The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-03-19
THE PRESIDENTS MESSAGE
DEVOTED ENTIRELY TO CONDI
TON OF THE TREASURY.

The Current Expenses OF the Government
Greater Than the Receipts-The Deficit
for the Last Three Years and Eight
Months Amounts to S136, O61 ,58O-Th e
Annual Interest Charge Increased SILL.
l03AI4-.mpie Revenues for Govern.
ment Expenses and Liberal Pensions
Necessary.
Washington, March 1.-THE presi-
dent today sent the following message
to congress-:
To the Congress OF the United States:
R~egretting the necessity which has
required me to call you together, L
feel that your assembling in extraordi-
nary session is indispensable, because
of the condition in which we find the
Of the government. 1t is con-
coded that its current expenditures are
greater than it's receipts and that such
a condition has existed for now more
than three years. With unlimited
means at our command, We are pre-
senting the remarkable spectacle Of in
creasing our public debt by borrowing
money to meet the ordinary OUTLAWS
incident upon even economical n Dru-
dent administration Of the government.
An examination Of the subject diSciOseS
this fact in every detail and leads in
evitably to the conclusion that the
condition Of the revenue which allows
it is unjustifiable and should be cor
reCted.
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 1925, S68, $50. %, and the
expenditures for all purposes were
$415, 953, SOC. 56, leaving an excess of re-
ceiDts over expenditures of 50, 914, 543. sc.
During that fiscal year, $40 $40, 467. 98
were paid Upon the public debt, which
had been reduced since March !, 1889,
$3.50, 016, $50, and the annual interest
charge decreased $l1, 6S4, 1850. The re-
Ceipts Of the government from all sour
ceS during the fiscal year ending June
30, 1899, amounted to $461, 716, 561 "a, and
it's expenditures to s459, 374, S87. 65, show
ing an excess Of receipts over expendi-
lures OF s2,341 ,674.z9.
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 yea ending
June 80, 1894, were 1872, S02, 49S. 90, and
it's expenditures $442, 60J, 1887, leaving
a deficit, the first since the resumption
of specie payments, of 500, 500, 260.5
Notwithstanding there was a decrease
of SIG, 100, 12S. rs in the ordinary expenses
of the government, as compared with
the previous fiscal year, it's 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 suffice, and the
government then rcSOrted to loans tC
r%cplcnish the reserve.
In EahTn1Tv 1904 SE0 00O O0O in hnndC
were issued, and in November follow
ing, a second issue of $40, 000, 900 was
deemed necessary. The sum of S117,-
III 1875 was realized by the sale Of these
bonds, but the reserve was steadily de-
creased until, on February s, 1895, &
third sale of $62, 315, 400 in bonds, fO1
$65, 116, PA was announced to congress-.
The receipts of the government fol-
the fiscal year ending June 80, 1895
were $3.50 1913, 2O3.3O and the expendi-
lures $433, us, 1926. 49,, showing a deficit OF
SAP, S05, 223. IS. A further loan of 500,
600, 600 was negotiated by the govern
ment in February 1886, the sale netting
Sill, 166. 246 and swelling the aggregate
of bonds issued within three years tC
$262, 31b, 400.
For the fiscal year ended June 80
1896, the revenues of the government
from all sources amounted to $409, AIS,
40S.7S while it's expenditures were S434,
&c, 654.4S. or an excess of expenditure:
over receipts of $25. 2O3, 245.7 10.
In other words, the total receipts TO,
the three fiscal years ending June sc
1896, were insufficient by $137 81, 1924
to meet the total expenditures.
Nor has this condition since imprOv
ed. For the first half of the presen
fiscal year, the receipts of the gov
eminent, exclusive of postal revenues
were $157, 5O7, 603. &c, and it's expendi
lures exclusive Of postal service s195,
410, 600. %, or an excess of expenditure
over receipts of S37, 902, 396. 46. In Jan
uary of this year the receipts exClusiv
of postal were S24, 316, 1894. 0
and the expenditures exclusive of pos
tai service $50, 269, 3S9. 29, a deficit of s.,
952. 1898. "a for the month. In Februar.
of this year, the receipts exclusive o
postal Ven were $24, 400, 997. 3S, an,
expenditures exclusive of postal ser
vice $2S, 1876, 056. &c, a deficit of 81, 1875,
059.2S. or a total deficiency of S1S6, 061,
5S0.44 for the three years and eigh
months ending March /, 1897. Not Onl
are we without a surplus in the treas
ury, but with an increase in the publ
: debt there has been a correspondent
increase in the annual interest charg
from $22, 1913. $500 in 1892, the lowest O
any year since 1862, to $34, 1897, 297. so i
1895. or al increase of $11 .493, 414. 40.
1t may be urged that even if the rev
enues OF the government had been suffi
cient to meet all its ordinary expense
during the past three years the gOl
reserve would still have been INSULT
Client to meet the demands upon it, an,
that bonds necessarily have been issue
for its repletion. BE this as it may. i
is clearly manifest, without denying
or affirming the correctness of such
clusion. hat the debt would hav
been decreased in at least the amour
of the deficiency, and businss conf
dence UNNECESSARILY s~trengthene,
Throughout the country.
Congress should promptly correct tn
existing conditions. Ample revenue
must be Supplied not only for the ordi
nary expresses Of the government bu
for the prompt payment of liberal pen
siOns and the liquidation of the princE
pal and interest of the public debt.
In raising duties SHOULD
- Ne SO levied upon foreign products as t
~-1reserVe the home market. so far a
possible, to our own producers; to re
=, 49,