The times., 1897-03-16

1
showing an excess OF receipts over expendi-
lures of $2,341 ,674.29.
| Since that time the receipts OF no fiscal
| year, and with but few exceptions of no
month of any fiscal year, have exceeded
the expenditures
The receipts of the Government from all
sources during the fiscal year ending June
| 80, 1894, were 1872 ,S02, 498.29, and its
expenditures S442, ,6u5. 1887, leaving a
| deficit, the first since the resumption OF
specie payments, OF $50, sos, ,2eo.5s.
Notwithstanding theIe was a decrease
OF SIG, T6D, 1873 in the ordinary ex-
penses of the Government, as compared
with the previous fiscal year, its income
was still not sufficient TO provide fer its
daily necessities, and the gold reserve in the
Treasury for redepnIt!o ION of eieenbacks was
drawn upon to meet them. But this did
not suffice, and the Government then re-
sorted to loans to replenish the reserve.
In February, 1894, $50, 900 900 in bonds
were issued, and in November following
second issue of $50 900, 900 was deemed
necessary
The sum OF s117.i71,795 was realized
by the sale of these bonds, but the reserve
was steadily decreasing until on February
s, 1895. third sale OF S62. 1854 in
bonds for $65 I16 ,244 was announced to
Congress.
The receipts OF the Government for the
fiscal year ending June 80, 1895, Were
$39o,373, . 03 80, and the expenditures
S433, ,17s. .426 Is, showing a deficit OF
$42 ,sU5, ,223.1s.
A further loan of 500, 900 was
negotiated by the Govcrnmentin February
1886, the sale netting Sill ,166, ,2a6 and
swelling the aggregate OF bonds issued
within three years to $262, ,315, 400.
For the fiscal yearending June 3d. 1896,
the revenues of the Government from all
sources amounted to S4o9, AZ 3, los IS,
while its expenditures were S434 67S,
6544S, or an excess of expenditures over
receipts Of S25, 2o3I245.70.
In other words, the total receipts for
the three fiscal years ending June 80, 896,
were insufficient by ST 81 ,S11. .T29 as TO
meet the total expenditures.
Nor has this condition since improved.
For the first half OF the present fiscal year
the receipts of the Government, exclusive
of postal revenues, were ST. 81, ,507 ,6O3.76.
and its expenditures, exclusive OF postal
service, S195, 4o1 ,Oo022, or an excess
OF expenditures over receipts of S37 ,802.-
1896 46.
III January of this year the receipts, ex-
elusive of postal revenues, were S24,316,-
994 05, and the expenditures, exclusive of
postal service, $50, ,269, ,3S9 20, deficit
of $685., 1884 for the month
In February of this year the receipts, ex-
elusive of postal revenues were $24, ,400,-
997.3S, and expenditures inclusive of post
al service S2S, ,T96, ,o56 SO, deficit of
$4,395, ,o592s, or a total deficiency OF
S1s6 ,o61 1904 for the three years and
eight months ending March l, 1897.
Not only are we without a surplus in
the Treasury, but with an increase in the
public debt there has been an
increase In the annual interest
charge from S22 1898 in 1892,
the lowest of any year since 1852,
to ss4 ,3sT ,2s7 60 in 1896, or an increase
of $11 ,493, Ala
Itmay he urged that evenffthe revenues
of the Government had been sufficient to
meet all it's ordinary expenses during
the past three years, the gold reserve
would still have been insufficient to meet
the demand upon it and that bonds would
have been issued for it's
repletion
Be this as it may, it is clearly manifest,
without denying or affirming the correct
ness of such conclusion, that the debt
would have been deoreasedin 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 ordinary ex-
prompt payment OF liberal pensions and
the liquidation of the principal and inter
est Of the public debt.
In raising revenue, duties should be
SO levied upon foreign products as to pre-
serve the home market, so far as possible.
to our ownproducers; to revive and increase
to relieve and encourage
agriculture to increase our domestic and
foreign commerce.; to aid and develop min
ing and building, and to render to labor in
every field of useful occupation 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 provide ample revenue,
need not be further urged. The iinpera
tive demand of the hour is the prompt
enactment OF such a measure, and to this
object I earnestly recommend that Con-
gress shall make every endeayor.
Before other business is transacted let
Us first provide sufficient revenue TO faith
fully administer the Government without
the contracting of further debt or the con-
.inued disturbance Of our finances.
(Signed) WILLIAM MCKINLEY.
Executive Mansion, March L 5, 1897.