Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1897-03-18
President McKinley's Message.


Regretting the necessity which has re-
quired me to call you together, I fee
that your assembling in extraordinary
session is indispensable because of the
condition in which we find the revenues
of the government. It is conceded that
ats current expenditures are greater
than it's receipts and that such condi-
ton has existed for now more than three
years. With unlimited means at our
command, we are presenting the remark
able spectacle OF increasing our public
debt by borrowing money to meet the
ordinary OUTLAWS incident upon even an
economical and prudent administration
of the government. An examination of
the subject discloses this fact in every
detail and leads inevitably to the con-
clusion that the condition of the revenue
which allows it is unjustifiable and
should be corrected.
We find by the reports of the secre-
tary of the trasury that the revenues for
fiscal year ending June 30, 1892, fromgall
sources were s425, S6S, 26O22 and the ex-
penditures for all purposes were $415,-
953, 806.56 leaving an excess of receipts
over expenditures Of S9,S14,453, &C..
During that fiscal year S40,57O, .98
were paid upon the public debt, which
has been reduced since March /, 1889,
$259,O76, 800 and the annual interest
charge decreased $11,6S4,5 $1,000. The
receipts of the government from all
sources during the fiscal year ending
June 80, 1893, amounted to $461,7l6,-
561.94 and it's expenditures to $459,374,-
8S7.65 showing an excess of receipts over
expenditures of $2,341 ,67429
Since that time the receipts of no fis-
cal year, and with but few exceptions, of
no month of any fiscal year, have exceed
ed the expenditures. The receipts Of
the government from all sources during
the fiscal year ending June 80, 1894,
were $372, S73, 498.29, and its expeudi-
lures s442,605, 1853 81, leaving a deficit,
the first since the resumption of specie
payments, of $69,sO3,26O.5S. Notwith-
standing the was decrease of $16,769,-
o. 12S.7S in the ordinary expenses of the
government as compared with the pre-
vious fiscal year, its income was still not
sufficient to provide for it's daily necesi-
ties, and the gold reserve in the treasury
for the redemption of greenbacks was
drawn upon to meet them. But this
did not suffice, and the government then
resorted to loans to replenish the re-
serve.
In February, 1894, S50OOO9OO in bonds
were issued, and in the November fol-
lowing second issue of S50000,0O0 was
deemed necessary. The sum of 117171,-
795 was realized by the sale of these
bonds, but the deserve was steadily de-
creased until on February 8, 1895, third
sale of S62,3l5,40O in bonds, for $65,116,-
pa was announced to congress.
The receipts of the government for the
fiscal year ending June 30, 1895, were
$3S0,373, 203.3O and the expenditures
$433, us, 426.4S, showing a deficit of S42,
S05.223,lS. A further loan of S1O0,OO0,OOO
YVES negotiated by the government in
February, 1896, the sale netting SILL
166,246, and swelling the aggregate of
bonds issued within three years to $685.
316,4OO.
For the fiscal year ending June 80
1886, the revenues of the government
from all sources amounted to $4O9,475,-
4OS.7S, while its expenditures were s434,-
67S,654.46, or an excess of expenditures
over receipts of SO, 2O3, 245.70. In other
words, the total receipts of the three
fiscal years ending June 80, 1886, were
insufficient by $l37,Sl1, 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,
exclusive of postal revenues, was $751;
5O7,6O3.76, and its expenditures exclusive
OF postal service Sl954l0,000.22 or an ex-
cess OF expenditures over receipts of
S37,9O2.396.46. In January of this year
the receipts, exclusive of postal reve-
nues were S24,316,9 9405 and the ex-
pendituIes exclusive of postal service
$40, 269 ,3S9.29 a deficit of $685.. 395. "a
for the month. In February of this
year the receipts exclusive of postal
revenues were $2i,4OO,96738, and the
expenditures exclusive of postal service
were s2S,796,O5669, deficit of 1896 ,O59.-
%, or total deficit of $18G,O ,58O.H
for the three years and eight months
ending March l, 1897
Not only are we without surplus in
treasury, but with an increase in the
public debt, there having been a cor
responding increase in the annual
interest charge from 22,S93, 1888 90 in
asS2' the lowest of any ear since 1882, to
S34,3s7, 297,6o in 1896, or an increase of
81, 493, 4l4,4O.
1t may be urged that even If the raye-