Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1897-03-18

WASHINGTON, March 15.-President
Mckinley sent rather unexpectedly
his message to Congress this afternoon
as soon as both Houses had been or
Ganized, 1t was at once read as fol-
lows:
''To the Congress of the United
States: Regretting the necessity which
has required me to call you together, 1
feel that your assembling in extraor-
binary session is indispensable because
of Che condition in which we find the
revenues of the government 1t is
conceded that its current expenditures
are greater than its receipts, and that
such a condition has existed for
now more than three years. With un-
limited means at our command we are
presenting the remarkable spectacle of
d Increasing our public debt by borrow
ing money to meet the ordinary out
lays incident upon even an economic
and prudent administration of the
government. An examination of the
subject discloses this fact in every de-
tail and leads inevitably to the conclu-
sion that the revenue which allows
such condition is unjustihable and
should be corrected.
The Deficits for Four Years.
eve find by the reports of the sec
rotary of the treasury that the reve-
Hues for the fiscal year ending June
30, 1892, from all sources were $685.
SOS, 26O. 90, and the expenditures for all
purposes were S415, 953, 500. So, leaving
an excess of receipts over expenditures
of S9,9l5, 453. G6. During that fiscal year
$40, $40, 4'T.9S were paid upon public
debt, which was reduced since March
4, 1889, 1855, O76, 800, and annual interest
charge decreased $l1, 1854. $1,000. The
receipts of the government from all
sources during the fiscal year ending
June 90, 1893, amounted to S46l,7lG,
561.O4, and its expenditures to $780,
s74,sST65, showing an IS of re-
ceipts over eXpenditur of $?,3il.-
674.20
"Since that time the receipts of no
fiscal year, and, with but few excep-
tions, Of no month Of any fiscal year.
have exceeded the expenditures. The
, receipts of the government from all
sources during the fiscal year end.
ing June 30, 1894, were $372, 1909, 40s. 20,
and its expenditures S449, GO5, 1858. 81,
leaving n deficit, the first since the re-
sumption of specie payments. of s6a,-
s03, 96O So. Notwithstanding there was
decrease of SIG, 76O, 1873. 70 in the ordi-
nary expenses of the government as
compared with the previous fiscal
year, its income was still not sufficient
to provide for its daily necessities, and
the gold reserve in the treasury for
the redemption of greenbacks was
drawn upon to meet them.
Bond Issues AdVerted To.
"But this did not suffice, and the
government then resorted to loans to
replenish the reserve. In February,
1894, $50, 900, 900 in bonds were issued,
aud in November following second
issue of $50, 100000 was deemed neces-
sary. The sum of Sl17, 17l,79 was
realized by the sale of these bonds, but
the reserve was steadily decreased UNI
til on February 8, 1895, third sale of
So, 315,4OO in bonds, for S65, ZIG, pa
was announced to Congress.
The receipts the fiscal year, June
30, 1906, were $500, 373, 2O5.3O and the
expenditures S433, 178, 4s6. As, showing
a deficit of S4s, sos, 223.1s. A further
loan of 500, 100000 was negotiated by
the government in February, 1896. the
sale netting Sill, 246 and swell
ling the aggregate of bonds is
sued within three years to S962, 315, 400.
For the fiscal year ending June 80,
1896, the revenues of the government
from all sources amounted to S4O0, 49,
4Os.7s, while its expenditures were
S434, 67S, 654.4S, or an excess of expend-
itures over receipts Of S25, 9O3, 945.7O
In other words, the total receipts for
the three fiscal years ending June 80,
1896, were insufficient by Sl37,sl1,-
799.46 to meet the total expenditures.
The situation Not Improving.
"Nor has this condition since inn
proved. For the first half of the pres
ent fiscal year the receipts of the gov
eminent exclusive of postal revenues
were Sl57, 5O7, 6O3.7G, and its expendi-
lures exclusive of postal service $685.
100000 29, or an excess of exdenditures
over receipts of s37, OO9, 3O6.46. In Jan
uary of this year the receipts exclusive
of postal revenues were S24, 3l6, 994 Oj,
and the expenditures exclusive of
postal service 3O.260, $50. 9O-a deficit
of S5,O59, 1864 for the month. In
February of this year the receipts
exclusive of postal revenues were
S94, 100, 997.3 80 and expenditures exclu-
sive of postal service s9s, 100, O5G.66, n
deficit of "a, 1895, O5O %; or total deficit
of s1s6, O3t, 5sO.44 for the three years
and eight months ending March /,
1897. Not only are we without a sur.
plus in the treasury, but with an in
crease in the public debt there has
been corresponding increase in the
annual interest charge from S99, $685.
$50. 20 in 1902, the lowest Of any year
since 1869, to s34, 1857, 297.6O in 1sOG, or
an increase of S1l, 4O3, 4!4.4O.
TT may be urged that even il the