Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1897-03-18
M'KINLEY ON TARIFF.
He TERSELY TELLS THE MA.
TOMS TROUBLES.
Savs More Revenue Is the ParamOunN
Acknowledgements at Seaports the
Favored Way of Raising It-Urges
Congress to Act.
His First Message.


| To the Congress of the United States:
| Regretting the necessity which has re-
| uuired me to call you together, feel that
| your assembling in extraordinary session
| is indispensable because Of the condition
| in which we find the revenues of the
| Government 1t is conceded that it's cur
rent expenditures are greater than its
receipts. and that such condition has
| existed for now more than three years.
| With unlimited means at our command
| we are presenting the remarkable specta-
Gle of increasing our public debt by bor-
| rowing money to meet the ordinary out
| laws incident upon even an economical
| and prudent administration of the Gov
| eminent. An examination of the subject
| discloses this fact in every detail and leads
! inevitably to the conclusion that the con-
| dition of the revenue which allows it is
unjustifiable and should be corrected.
We find by the report of the Secretary
of the Treasury that the revenues for the
fiscal year ending June 80, 1892, from all
sources were 1925, S6S, 26O.22, and the ex-
penditures for all purposes were $4l5,-
953, S06.56, leaving an excess OF receipts
over expenditures of 1894, 1896. Dur
ing that fiscal year $40, SIC, 467 ,9S was paid
upon the public debt, which has been re-
duced since March /, 1889, $3.50, O76, $50.
and the annual interest charge decreased
$11, 6S4 $1,000. The receipts of the Gov
eminent from all sources during the fiscal
year ending June 80, 1898, amounted to
$461, TIC, 561.94, and it's expenditures to
$3.50, 374 ,SS7.65, showing an excess or
receipts over expenditures of $2,o4l,-
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 30, 1884, were
1912, 1872, 49S.29, and it's expenditures
$442, Cos, 1887, leaving deficit, the first
since the resumption of specie payments,
of 500, SO3, 26O.5S. Notwithstanding there
was decrease Of SIG, 769, 128.78 in the or
binary expenses of the Government as
compared with the previous fiscal year,
it's income was still not sufficient to pro-
vide 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 re-
plenish the reserve.
In February, 1894, $50, 100000 in bonds
was issued, and in November following
second issue of $5O,OOO,OOO was deemed
necessary. The sum of SILT, III, 795 was
realized by the sale Of these bonds, but the
reserve was steadily decreased until on
Feb. 8, 1895, third sale of $62, 315, 400
in bonds for $50, 116, PA was announced
to Congress.
The receipts of the Government for the
fiscal year ending June 80, 1895, were
1890, 1878, 2O3.30, and the expenditures
$433, Its. 426.4S, showing deficit of $42,-
SO5, 223.1S. A further loan of 100000
600 was negotiated by the Government in
February, 1896, the sale netting SILL
1926, and swelling the aggregate of
bonds issued within three years to $780,
315, 400. For the fiscal year ending June
80, 1896, the revenues of the Govern
ment from all sources amounted to $780,
Ate, 4OS.7S, while it's expenditures were
$434 ,67S, 654.4S, or an excess of expendi-
lures over receipts of $25, 203, 245.70. In
other words, the total receipts for the
three fiscal years ending June 30, 1896,
were insufficient by $137 ,S11 ,729.46 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 1857, 5O7 ,6O3.76,
and it's expenditures, exclusive Of
postal service, $195, 41O, OOO.22, or an ex-
cess of expenditures over receipts of $751;
O2,39646. In January of this year the
receipts, exclusive of postal revenues,
were $24,316,094.O5, and the expendi-
lures, exclusive of postal service, $780,
269, 3S929, deficit Of $685., 395. "a for
the month. In February Of this year the
receipts exclusive of postal revenues were
$24 ,4OO,997.3S and expenditures, exclu-
sive of postal service, $2S,796, O56.6S, a
deficit of $4,305, O50.2S; or a total deficit
of $1S6, 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 corresponding
increase in the annual interest charge
from $50, 800, $500 in 1892, the lowest
of any year since 1862, to $34, 387 ,297. go
in 1896, or an increase of $11, 493, 414.4O.
1t may be urged that even if the rev
enues of the Government had been suffi
Gent to meet all it's ordinary expenses dur
ing the last three years the gold reserve
would still have been insufficient to meet
the demands upon it, and that bonds
would necessarily have been issued for its
repletlon. BE this as it may, it is clear
~ 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 commence UNNECESSARILY
strengthened throughout the country.
Congress should promptly correct the
existing condition. Ample revenues must
De supplied not only for the ordinary ex-
penses OF the Government but for the
prompt payment of liberal pensions and
the Incubation OF the principal and inter-
est of the public debt.
In raising revenue duties shonld no 80
levled upon foreign products as to pre-
serve the nome market SO far as possible
- our own producers, to revive and in
crease manufactures, to relieve and on
courage agriculture, to increase our do