The Mena weekly star., 1897-03-17

to congress:
 To the Congress- of the United States
 Regretting the necessity which has required me to call you together I feel that your assem- bling in extraordinary session is indispensable because of the condition in which VIC find the revenues of the government It Is conceded
 that It's current expenditures are greater than
 it's receipts and that such condition has ex-
 isted for now more three years.
 With unlimited means at our command we arc presenting the remarkable spectacle oK in-
 creasing our public debt by borrowing money to meet the ordinary outlays incident upon even an economical and prudent administration of the government An examination of the sub-
 ject discloses this fact in every detail and leeds i inevitably to the conclusion that the condition of the revenue which allows it is unjustihable 1 and should be corrected
 | We find by the reports of the secretary of the treasury that the revenues for the fiscal year
 ended June 80, 1892, from all sources were S425.- S68260 6022 and expenditures for all sources were
 S4l5,953 S0656 leaving an excess of receipts over expenditures of 80, ,914 45366. During that fiscal
 year sl0,57e, 57.93 were paid on the public debt | which had been reduced since March 1, 1889 | S259, ,076 Sg0 and the annual interest charge de- creased S1l, ,634 576. 60
 | The receipts of the government from all
 sources during the fiscal year ending June 30
 1893, amounted to S561 FIG 56194 and it's expendi-
 lures to S459 374 ss765, showing an excess Of re- ceipts over expenditures of $2,341 ,674 90 Since
 that time the receipts of no hscal year, and ] with but few exceptions of no month of any | fiscal year, have exceeded the expenditures. l The receipts of the government from all i sources during the fiscal year ended June 30 l 1891 were SS72, S02, ,49S.29 and It's expenditures 1 S442, 6O5 i5SS7 leaving deficit the first since
 the resumption of specie payments, of $69 e03, : | 2605S Notwithstanding there was decrease
 Of Si6 709, ,12s78 in the ordinary expenses of the | government, as compared with the previous
 fiscal year, it's income was still not sufficient to
 provide for it's daily necessities and the gold re- | serve in the treasury for the redemption of | greenbaexs was drawn on to meet them But i this did not suffice, and the government then re-
 sorted to loans to replenish the reserve In Feb
 ruary 1894 50000 GOO in bonds were issued and in | November following @ second issue of $50 GOO GOO
 was deemed necessary. The sum of 8llT17l, ,795 l was realized by the sale of these bonds, but the | reserve was steadily decreased until on Feb
 ruary g. 1895 third sale of Sd2, ,3l5 400 in bonds | Tor S65, 2A was announced to congress. The l receipts of the government for the fiscal year
 ending June 30 1sa5 were se ss3 s9 ea9 30 and
 the expenditures S453, I53s 20 v. showing q de- ficit of S42 305. .S93. f6.
 A further loan of G10O GOO 0o0 was negotiated | by the government in February. 1896. the sale
 netting S1ll l66, ,245. and swelling the aggregate 1 of bonds issued within three years to S262 315,- l 400
 i For the fiscal year ended June 30 Is98 the 1 revenues of the government from all sources ] amounted to S4O9 s75, ,409 7e while it's expend;- 1 lures were 643l. CTS. .s5sss or an excess of ex- | penditures over receipts of S25, EOS, 70. In | other words, the total receipts for the three fiscal years ended June 30 1s9S were insufficient by SlTsll, ,729 46 to meet the total expenditures | Nor has this condition since improved From the first half of the present fiscal year. the re- | ceipts of the government, exclusive of postal revenues were sl57.505, ,6G3 76, and it's expendi-
 lures exclusive of postal service Sl95 2l0 o0Q 2 1 or an excess of expenditures over receipts of | SS7 .S9646 In January Of this year the re- ceipts exclusive of postal revenues were S2f- 3f699405 and the expenditures exclusive of postal services sse :,s9 s39 70 of s 5-
 39524 for the month
 In February of this year the receipts exclu sive of postal revenue were S2443O gg1ss and | expenditures exclusive of postal service s2s.- 795e5GG6 3 deficit of s43s5 0592s; or a total defieiency of SlS50I 5so.4i for the three years and eight months ending March l. lsg7. Not only are wewthout surplus in the treasury but with an increase in the public debt there has been Q corresponding increase in the an-
 nual interest charge from s22. 6a3 Ss3 70 in 1892 the lowest of any year since 1862. to SEA ss7
 297 60 in 1896, or an increase of Ell. 493, ,4I4 40
 It may be urged that even if the revenues of
 the government had been sufficient to meet all
 it's ordinary expenses during the past three years, the gold reserve would still have been
 insufficient to meet the demands on it and that
 bonds would necessarily have been issued for it's repStion- Be this as it may it is clearly manifest, without denying or affirming the cor rectness of such conclusion, that the debt would have been decreased in at least the amount of the deficiency. and business conf- denee immeasurably strengthened throuenout the country
 Congress should promptly correct the exist ing conditions Ample revenues must be sup piled not only for the ordinary expenses Of the government, but for the prompt payment of liberal pensions and the liquidation of the principal and interest of the public debt Tn 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 lncrease manufactures; to relieve and encourage agricul- ture; to increase our domestic and foreicn com merce to aid and develop mining ana building and to render to labor iii every field of useful occupation tho liberal wages and adequate rewards t9 which skill end industry are justly entitled Inc necessity of the pas sage Of q tariff law which shall provide afnaks revenue, need not be further urged TX imperative donand of the hour k the promps enactment of such measure and to this object l earnestly recommend that congress shall make every endeavor. Before other bus mess is transacted let u- first provide sufficient revenue to faithfully administer the govern ment without the contracting of further debt or the continued disturbance Of our finances
 WILLIAM MCKINLEY.
 Executive Mansion March f5 f4Q-