Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1897-03-22
PRESIDENTS MESSAGE.
Government Must be at Once Put
on a Sound Financial
Basis.

o the congress OF the UnlteQ
! States: Regretting the necessity which
has required me to call you together, l
| feel that your assembling in extraordi-
nary session is Indispensable because of
the condition in which we find the reve-
nues of tie government 1t is
! conceded that its current eX-
penditures are greater than its receipts
and that such a condition has existed for
more than three years. With unlimited
means at our command, we are pre-
senting the remarkable spectacle of in
creasing our public debt by borrowing
money to meet the ordinary OUTLAWS in
| cident upon even an economical and
| prudent administration of the govern
ment. An examination of the subject
! discloses this fact in every detail and
| leads inevitably to the conclusion that
the condition of the revenue which al
lows it is unjustifable and should be
corrected.
What the Deficit Amounts To.
eve find by the reports of the secre-
| tary OF the treasury that the revenues
for the fiscal year ending June 30, 1892,
from all sources, were $425, 1868, 260.22
and the expenditures for all purposes
were SALE, 1858, 8Q6.56, leaving an excess
| of receipts over expenditures of $9,914,
1896. During that fiscal year. $4O,
| $40, 467.9S was paid on the public debt
Il
| 1889, $259,O7S, $50 and the annual inter
est charge decreased $11, 6S4, $1,000. The
receipts of the government from all
sources during the fiscal year ending
| June 80, 1898, amounted to $461, 49,
561.94, and it's expenditures to $459,374,-
| SS7 80, showing an excess of receipts
over expenditures of $2,341 ,674.29.
'Since that time the receipts of no fis-
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
ing the fiscal year ending June 30, 1894,
were 1912, 49,, 49S29 and it's expendi-
| (the first since the resumption of specie
paynlents) of 500, 1903, 260.58. Notwith-
| standing there was q decrease of S16,-
| 769, 128,18 in the ordinary expenses of
| the government as compared with the
previous fiscal year, it's income was still
not sufficient to provide for its daily
! necessities and the gold reserve in the
| treasury for the redemption of green
backs was drawn upon to meet them.
But this did not suffice and the govern
ment then resorted to loans to replenish
the reserve.
'In February, 1894, $5O.OOO,O0O in
bonds were issued and in November fol-
lowing a second issue of $50,O00,0O0 was
deemed necessary. The sum of $117,-
III, 795 was realized by the sale of these
bonds, but the reserve was steadily de-
creased until on February g. 1895. third
sale Of $62,315, 400 in bonds, for 500, 49,
pa was announced to Congress.
1.-THE receipts of the government for
the fiscal year June 30, 1895. We're $780,
373,203.30 and the expenditures $433,-
17S, 426.4S, showing a deficit of S42,-
500, 223.1S. A further loan of 100000
900 was negotiated by the government in
February, 1896, the sale netting Sill 1885,
Vr-olli f11n 10 81 o,,I 10
issued within three years to $262.315,400
For the fiscal year ending June 30, 1896.
the revenues of the government from all
sources amounted to $409, 475, 40S.78,
while its expenditures were $434,67S.-
6544 or an os excess OF expenditures over
''In other words the total receipts for
the three fiscal years ending June 30.
1896, were insufficient by ;5137 81. 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 $157, 507 .603.76,
and its expenditures exclusive of postal
service $195,410, 000.22, or an excess of
expenditures over receipts of $37, 9O2,
39646.
I'm January of this year the receipts,
exclusive of postal revenues, were $24,-
ZIG. 994.O5 and the expenditures ex-
clkive of postal service. $50. 269-
3SY. 90, a deficit of $685., 395. 81 for the
month In February of this year the
receipts. exclusive of postal revenues,
were S24 ,400,997.38 and expenditures,
056.66 deficit of 1895. 059.2S, or to-
tai deficit Of $780, 61, 1904 for the
three years and eight months ending
March J. 1897
Interest Charges Increase.
in the treasury but with an increase in
the public debt there has been Il CORE
spending increase in the annual interest
charge from So, 1913, $500 in 1892, the
lowest of any year since 1862, to S34,
3S7 ,297 go in 1896. or an increase of
$11 ,493, 414.40. 1t may be urged that
even if the revenues of the government
had been sufficient to meet all it's ordi-
nary expenses during the past three
years. the gold reserve would still have
beeninsuficientt 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 UNNECESSARILY strengthened
throughout the country.
Congress should promptly correct the
existing CCnQlIlOn. Ample revenues III uSI
be supplied not only for the ordinary eX-
penses Of the government but for the
prompt payment of liberal pensions and
the liquida ton of the principal and inter-
est of the public debt. In raising
revenue duties should be so lev
led upon foreign products AS to
preserve the home market SO far as pos
sible to our own producers; to revive and
increase manufactures; to relieve and
encourage agriculture; to increase our do
nestle and foreign commerce: to aid and
develop 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.
'"rhe necessity of the passage of
| tariff law which shall provide ample reve
nue. need not be further urged. The i'm
perative demand of the hour is the
prompt enactment of such measure, and
to this object earnestly recommend that
Congress shall make every endeayor. Be
| fore other business is transacted let us
first provide sufficient revenue to faithful
ly administer the government without the
contracting of further debt or the con-
| - e