Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1897-03-18

y +, 30
it's expenditures S442, sos, 1887, leav- |
ing deficit, the first since the resump- |
tion Of specie payments, Of $50 1903, 260. /
SO Notwithstanding there was a de- !
crease of S16,769, 42ST8 in the ordin- |
airy expenses of the government as |
compared with the previous fiscal year, |
its income was still not sufficient to |
provide for it's daily necessities and the |
gold resrve in the treasury for the re- |
demptton OF greenbacks, was drawn |
upon to meet them. But this did not |
suffice, and the government then re-
sorted to loans to replenish the re-
serve.
In February, 1894, $50,O0O,O0O in
bonds were issued and in November !
following a second issue Of $4,000, 900
was deemed necessary. The sum of
$117, III, 795 was realized by the sale of
these bonds, but the reserve was
steadily decreased until on Feb. 8.
1895, third sale of S62 ,315, 400 in bonds
for $65, 116 ,244 was announced to con-
gress. The receipts of the govern
ment for the fiscal year ending June
80, 1895, were $500, 373, 203 80 and the
expenditures $433 ,178, 426 AS, showing
a deficit of $42, 805 ,223.18. A further
loan of $100,000,000 was negotiated by
the government in February, 1896, the
sale netting Sill, 1862 and swelling
the aggregate of bonds issued within
three years to 1852, 315, 400.
For the fiscal year ending June 80,
1896, the revenues of the government
from all sources amounted to $4e9, 475,-
4O8. rs, while it's expenditures were
$434, CTS, 654 48, or an excess of eXpen-
ditures over receipts Of SIS ,2O3, 245.1O.
In other words, the total receipts tor
the three fiscal years ending June 81,
1896, were insufficient by $137 81, 729.-
46 tn meet the total expenditures.
Nor has this condition since I'M
proved. For the first half of the pres
ent fiscal year, the receipts of the gov
eminent exclusive of postal revenues,
were $751;, 507 SOB 76, its expenditures
exclusive of postal service s195, 410, OOO.-
%. or an excess of expenditures over
TeC0lpIS u 9Oi JoVGJOO ~. LIZ "ohAa
airy of this year the receipts, exclusive OF
postal revenues, were $24, BIG, 1894 10,
and expenditures, exclusive of postal
service, $30,269, 1889 .29, a deficit of So
952, 1895. "a for the month,
"In February Of this year, the re-
ceipts exclusive of postal revenues were
s24. 400, 997 .38 and expenditures exclu-
sive OF postal service s2S,796,05 Sc,
deficit of 81 1896 ,059 %; or total deficit
of 1886, 061 IA for the three years and
eight months ending March /, 1897. Not
only are we without surplus in the
treasury, but, with an increase in the
public debt There should have been a
corresponding increase in the annual
interest charge from $22 ,893, SS3 20 in
1892, the lowest of any year since 1862
! to $34, 1897 ,297 so in 1896, Or an increase
! of 81 ,493, Ala. 40.
"It may be urged that even if the
revenues of the government had been
sufficient to meet all it's ordinary ex-
penses during the past three years, the
gold reserve would still have Eeap in
sufficient 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, without
/ denying or affirming the correctness Of
such a conclusion that the debt would
| have been decreased in at least the
amount Of the deficiency and business
confidence immeasurably strengthened
! throughout the country.
Congress should promptly correct the
existing condition. Ample revenues
must be supplied not only for the ordin-
airy expenses Of the government, but for
the prompt payment Of liberal pensions
and the liquidation of the principal and
interest Of the public debt. In raising
revenue, duties should be so levied upon
! foreign products as to preserve the
home market so far as possible to our
! own producers; to revive ana increase
manufactures; to relieve and encourage
agriculture; to increase our domestic
! nd foreign commerce; to aid and de-
velop mining and building, and to rem
! der to labor in every field of useful occu-
patton the liberal wages and adequate
rewards to which skill and industry are
justly entitled. The necessity of the
passage Of a tariff law which shall pro-
vide 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 earnestly
recommend that congress shall make
every endeavor. Before other business
| is transacted let us first provide suffi-
| cient revenue to faithfully administer
ing Of further debt, or the continued
disturbance of our finances.
William Mckinley"
The house adjourned until Thursday
Chairman Dingley was loudly ap-
plauded when he introduced the new
tariff bill. Regarding it he made the
! following statement:
The bill has two purposes-to raise
additional revenue and to Encourage in
dustry in the United States.
| On basis of importations for the last
fiscal year the bill would increase the
revenue about s112,00O,OOO, divided
roughly as follows: Chmicals, $780,
600; crockery and glass ware, $4,000 900:
metals, s4000000; wood, s1,75O,OOO
sugar, s21, $50, 900; tobacco, $1,000, 900:
agriculture, s6,300,0OO liquors, $500
600; cottons, s1,700,O00; jute, linen and
hemp, S7,SOO,OO0; wool, s17,5OO,00O