Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-03-18

Nov for High Tariff Begime.
Congress met in special session, on
Monday, and the subject OF high tariff
was at once entered upon. Action was
In the shape of a special message from
Prssiden. Mckinley and in the pub
location by Chairman Dingley Of the
House committee on ways and means
of synopsis Of his new tariff bill.
The Presidents message is as follows:
Regretting the necessity which has
required me to call you together, feel
thet your assembling in extraordinary
session ia Indispensable because of the
condition in which We find the rave
nues OF the government Ii Ia con-
coded that ita current expenditures are
greater than its receipts, and that such
q condition has existed for now more
tnan three years.
With unlimited means at our COM
mand, We are presenting the remarkable
spectacle OF increasing our public debt
by borrowing money TO meet the ordi-
nary outlays incident upon even an
economical and prudent administration
OF the government An examination
OF tbs subject discloses this fact in
avery detail and leads inevitably TO the
conclusion that the condition Of tho
revenue which allows it is uniustifiable
and should be corrected
We find by the reports OF the Secre-
tary Of the Treasury that the revenues
for the fiscal year ended june Goth.
1892. from all sources were s425. 86S, :
260. % and the expenditures for all
purposes were Bis, $50, 60f 90, leaving
an excess of receipts over expenditures
Of 60, 9I4, 1896 During that fiscal
yesr $40, $40, 467. 90 were paid upon the
public debt, which had been reduced
since March LIST. 1889. $3.50, 076, $50,
and the annual interest charge de-
creased S1l, 684, SIC. 20. The receipts of
th6 government from ali sources during
the fiscal year ended June 30tb, 1893,
amounted TO e46i. ZIG, 56l. "a and its
expenditures TO 5i59. 3T4. 8S7. Go, show
log an exceas OF receipts over expendi-
lures of e.. BAL, 674. 60.
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 re-
ceipts OF ths government from all
sources during the fiscal year ended
JUNE Both, 1904, were 1872, SO2, 4es. 20
El1 itb expenditures JtfH, W., tslS. "a
leaFing a deficit, the first since the
resumption OF specie payments, OF
S69, 800, 260. IS. Notwithstanding there
was decrease of SIG, T69, l28. IS in the
ordinary expenses of the government
as compared with the previous iscaI
year, its income was still not sufficient
10 provide for its daily necessities, and
the gold reserve in the treasury for the
r..fiafnp4fop NJ Iyroaphoai .,
upon TO meet them. But this did not
suffice, and the government then re-.
sorted to loans to replenisb the rsserye,
In February, 1891. $50, COO, 600 in
bonds we're issued, and 10 November
following second issue Of ESQ, 600, 600
was deemed necessary. The sum OF
Silt, Ill, 1gj was realized by the sale oil
these bonds, but the reserve was steadily
decreased until, on February Sth, 1885,
third sale Of s62, 3lJ. 400 in bonds fol
e65, 1l6, pa was. announced TO Congress.
The receipts Of the government for the
fiscal year ended June 30tb, 1895, were
1880, 373, 203 80 and the expenditures
s433, us. 426. 48. showing a deficit o!
s42, 500, 22a IS. A further loan 81
slO0, 600. 600 was negotiated by the
government in February, 1896, the sale
netting Bill. lGG, GAG. and swelling the
aggregate Of bonds issued within three
years to s2G2. 3l5, 400
For the fiscal year ended June Both,
1886, the revenues of the government
from all sources amounted 10 s409, 47i,
40S.75. while its expenditures wert
Si34. Gas, 614. ~, or an excess Of OK
renditnres over receipts of s2j, 203,
245. 10. In other words, the total RS
ceipts for the three fiacal years ended
June 30th, 1896. were insufficient b,
siS7, sll. 729. 46 10 meet the total tx
penditures.
For the first half of tho present fisca
year the receipts Of the government
exclusive III postal revenues, werr
sl57, 507, COS. IS and it's expenditures
exclusive OF postal service, 5l9j, 40,
GOO. %. or an excess Of expenditures
over receipts Of SIT, COZ, 39G. IS.
In January of this year the receipt
exclusive of postal revenues, wer
s24, $40. 994. o. and the expenditures
exclusive of postal service, $50, 269
359. 20, a deficit Of 81, 052. 1876, "a for tn
month. In February of this year tn
receipts, exclusive of postal revenues
were ga, 400, 997. So and expenditures
exclusive of postal service, SZ8, 79G,
0J6. GG, deficit of 81, 395. O59. %, or
total deficiency Of slSG. 06l, $50. "A TO
tho three years and eight month
ended March LIST, 1887.
Not only are we without nurplus i
the treasury, but with an increase i
the public debt there has been a cor
responding increase in the annut
interest charge from go, 800, aS3 20 i
1892, the lowest OF any year since 1856:
to 1874, sf37, 29T. 60 in 1896, OF an 10
crease OF gil, 493 4I4. 40.
1t may be urged that even il th
revenues of the government had bee
sufficient to meet all its ordinary eS
penses during the past three years, til
gold reserve would still have been ir
sufficient to meet the demands upOn i
and that bonds would necessarily has
been issued for its repletion. Be th
as it may, ii is clearly manifest. with
out denying or affirming the correc
ness Of such conclusion, that the def
would have been decreased in at leai
the amount of the deficiency an
business confidence inlmcasurabl
strengthened throughout the country
Congress should promptly correct ii
existing condition. Ample revenue
must lie supplied, not only for til
ordinary expenses of the government
but for the prompt payment of liberi
pensionH and the iiquidation OF I'll
principal aud interest Of ths publ
debt. In raiHing revenues duties shoul
be so levied upon foreign products
TO preserve the homo market so far
possible to our own producers, to RI
vive and increase manufactures, to +,
iieve and encourage agriculture,