Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1897-03-20
PRESIDENTS MESSAGE
PRESIDENT MxINLEY'S ADVICE
TO THE NEW CONGRESS.
Figures Given to Demonstrate the
Long Continued Deficit in the
Government Revenues.

Washington, March To- - The president
today sent the following message to con-
gress:
| Regretting the necessity which has le-
qulred me TO call you together, | feel your
assembling in extraordinary session is ill-
dispensabIe because Of the condition in
which we find the revenues of the govern
nent. 1t is conceded that its current eN-
penditures are greater than its receipts.
and that such condition has existed now
mere than three years. With unlimited
means at your command. we are present.
ing the remarkable spectacle of increas-
ing our public debt by borrowing money
to meet the ordinary outlays incident up
on even an economical and prudent ad-
ministration of the government. Exani-
nation of tie subject discloses this fact in
every detail, and leads to the inevitable
conclusion that the condition of the reve-
nue. is unjusti1iable and should be correct
ed.
I'VE find by he reports of the secre-
tary of the treasury that the revenues
for the fiscal year ending June 80, 1892
from all sources, were $425, S6S p. and
expenditures for all purposes, were $4lo,-
9o5,so606, leaving an excess Of receipts
that fiscal year S40,5 9S were paid
upon the public debt, whoch had been
reduced since March l. 1889, $259, ,016 800,
and the annual interest charges de-
creased s11,6S4, $1,000.
Since June 80, 1S93 the receipts for ev
cry fiscal year. and with but few excep
tons of every month of any fiscal year,
have exceeded the expenditures The
receipts of the government from all
con = ,,~j,, "A;
June so, 1894, were S372, ,S02, t9S.2 29 and its
expenditures S442, ,605, ,15S.S7 leaving a de-
ticit, the first since the resumption of
specie payments, of 500, SOC, ,26O.5S. Not
WlthstandinS there was a decrease OF
sl6, l6S,1 12S.lS in the ordinary expenses Of
the government as compared with the
previous fiscal year, its income was still
not sufficient to provide for it's daily ne
cessities, and the gold reserve in the
treasury for the redemption of green
backs was drawn upon to meet them.
The Bond Issues.
but this did not suffice, and the gov
ernment then resorted to loans to replen-
ish the reserve. In February, 1891, $50,
100000 bonds were issued, and the No
Vember following a second issue of S50,-
0G0, 600 was deemed necessary. The sum
of Sill, Ill I95 was realized by the sale of
these bonds, but the reserve was stead
a third sale of $62, ,3l5, 400 of bonds was
to congress.
The receipts of the government for
the fiscal year ending June 80, 1895, were
$3.50, 3l3 80, and the expenditures $13333,
l1S, ,426.4S, showing a deficit of $42, 500, ,223 49,
further loan of 500, 900 was negoti |
ated by the government in February |
1896, the sale netting Sill. 1885, 246, and swell
ing the aggregate bonds issued within |
three years to S262, 315, 400.
For the fiscal year ending June 50,
1896 the revenue of the government from
all sources amounted to $409, ,475, ,40S. IS,
while its expenditures We're $434, ,67S 654.4S, |
CT an excess of expenditures over re-
ceipts of $25, ,203 245.70.
In other words, the total receipts for
The three fiscal years ending June 30 1896,
were insufficient by S137, ,S11 129.46 to meet
he total expenditures. Nor has this con-
lition since improved For the first half |
Of the present fiscal year the receipts
If the government, exclusive of postal
revenues, We're $157, 507 603.76, and the ex
exclusive of the postal ser
vice, $19o, 40 0GO.29, or an excess of eX-
1enditures over receipts of $37, ,902, 1866.
I'm January, this year, the receipts, ex-
elusive of the postal revenues, We're $2f,
l6,99429 a deficit of 1882, ,39524 for the
month; in February, this year, the re-
JGlptS. 6ACluSlpe Ol LuC postal revenues,
were $24, 400 997.3S, and expenditures, ex-
elusive of postal service, s2S, 796, ,o56.66, a
lefcit of 1886, ,053.2S or a total deficit of
s1S6 031, Al for the three years and
sight months ending March l. 1897
Increased Interest.
Not only are we without a surplus in
he treasury, but with an increased pub
ic debt there has been a corresponding
of the annual interest charge
rr61 Df
any year since 1862 to s34, ,3S1, ,29760 in 1896,
Or an increase of S11, ,493, 1890
1t may be urged that even if the rev.
anues of the government had been suf-
icient to meet all it's ordinary expenses
luring the past three years the gold re
serve would still have been insufficient
% 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 af
frming the correctness Of such a con-
clusion, that the debt would have been |
decreased at least the amount of the
deficit, and business confidence immeas-
lrably strengthened throughout the coun-
try.
Congress should promptly correct the
existing conditions. Ample revenues
must be supplied, not only for the or
1inary 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 the revenue duties should |
be so levied upon foreign products as
to preserve the home market as far as |
possible to our producers, to revive and |
increase manufactures, to relieve and en- |
agriculture, to increase our do |
mestic and foreign commerce; to aid and
develop mining and building, and to rem
der to labor in every field of useful occu-
patton liberal wages and adequate re-
wards to which skill and industry are |
justly entitled.
"Tbe necessity Of the passage of tar
if law which shall provide ample rev. |
enue need not be further urged The i'm |
perative demand of the hour is the |
enactment of such a measure |
and to this object l earnestly recon-
mend congress shall make every endeav- |
or before other business is transacted |
Let US first provide sufficient revenue to
faithfully administer the government |
without con racting further debt or con- |
tinue the disturbance to our finance
'WILLIAM NJ kINLEY. |
Executive Mansion, Washington, D. |
c., March 1o, 1897
END OF A JUDGEsHIP CONTEST.