The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1897-03-17
The Presidents Message.

President Mckinley sent the following
! message to Congress on Tuesday:
To the Congress of the United States:
Regretting the necessity which has required
me to call you together, feel that your as
sembling in extraordinary session is indis-
pensable, because OF the condition in which
we find the revenues of the government.
1t is conceded that its current expendi-
lures 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 re-
markable spectacle OF increasing our public
debt by borrowing money to meet the ordi-
nary outIays incident upon even an econom-
ical 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 condi-
ton of the revenue which allows 1t Is un-
justihable, and should be corrected.
We find by the reports of the Sec
rotary of the treasury that the rev.
enue for the fiscal year ending June
30, 1892, from all sources, were S425, $685.
260.22, and the expenditures for all pur.
poses were $415, 953 SO6.56, leaving an ex-
914, 453.66. During that fiscal year $f0,570,-
467 .98 was paid upon the public debt, which
had been reduced since March l, 1889, $780,
076, 800, and the annual interest charge de-
creased $11, 1884, 1860. The receipts Of the
government from all sources during the
fiscal year ending June 30, 1898, amounted
to S461 ,716 561 "a, and its expenditures to
$459, 374, 1877 IS, showing an excess Of re-
oeipts over expenditures Of 81. 341 ,674 90.
Since that time, the receipts of no fiscal
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 80, 1894,
were 1917, 1902 ,498.29, and its expenditures
$442, sos, 1881 leaving deficit, the first
nsz
1858, 1903, 260 So. Notwithstanding there was
decrease Of SIG, 1853, 1878 in the ordinary
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. But this
did not suffice, and the government then
resorted to loans to replenish the reserve.
In February, 1894. $50, 100000 in bonds
second issue of So 600, 900 was deemed neces-
sary. The sum Of $117, III ,795 was realized
by the sale of these bonds. But the reserve
was steadily decreased. until, on February
s, 1895. third sale Of $62, 3l5 400 in bonds
for $65, 49, pa was announced to Congress
The receipts OF the government for the
fiscal year ending June 30, 1895, were $780,
373, 203 80, and the expenditur $433, 178,.
42648, showing deficit Of S42 ,805, 1923 IS.
A further loan Of $10O,0O0,0O0 was nego-
ulaJ6u Dy Inc government IN F6Druary, 1896,
the sale netting Sill ,166 GAG, and swelling
the aggregate of bonds issued within three
years to S262, 315 400. For the fiscal year
ending June 80, 1896 the revenues of the
government from all sources amounted to
$409, 475, 40S Is, while its expenditures were
$434 ,678, 654 49, or an excess Of expenditures
over receipts Of $25, 203, 245.70.
In other words the total receipts for the
three fiscal years ending June 80, 1886, we're
insufficient, by $17, ,72946, 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 ,6O3.76, and it's
expenditures, exclusive of postal services,
$195 410, 0O0,22, or an excess Of expenditures
over receipts Of 1877 1902, 1886 46. In January
of this year the receipts, exclusive Of postal
revenues, were $24, 316, 994 O5,i and the ex-
pendtures, exclusive of postal service,
$50, 269, 1929, deficit of $5,952,39 "a for
the month. In February OF this year the
receipts, exclusive OF postal revenues, were
1874, 4O0, 997 49, and expenditures, exclusive
of postal service, S28, 796, 066 &C, deficit of
"a, 1916 O5926, or total deficiency Of $780, |
06l 1904 for the three years and eight |
months ending March l, 1897.
Not only are we without a surplus In the |
treasury, but with an increase in the public |
debt there has been corresponding in |
crease in the annual interest charges, from |
$22, 1893 1888 20 In 1892-the lowest of any year |
since loOZ-lO So4, ool ,ZJl.OU IN 1880, or an |
increase of $11 ,493, Ala 40.
1t may be urged that, even II the reve-
nues Of the government had been sufficient |
to meet all its ordinary expenses during the |
past three years, the gold reserve would |
still have been insufficient to meet the de-
mands upon 1t, and that bonds would nee
essarily have been issued for its repleton.
Be this as it may, it is clearly manifest,
without denying or affirming the correct
ness OF such conclusion, that the debt
would have been decreased in at least the
amount of the deficiency, and business
confidence immeasurably strengthened
throughout the country.
Congress should promptly correct the ex-
listing condition. Ample revenues must be
supplied, not only for the ordinary expenses
of the government but for the prompt pay
ment of liberal pensions and the liquidation
Of the principal and interest Of the public
debt In raising revenue, duties should be
80 levied uponforeign products as to pre-
serve the home market, so far AZ possible,
to our own producers; to revive and in.
crease manufacturers; to relieve and en-
courage agriculture; to increase our domes-