Belding banner. (Belding, Mich.) 1889-1918, 1897-03-18
M'KINLEY'S MESSAGE.
DEVOTED TO NECESSITY OF Sc
CURING MORE REVENUE.
Passage of Tariff Law Imperativeiy De-
manded-This Should Take Preced-
ence, He Thinks, Over All Other
Business -Proposed Tarlff Schedules.


Regretting the necessity which has
required me to call you together, | feel
that your assembling in extraordinary
session Is indispensable because OF the
condition in which We find the rev.
enues of the government. Ii is conced-
ed that its current expenditures are
greater than its receipts and that such
n condition has existed for 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 ordinary OUTLAWS incident up
on even an economical and prudent add
ministration of the government. An
examination of the subject discloses
this fact in every detail and leads in
evitably to the conclusion that the con-
dition OF the revenue which allows it
is unjustifiable and should be correct
ed.
We find by the report Of the secre-
tary of the treasury that the revenues
for the fiscal year ending June 30, 1892,
from all sources, were 3d.. S6S, 26O2
and the expenditures for all purposes
were $41J ,053, S06.J6, leaving an excess
Of receipts over expenditures of S9,9l4,-
1896 During that fiscal year $40
$40, 46I.9S were paid upon the public
debt. which has been reduced since
March !, 1889, 907G,S 800, and the
annual interest charges reduced SILL
GS4, 516G0. The receipts of the govern
ment from all sources during the fiscal
year ending June 80, 1898. amounted to
$461, 116, J61. %. and its expenditures to
1914, SS1.65, showing an excess of
receipts over expenditures of S2,341,-
G7429.
Since that time the receipts of no
fiscal year. and with but few eXcep-
tons 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 30 1894, were S3T2 So. 49S. 20. and
its expenditures S442. 500. 750S7. leav-
ing C. deficit. the first since the resump-
ton of specie payments. of 500, SO3,-
260.5S. Notwithstanding there was n
decrease Of SIC, 769. 127.7S 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. But this did not
sorted to loans TO replenish the re-
serve.
In February. 1894, S50,000,O0O in
bonds were issued. and in November
following Il second issue of S50.000,O0
was deemed necessary. The sum of
S117171 100 was realized by the sale
Of these bonds. but the reserve was
steadily decreased until, on February
3, 1895, third sale of S63,315. 400 in
bonds, for $50, ll6.244. was ANNOUNCED
10 congress.
The receipts of the government for
the fiscal year ending June 30. 1895,
were ;390,373, 29330, and the eXpendi-
lures S433, LIS. 4264S, showing deficit
of so. 500, 223.1S A further loan of
S1O0OOO,0OO was negotiated by the gov
eminent in February. 1896, the sale
netting Sill, 1926. and swelling the
aggregate of bonds issued within three
years TO S2G2. 80, 100. For the fiscal
year ending June 30 1896. the revenues
of the government from all sources
amounted to 800 415.40S.IS. while its
expenditures were S434 61S 6J4. rs. or
an excess of expenditures over receipts
of so, DOB 245.10. In other words. the
total receipts for the three fiscal years
ending June 80, 1896. were insufficient
by $131, 81, T29.46, to meet the total ex-
penditures
Nor has this condition since imnrov-
ed. For the first half of the present
fiscal year the receipts of the govern
ment, exclusive of postal revenues.
were S157, 507 ,603.76, and its eXpendi-
lures. exclusive of postal service, S195-
41O,OO0.22. or an excess of expenditures
over receipts of S3T. go, 1866 In Jan
uary of this year the receipts. eXclu-
Sive of postal revenues. were S24.3lG.-
394O5 and the expenditures. exclusive
of postal service, $50 269, $50 %. a def
cit of $685., 1924 for the month. In
February of this year the receipts. eX-
elusive of postal revenues were S24.-
4OOOl.39, and expenditures. exclusive
of postal service SOS, 196056.G6, n def
cit OF S4,39J. 059.2S; or a total deficit
of S1S6,061, 5S044 for the three wears
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 So. Sg3.-
$500 in 1892. the lowest of any wear
since 1862. 10 S34. 3S7 297 go i'm 1S9G or
an increase of S11. 493. 414.4O.
1t may be urged that even if the rev
enues OF the government had been suf
ficient to meet all its ordinary ex-
penses during the past three years. the
gold reserve woutl still have been in
sufficient to meet the demands upon
it, and that bonds would necessarily
have been issued for its repletion. Be
this as it may, il is clearly manifest.
without denying or affirming the cor
| rectness of such a conclusion, that the
debt would have been decreased in M
. least the amount OF the deficiency. and
business confidence immeasurablv
strengthened throughout the country.
Congress should promptly correct The
, existing condition. Ample revenue
must be supplied not only for the or
binary expenses of the government.
but for the prompt payment of liberal
, pensions and the liquidation of the
public debt In raising revenue. du-
ties should be so levied upon foreign
products as TO preserve the home mar
, ket, so far as possible. to our own pro-
ducers; to revive and increase mann.
factories; to relieve and encourage
agriculture: TO increase our domestic
n nd -. al