Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1897-03-20

d1tureS S433, L7o, 42o. 40, showing de-
felt of $42, sos. 223.IS A further loan
of 500, 600 900 was negotiated by the
Government in February, 1896. the
sale netting SIII,Ir6, 246, and swell
ing the aggregate of bonds issued
within three years to $26z. SIS, 400.
For the fiscal year ending June 80,
1896, the revenues of the Government
from all sources amounted to $500,
47s,4o8. IS, while its expenditures
were S434. 678, 654.48, or in excess of
expenditures over receipts of $z5, 2o3,-
54s.7o. In other words the total re-
ceipts for the three fiscal years ending
June 80, 1896, were insufficient by
$I37,8I1. 72e. 40 to meet the total ex-
penditures.
Nor has this condition since inn
proved. For the first half of the pres
emit fiscal year the receipts of the Gov
eminent, exclusive of postal revenues,
were $751; 5o7, 6o3.76 and its expen-
ditures, exclusive of postal service,
sos, 40, 600. 22, or an excess Of ex-
peuditures over receipts of $37 ,oo2, :
800 40, In January of this year the
receipts, exclusive Of postal revenues,
were $24, $40, 994 .o5, and the expendi-
lures, exclusive of postal service $50, :
COG, 38o. 20, deficit of S5,o52, 3o5. "a
for the month. In February of this
year the receipts, exclusive of postal
revenues, were $24, 400, 9o7. So; expen-
ditures, exclusive of postal service,
$2S, 1876, o56. 90, adeficit of $4, 395, o59.-
IS, or total deficiency of $3.50, DOL, =
$50. 81 for the three years and eight
months ending March /, 1896. Not
only are we without surplus in the
Treasury but with an increase in the
public debt there has been a CORE
spending increase in the interest
charge from $22, 1893, 883. 20 ia 1892,
the lowest Of any year since 1862, to
S34, 3S7, 297. 90 in 1896, or an increase
of $IIssa5,4I4.4o.
1t may be urged that even if the
revenues of the Government had been
sufficient to meet all it's 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, it is clearly manifest,
without denying or affirming the cor
rectness 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 rev.
enues must be supplied not only for
the ordinary expenses of the Govern
ment but for the prompt payment of
liberal pensions and the liquidation OF
the principal and interest of the pub,
lie debt.
In raising revenues, duties should
be so levied upon foreign products as
to preserve the home market, so far
as possible, to our own producers; to
revive and increase manufactures, to
relieve and encourage agriculture; to
increase our domestic and foreign COM
merce; to aid and develop mining and
building, and to render to labor in
every field of useful occupation the
liberal wages and adequate rewards 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 demand of
the hour is the prompt enactment of
such a measure, and to this object |
earnestly recommend that Congress
shall make every endeayor. Before
other business is transacted, let us
first provide sufficient revenue to
faithfully administer the Government
without the contracting offurther debt,
or the continued disturbance of our
finances. WILLIAM MCKINLEY.
anee to wear upon his or her head any