Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1897-03-17

D.
Re-elccted Speaker of the House.)
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 unjustitiable and should be
corrected.
What the Deficit Amounts To.
I'VE find by the reports of the secre-
farX of the treasury that the revenues
for the fiscal year ending June 30, 1892,
from all sources, were S420, S6S, PC. %,
and the expenditures for all purposes
were $415, So, SO6.56, leaving an excess
of receipts over expenditures of S9,914,-
1896 During that fiscal year, $40,
so, 467. 90 was paid on the public debt
which has been reduced since March 1,
1889, $3.50, 07S. $50 and the annual inter
est charge decreased 81, 6S4, 1850. The
receipts OF the government from all
sources during the fiscal year ending
561.94, and its expenditures to S459,3
$3.50, showing an excess Of receipts
over expenditures of S2,341 ,674.29.
''SincG that time the receipts of no ifs
cal year, and with but few exceptions of
ao 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 80, 1894,
were S372. 1872. 1920 and its expendi-
lures S442, 500, 1881, leaving a deficit
1.-THE first since the resumption of specie
payments) of 500, 1908, 2605S. Notwith
standing there was decrease of S16,-
T69, 12S.7S in the ordinary expenses of
MT n mar H viii q
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 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
''Ir February. 1894. S5OO0O.OOO in
bonds were issued and in November fol-
lowing second issue of S50,000,000 was
deemed necessary. The sum of Sill
III, 49o was realized by the sale of these
bonds, but the reserve was steadily de-
creased until on February 8. 1895. a third
sale Of S62, 315. 400 in bonds, for $50, 116,-
pa was announced to Congress.
The receipts of the government for
The fiscal Year June 80, 1895. were $780,
3l3,203.30 and the expenditures $433,
49, 26.4S, showing Il deficit of S42,-
800, 223.1S. A further loan of $4,000
900 was negotiated by the government in
February, 1896, the sale netting Sill, 1885,
246 and swelling the aggregate of bonds
issued within three years to 62,315, 400
For the fiscal year ending June 80, 1896
the revenues Of the government from all
sources amounted to S409, 475, 40S rs
while its expenditures were S434, 678,-
654.4S, or an excess of expenditures over
receipts Of $50, 203, 245.70.
In other words the total receipts for
the three fiscal years ending June 30,
1896, were insufficient by .pI37, 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 S137 .507 SOB. 76,
and it's expenditures exclusive of postal
service $195,410,00 or an excess of
expenditures over receipts of $37 ,902,
396.46.
in January Of this year the receipts,
exclusive Of postal revenues, were $24,-
BIC, 994,05 and the expenditures ex-
elusive of postal service. $50, 269,-
1929. a deficit of $5,952, 395. "a for the
month. In February of this year the
receipts, exclusive of postal revenues
exclusive Of postal service, S2S, 1885,
056.66, a deficit of ,395, 059.2S or a to-
tai deficit Of S196, 061, 58O.44 for the
three years and eight months ending
March 1, 1897.
Interest Charges Increase.
mot only are we without Il surplus
III the treasury. but with an increase in
the public debt there has been a CORE
spending increase in the annual interest
charge from So, 1893, SS3.20 in 1892, the
lowest of any-year since 1862, to S34-
387.297 60 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 its ordi-
nary expenses during the past 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 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 condition. Ample revenues must
be supplied not Caiy for the ordinary eX-
penSes of the government, but for the
prompt pawn hi of liberal pensions and
the liquidation 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
siblc to our own producers; to revive and
increase manufacturers; to relieve and
encourage agriculture; to increase our dc
mcstic 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.
THE necessity of the passage of q
tariff law which shall provide ample reor-