The Yale expositor., 1897-03-19
M'KINLEY'S MESSAGE.
DEVOTED TO NECESSITY OF SCI
CURING MORE REVENUE.
OF Il Tariff Law Imperatively De-
manded-This should Take Proceed
enoe, lie Thinks, Over All Other
Business-Proposed Tariff Schedules.

COnulllOl Ill WHICH, WE Hliu lllc IcN-
enues of the government 1t is conced-
ed that its current expenditures are
greater than its receipts and that such
condition has existed for more than
three years. With unlimited means ut
our command we are presenting the re-
markable spectacle of increasing our
public debt 10y borrowing money to
meet the ordinary OUTLAWS incident up
on even an economical and prudent adj
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 il
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 1925 ,SBS, 2G0.222,
and the expenditures for all purposes
were $41J, 053, S0656. leaving an excess
Of receipts over expenditures of S9,9l4,-
1896. During that fiscal year $40
$40, 1878 were paid upon the public
debt, which has been reduced since
March i, 1889, $3.50 0T6, $50, and the
annual interest charges reduced Sill
6S4, 5I6lG0. The receipts OF tile govern
ment from all sources during the fiscal
year ending June 80, 1893, amounted TO
S46l, 116,56l94, and its expenditures to
59,314, SSI65, showing an excess of
receipts over expenditures Of $2,341,-
67429. '~er.g g.,
Since that time the receipts of no
fiscal year. and with but few eXcep-
lions 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 $372, S02. 49S. 20. ami
its expenditures S442, 600, 7J0S7, Leave
ing deficit, the first since the resump.
ton of specie payments, of S69,S03,-
26O5S. Notwithstanding there was n
decrease of SIG, 1853, 127.7S in the Ordi-
nary expenses of the government. as
compared with the previous fiscal year.
its income was still not sufficient 10
provide for its daily necessities. and
the gold reserve in the treasury for the
redemptiOni of greenbacks was drawn
upon 10 meet them. But this did not
suffice, and the government then re-
sorted to loans 10 replenish the re-
serve.
In Febfuary, 1894, $50,000.OO0 IN
bends We're issued. and in November
following second issue of SJ0,00000O
was deemed necessary. The sum of
Sll1,1I1,I95 was realized by the sale
of these bonds. but the reserve was
steadily decreased; until, on February
:, 1880, third sale of $63.315. 400 in
bonds, for So, 1924, was announced
10 congress.
The receipts OF the government for
the fiscal year ending June 30. 1893,
were 1890, 3T3, 293.30. and the eXpendi-
lures S433, IFS, 426.4S, showing deficit
of So. S05, 223.1S. A further loan of
$1OO,0O0,000 was negotiated by the gov
ernment In February. 1896. the sale
netting Sill .166.246. and swelling the
aggregate of bonds issued within three
years to S2G2, 315, 400 For the fiscal
year ending June 20. 1896, the revenues
of the government from all sources
amounted To sos. 4T5. 4OS. rs. while. its
expenditures were S434 67S. 6J4 .4S.. or
an excess 6f expenditures over receipts
Of 81, 2O3. 24J.7o. Iniother words. The
total receipts foh the three: fiscal years
ending Jiine 30. 1886, were insufficient
by $137 81, 1916, to meet the total ex-
penditures.
Nor has this condition since improv
fiscal year the receipts OF the govern
ment, exclusive OF postal revenues,
were SlST.507 603.T6, and its expendi,.
lures, exclusive of postal service. S195.-
4lo,ooO.22. or an eXcessof expenditures
over receipts of $37 ,902s 396. 46. In Jaul
uary Of this year the receipts. eytlu-
sive OF postal revenues. were $24 ,31U,-
S94.O9, and the expenditures. exclusive
OF postal service. $50, 2.yy, 3S9. 20, h tTefii
cit OF $685., 1921 for the month. Iii
FEBRUARY OF this year the receipts. ex-
elusive or postal revenues, were S24,-
4OO,y91a39, and expenditures. exclusive
OF postal service. S2S.I96,056GG. h def
cit OF S4.@5.039.2S; or total deficit
of S1S0,O61,jS0.44 for the three years
and eight months ending March 1,
1897. Not only are we without n 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. S93.-
$3.50 In 1872. the lowest of any year
since 1862. to $34.3S7 .297 60 in 1896. or
an increase Of S11. 493, 414. 40.
1t may be urged that even II the rev
enues OF the government had been suf-
hcient to meet all its ordinary ex-
pehSSS uullhS lnt past three years. the
gold reserve wou.l still have been in
sufficient to. meet the demands upon
1t, and that bonds would necessarily
have been issued for its repletion. BE
this as ii may. ii is clearly manifest,
without denying or affirming the corr
RICHNESS 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 revenue
must be supplied not only for the or
'iinary 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 manu-.
factories; to relieve and encourage
agriculture: to increase our domestic |
and foreign commerce; to aid and de- |
velop mining and building; and to
render to- labor In every field of use
full occupation the liberal wages and