The Owosso times. (Owosso, Mich.) 1897-1926, 1897-03-19
ECOME rs WANTED.
,ttSIDENT M'KINLEY SENDS A MES
SACs TO CONGRESS.

N3ional Revenues Not Large Enough
peal for Prompt and Effective Action by
congress.
Washington, March 1.-THE presi-
dnt's message TO congress on the finan-
dry earlier than had been expected.
he president had the document ready,
ht was intending to send 1t in today, as
e did not think the two houses would
10 more than organize yesterday. They
Va this work so quickly, however, that
bfn he was notified yesterday after
u IN that congress was ready he deter
Ihed to send the message in at once.
70 the Congress of the United States:
1gretting the necessity which has re-
j5ired me to call you together, feel
Nat your assembling in extraordinary
,ession is indispensable because of the
condition in which we find the revenues
" the government. 1t is conceded that
It's current expenditures are greater
Than it's receipts, and that such con-
tlition has existed for now more than
three years With unlimited means at
our command, we are presenting the
remarkable spectacle of increasing our
public debt by borrowing money to meet
the ordinary OUTLAWS incident upon even
an economical and prudent administra-
ton of the government. An examine
ton of the subject dlscloses this fact in
10. l.. a. skalN m "a
conclusion that the condition Of the rev.
enue which allows it is uniustiGanle
and should be corrected.
Receipts Always Less Than Expenses.
We find by the reports OF the secre'
tary of the treasury that the revenu %
for the fiscal year ending June 80, 1892
from all sources. were s425, S6S, $50. %, and
the expenditures for all purposes We're
$415, 1858, S0356, leaving an excess of re-
ceipts over expenditures or $9,9l4,-
45366. During that fiscal year, $fO,570,-
467.98 were paid upon the public debt,
which has been reduced since March J,
$780, $3.50, 076, 500, and the annual inter-
est charge decreased 81, 6S4, $3.50. The
receipts of the government from all
sources during the fiscal year ending
June go 1898, amounted to $461, 49,
561.94, and it's expenditures to $780,
S74, SS7.65, showing an excess of receipts
over expenditures of $2,341, 67429.
Since that time the receipts OF no fls-
cal year, and with but few exceptions
of no month of any fiscal year, have ex-
ceeded the expenditures. The receipts
of the government from all sources dur
inc
were 1912, 1872, 49S.29, and it's expenditures
SAP, sos, 1887, leaving deficit the first
since the resumption of specie payments
of $50, 1903, 26O.58
Deficit in 1895 s42, sos, 22S.1S.
Notwithstanding there was a decrease
of SIG, 769, 12S.7S in the ordinary expenses
of the government as compared with the
previous year, it's income was still not
sufficient to provide for it's daily necessi-
ties, and the gold reserve in the treas
ury 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 re-
serve.
In February. 1894. $4,000, 900 in bonds
were issued and in November following
a second issue of $50,000,000 was deemed
necessary. The sum of $117,171, 795 was
realized by the sale of these bonds, but
the reserve was steadily decreased until
on Feb. 8, 1895, a third sale of 2,315,-
400 in bonds for $50, 1924 was an
nounced to congress. The receipts of
the government for the fiscal year June
80, 1895, were 1890, 1873, 2O33O and the ex-
penditures $433, IFS, 428.4S, showing a def
icit of $42, S05. 2231S.