Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1897-03-18
THE PRESIDENTS MESSAGE.
Necessity for Enactment OF Ne"
Tariff Bill.

required me to call you together, l feel
that your assembling in extraordinary
session is indispensable because OF the
condition in which We find the reve-
nues Of the government. 1t is conced-
ed that its current of expenditures are
greater than its receipts, and that such
condition has existed now for more than
three years. With unlimited means at
our command. we are presenting the re-
markable spectacle Of increasing our
public debts by borrowing money TO
meet ordinary OUTLAWS incident upon an
even. economical and prudent admins
tration of the government. Examlna-
ton OF the subject discloses this fact IN
every detail and leads TO the inevitable
conclusion that the condition OF the
revenue which allows it Is unJustitiable
and should be corrected.
We find by the reports of the secre-
tary OF the treasury that the revenues
for the fiscal year ending June 80, 1892,
from all sources, were 1926, s6s, $50. %,
and the expenditures for all purposes
were $4l5, 953, 500 06, leaving an ex-
cess OF receipts over expenditures OF
$9.9l4. 454l6. During that fiscal year,
$40, $40, 461.9s was paid upon the pub
lie debt, which has been reduced since
March /. 1890, $3.50, 016, $50, and the
annual interest charges decreased Sll,-
6S4, 1850
The receipts Of the government from
all sources during the fiscal year ending
June 80, 1898. amounted TO 1886, SIS
629. and its expenditures 1888. Al, 954,
showing an excess Of receipts over ex.
penditures of 90, 34l.674. Since tn.
time, the receipts of no fiscal year and
with but few exceptions, Of no month
OF any fiscal year, have exceeded ex-
penditures
The receipts OF the government from
all sources during the fiscal year end
ing June so, 1894. We're &372 ,9S2,-
49s. 80. and its expenditures s442 605,.
15S. 81. leaving deficit. the first time
since the resumption of specie pay
ments of 500. SOB, $50. IS. Notwith-
standing the decrease of $40. 769. l2o.7s
in the ordinary expenses OF the govern
ment. a. compared with the previous
fiscal year, its income was still not suf-
ficient TO provide for its daily neces
sites, and the gold reserve in the treas
ury for the redemption of greenbacks
was drawn upon 10 meet them. But
this did not suffice, and the government
then resorted TO loans TO replenish the
reserve.
In February 1894. $50, 600 900 bonds
were issued. and in the November fol.
lowing a second issue OF $50. 900, 600
was deemed necessary. The sum OF
$ll7,l7l. 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 bonds
for $50. ll6, pa was announced TO con-
gress.
The receipts Of the government for
the fiscal year ending June 80, 1895,
were $3.50. 313 203.30, and the expend.
lures. $433, rs. 426.ls. showing a de-
felt OF SIS, sos. 223. IS. A further loan
Of 500, 600, 600 was negotiated by the
government in February, 1896. the
sale netting $lll.l66.2 46. and swelling
the aggregate bonds issued within three
years TO 1852 3l5. 400.
For the fiscal year ending June 80,
1896, the revenues Of the government
from all sources amounted 10 Si09, 415,-
40S.1S, while its expenditures were
$i34, 67S, 654 IS, or an excess OF ex-
penditures over receipts of $25, 205,-
245.7O. In other words. the total re-
ceipts Of the three fiscal years ending
June 80, 1896. Were insufficient by
$l37, Sll, 729. IS to meet the total ex-
penditures.
Nor has this condition since i'm
proved. For the first half of the pres.
ent fiscal year. the receipts OF the gov
eminent, exclusive OF postal revenues,
were $l51, 507 SOB. IS and the expendi-
lures, exclusive Of the postal service,
Sl95. 40, 000.29, or an excess of ex-
penditures over receipts Of So, ,902,-
1896 49,
In January OF this year there was
deficit of 1852. 1885, 24 for the month.
1t may be urged that even if the
revenues of the government had been
sufficient TO meet all its ordinary ex-
penses during the past three years, the
gold reserve would 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, with
out denying or affirming the correct
ness of such conclusion. that the debt
would have been decreased in at least
the amount OF the deficit and business
confidence UNNECESSARILY strengthened
throughout the country.
Congress should promptly correct the
existing conditions. Ample revenues
must be supplied, not only for the Or
binary expenses of the government, but
for the prompt payment OF liberal PEN
sions and liquidation of the principal
and interest of the public debt In
raising revenues. duties should be so
levied upon foreign products as to pre-
serve the home market as far as posi-.
BILE 10 our producers, 10 revive and in
crease manufactures. to relieve and en-
courage agriculture, TO increase our do
mestic and foreign commerce. to aid
and develop our mining and building.
and TO render to labor in every field Of
useful occupation liberal wages ana adj
equate rewards, to which skill and in
dustry are justly entitled.
The necessity OF the passage OF
tariff law which shall provide ample
revenue need not be further urged.