River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1897-03-18

washington, March l6.-The presi-
dent Monday sent the following mes
sage to congress:
''To the Congress of the United States:
'Regretting the necessity which has re-
CURED me TO call you together, feel that
your assembling in extraordinary session
Is Indispensable because OF the condition
IN which we find the revenues of the gov
eminent IL is conceded that its current
expenditures are greater than its receipts.
ana that such a condition has existed for
now more than three years. With unlimit-
ed means at our command. we are pre-
senting the remarkable spectacle of in
creasing our public debt by borrowing
money 10 meet the ordinary OUTLAWS Incl
dent upon ever an economical and pru-
dent administration OF the government
An examination of the subject diseloses
this fact tn every detail and leads in
evltably TO the conclusion that the con-
dition of the revenue which allows IL is
unjustifiable and should be corrected.
I'VE find by the reports of the secretary
OF the treasury that the revenues for the
nscal year ending June 80, 1892 from all
sources were s425. S6s, 26O % and the ex-
pend.tures for all purposes were s4l5. $685.
fco.56. leaving an excess of receipts over ex-
penditures OF 3 sl4. 1896. During that fiscal
year $50, go. 1878 were paid upon the public
debt, which had been reduced since March
!. 1889, $3.50 $3.50. and the annual interest
charge decreased sl1 ,634. $1,000. The receipts
VI the government from al sources our
ing the nscal year ending June 80, 1898.
amounted to $46l. 7l6. 5ol.94, and It's expend-
lures to Sass. 37i, .65, showing an excess Of
receipts over expenditures of s2.S4l. 674.29.
Since that time the receipts of no fiscal
year. and with but few exceptions of TO
month of any fiscal year, have exceeded
the expenditures. The receipts of the gov
eminent, from all sources. during the ifs
cal year ending June 80, 1894, were $372,-
So, S29 and its expenditures $4i2, sos, 75s.-
q, leaving deficit, the first since the re-
sumption of specie payments of SIS, 500, 240. So.
Notwithstanding there was a decrease OF
Sl6,169. l2S. rs In the ordinary expenses of the
government, as compared with the previ-
Gus fiscal year. Its income was still not
sufficient to provide for its daily necessi-
ties, and the gold reserve in the treasury for
the redemption of greenbaclIs was drawn
upon 20 meet them But this did not suffice.
and the governmc MT then resorted to loans
to replensh the reserve.
I'm February. 1884, $50, 900 in bonds
were issued. and in November following a
second issue of $50 000. 900 was deemed neces-
sary. The sum of I'LL, 795 was realized
by the sale of these bonds, but the reserve
was steadily decreased until. on February
!, 1895. third sale of 62Sl5, 400 in bonds for
S65.1l6.2A was announced to congress.
The Yearly Deficits.
1.-THE receipts of the government for the
fiscal year ending June 80 1895, were $780,
373,2OS.30, and the expenditures 1893 49,
426fS. showing deficit of s42.SO5. 2s13 A
further loan of 500 600 000 was negotiated
By the government in February. 1896. the
sale netting Sill, lG6.240. and swelling the
aggregate of bonds issued within three
years to s262. 3l5.4 400. For the fiscal year
ending June 80. 1896. the revenues of the
government from all sources amounted to
s4O9. AIS. 40S.7S. while it's expenditures were
s434. SIS. 654.4S, or an excess of expenditures
over receipts of s25.2O3. 2457O In other
words, the total receipts for the three
fiscal years ending June 80. 1896. were in
sufficient by Sl37. S11, 1886 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 1851, J07, 603. &C. and
its expenditures. exclusive of postal serv-
ice. $l95. 40, 000.2 %. or an excess of expendi-
lures over receipts of $S7 ,9O2, 1866. In jan
uary of this year the receipts exclusive of
postal revenues were s2f.3l6,994.05. and the
expenditures exclusive of postal service
SEQ 26e. sS929. a deficit of $685.. 1854 for the
month.
The Total Deficit.
In February OF this year the receipts, ex-
elusive of postal revenue, were s2i 400,-
g97. 49, and expenditures exclusive of pos
tai service S2S 796, esq., Sc. deficit of 81 $685.
059.2S; or a total deficiency of s1S606 $50 "A
for the three years and eight months end
ing March 1, 1897. Not only are we with
out a surplus In the treasury. but with an
increase III the pubic QeDl lneTe mas Deen
a corresponding increase I'm the annual in
terest charge from s22 S93, $50 20 In 1892 the
lowest of any year since 1852, to $34 3s7,-
$3.50 in 1896. or an increase of 81, 493. 41440
"It may be urged that even If the rev.
enues of the government had been suffi-
cient TO meet all its ordinary expenses dur
ing the past three years. the gold reserve
would still have been insufficient to meet
the demands upon IL, and that bonds would
necessarily have been issued for its reDle-
{ ms fG al arIty mt
fest, without denying or affirming the
correctness of such a conclusion, that the
debt would have been decreased I'm at least
the amount of the deficiency. and business
confidence UNNECESSARILY strengthened
throughout the country.
should lie Promptly Corrected.
Congress should promptly correct the
existing condition. Ample revenues must
be supplied not only for the ordinary ex-
penses of the government. but for the
prompt payment of liberal pensions and
the liquidation of the principal and inter-
est of the pubic debt. In raising rev.
enues duties should he so levied upon for
eign products as to preserve the home mar
ket, so far possible, to our own pro-
ducers: to revive and increase rnanufae-
lures: to relieve and encourage agricuI-
ture: to increase our domestic and for
eign commerce; to aid and develop mining
and building. and TO render to labor I'm
every field of useful occupation the lib
tTui WAGES anu ADEQUATE TtNdTuS TO which
skill and Industry are justly entitled The
necessity of the passage of a tariff law
which shall provide ample revenue need
not be further urged. The imperative de-
mand of the hour is the prompt enactment
of such a measure, and to this object I
earnestly recommend that congress shall
make every endeavor. Before other busi-
ness is transacted, let us first provide suf-
ficient revenue to faithfully administer the
government without the contracting of
further debt, or the continued disturbance
of our finances. (Signed)
WILLIAM M'KINLEY."
Executive Mansion, March Is, 1897.
One Taken, the Other Left