln1 1,iiO1O2g, or an excess of eNpen-
dftures over receipts of S37, D02, ,39G. 40.
In January of this year. the receipts,
exclusive Of postal revenues, are S2i,-
3lG.!ri.O5, and the expenditures. eNclu-
sly" of postal service, Sl0.2G9 $50. %, a
deficit of S5,952 1891. For the month
In February Of this year, the receipts,
exclusive Of postal revenues. were
S2ii1,MI.3S, and expenditures, ex-
elusive Of postal service. SOS, TgG. .n5G. go.
deficit Of Si.slI,oI9,2S, or a total deli
cit of SlSd,n3l .5S0.II for the three
years and eight months ending March
|. 1897, Not only are we without n
surplus In the treasury, but with an
increase In the public debt there has
been corresponding Increase In the
annual interest charge from So. .Sa3..
'7-''-' lH iH'-s lH' lhN'sl hl any year
since 1872, to S3i .3S7 297 GO In iS9G. or
an lncrcnsc,of Sii ana, 3,i1I.i0.
at may he urged that even II the
revenues of the government had been
sufficient To meet all It's ordinary eN.
pcnscs during the past three years. the
gold reserve would sim have been In.
sufficient 10 meet the dcmandi ,.un IL
nnd that bonds would necessarily have
been Issued for lis rcplrtion Re this
as It may II Is clearly manifest. with.
ont denying or affirming the correctness
of such n conclusion that the debt
would have been decreased ir n. least
| the amount of the deficiency and
business confidence lmmcasurnhly
strengthened throughout the country
Congress should promptly correct
| the existing condition Ample rcyp.
nucs must bo supplied not only for the
| ordinary expenses Of the government.
but for the prompt payment of liberal
pensions and the liquidation of tho
principal ana interest Of the public
debt In raising revenues. duties
should he levied upon foreign products
rs To preserve the home market SO far
~ possihl" to our own products: 10 re,
crlvc nnd increase manufactures: to
relieve nnd encourage agriculture: 10
lncrGls" our domestic aud foreign com.
mcrrc: To aid and develop mining and
building; and 10 render Ia labor In py.
cry field Of useful occupation the lIbpr.
~ wngcs ana adequate reward TO
which sldll ana Industry are Justly ON.
| titled The necessity nf fhr npsyn,,,,