The Portland daily press., 1897-03-16
His Remarks to Congress Remark.
ably Brief.
THE TARIFF THE ONLY SUBJECT
ALLUDED TO.

Should Be Protected.
Washington, March 5.--The President
| today sent the following message to Con-
gress:
To the Congress of the United States:
| Regretting the necessity which has re-
quired me to call you together feel
| that your assembling in extraordinary
i session Is Indispensable beause of the con-
dition in which we find the revenues Of
the government. 1t is conceded that Its
| current expenditures are greater than It's
receipts and such condition has existed
| for now more than three years. With
unlimited means at our command, We
| are presenting the remarkable spectacle
of increasing our public debt by borrow
| ing money to meet the ordinary outlays
| incident upon even economical and pru-
don't administration of government.
The examination.of the subject discloses
this fact in every detail and leads in
evitably to the conclusion that the oondi :
tion of revenue which allows 1T is un-
justifahle and should be corrected.
We find by the reports of the Secretary
of the Treasury that the revenues for the
sources we're $425. 1868, $50. %; expenditures
| for all purposes, $415, 953, s06. So; leaving
excess of receipts over expenditures S9,-
| 914, 453. &c.
During that fiscal year $40, $40. 4s7. .es
were paid upon the public debt, which
| had been reduced since March !, 1889,
$3.50, 076, $780, and the annual interest
receipts of the government from all
sources during the fiscal year ending
June 80, 1898, were S461, ZIG, 561. 94; its er
penditures, $3.50, 374, SS7. 65; showing an
excess Of receipts over expenditures Of
81, 841, 674 90.
Since that time the recsipta CT no fiscal
year and with hut few exceptions, of no
month Of any fiscal year have exceeded
the expenditures. The receipts OF the
government from all sources during the
fiscal year ending June 80, 1894, were
1872, 8Q2, 496. 90; Its expenditures, S442, Cos,
768. 81; leaving detioit, the first since
the resumption OF specie payment of S6y,
S03, $780, 5S.
Notwithstanding there wasa decrease Of
| SIG. 769, 1928. 70 in the ordinary expenses Of
the government compared with the
previous fiscal year, its income was still
not sufficient to provide for it's daily
necessities and the gold reserves in the
treasury for redemption of greenbacks
was drawn upon to meet them.
| This did not snffice and the govern
| mont then resorted to loans to replenish
| the reserve.
In February, 1894, $50, 900, GOO bonds
were issued, and the November follow
ing second issue of $50, 900, 600 was
deemed necessary. The sum of SIT, III,
795 was realized by the sale of these
bonds but the reserve was steadily de-
creased until February 8, 1895, when the
third sale of S62, 315, 400 bonds for s65,
| 116. 244 was announced to Congress.
The receipts of the government for the
fiscal year ending June 80, 1895. were
$500, 1913. 203. 80: expenditures. $433. 178.
1926. 4s; showing deficit of S42, s05. 223. 10.
ated by the government, In February,
1895, the sale netting s111 1876, 246, swell
| ing the aggregate of bonds issued with
in three years to $262, 315 400. For the
fiscal year ending June 30, 1896. the reve-
nues of the government from all sources
were S4O9, 475, 4OS. IS, and its expenditures
s434, 67o, 654. .4S; excess of expenditures
words the total receipts for the three
fiscal years ending June 30, 1896 were in
sufficient by S137, 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 ex.
elusive of the postal revenues we've $157,
507, COB. 76, and its expenditures. exclusive
of the postal services s195, 410, 0O0.22; ex.
cess of expenditures over receipts sS7,
902 396. 46.
January of this year the receipts ex
elusive of the postal revenues are $24
3l6, 994. 05; expenditure exclusive of pos
tai service, $50, 260, 3S9. 20; oefcit of SIS,
952, 395. "a for the month. In February
Of this year the receips exclusive of the
postal revenues were S24, 400, 997. 38; ex
penditures exclusive of postal services,
S2s, 1906, 056. 66: deficit of 81, 3fb 059 2S, OF
a total deficiency of 1856. O6l, $50. IL fol
the three'year and eight months end
ing March l. 1897.
Not only are we without surplus II
the treasury, but with the increase il
the public debt there has been a CORE
spending increase ln the annual inters,
charges fr I'm $22, 1913, $685. 20 in 1892, the
lowest of any year sinces1862, to IS, 387,
297. 90 in 1896, or an increase of $11, 4Y3,
Ala 40.
1t may be urged..even If the revenues
of the government bad been sufficient tC
meet all itssordinary expenses during
the past three years, the gold reserve
the demands upon it and the bonds
would necessarily have been issued fol
it's repletion. Be this as it may, it IL
clearly manifest, without denying OF
affirming the correctness of such a con-
clusion that the, debt would have besr
decreased in the least the amount o1
the deficiency and business confidence
immeasurably strengthened throughout
the country
Congress should promptly correct the
existing condition. Ample returns mus'
be supplied, lot only for ordinary ex
penses of the government but for the
prompt payment of liberal pensions and
the liquidation OF the principal and ill.,
terest of the public debt. In raising
revenue, duties should be SO levied upon
foreign products as to preserve the home
market as far as possible to our own pro
ducers, to revive and increase manu-
faotures, to relieve and encourage agri
culture, to increase our domestic and
foreign commerce. to aid and develop
mining and building ami render to la.
bor in every field of useful occupation,
liberal wages and adequats rewards t.
which it's skill and industry are justly
entitled. The necessity Of a tariff
law, which shall provide ample revenue,
need not be further urged. The impera
tive demand of the hour ia the prompt