The record-union., 1897-03-16
Receipts Must be Raised to Meet the
Current Expenditures.
Ample Revenues Must be Supplied
Not Only for the Ordinary Ex-
penses of the Government, But for
Prompt Payment of Liberal PEN
sions and the Liquidating of the
Principal and Interest of the Public
Debt

WASHINGTON, March 1o.-The
President to-day sent the following
message to Congress:
''Regretting the necessity which has
required me to call you together, L feel
your assembling in extraordinary sess-
ion is indispensable, because of the con-
dition in which we find the revenues OF
the Government. 1t is conceded that
its current expenditures are greater
than its receipts, and that such condl-
ton has existed now more than three
years.
With unlimited means at your COM
mand, we are presenting a remarkable
SPECTACLE increasing our public debt by
borrowing money to meet ordinary out
lays, incident upon an even economical
and prudent administration of the Gov
ernment Examination of the subject
discloses this fact to the conclusion that
the condition of 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
CT the fiscal year ending June 80, 1892,
from all sources, were S425, SIS, 260 ~
and the expenditures for all purposes
Were S415 1913, 500 90, leaving an excess
Of receipts over expenditures Of So
914,4 53 &c.
During that fiscal year, S40,oIO,-
46I 90 were paid upon the public debt,
which has been reduced since March l,
1889, S259, 016, $50, and the annual in
terest charged decreased 81 ,6S4 $40 go.
The receipts of the Government from
all sources during the fiscal year end
ing June 80, 1893 amounted to S461,-
1861 "a, and its expenditures to
S459,31 ,SS7 g. showing an excess of
receipts over expenditures Of S2,341 :,
CA %
Since that time the receipts of no
fiscal year, and with but few excep-
tions, of no month of any fiscal year,
have exceeded the expenditures.
The receipts of the Government
from all sources during the fiscal year
ending June 80, 1894, were 1872, 500, :
49S % and the expenditures S442, sos, :
i5S 81, leaving a deficit, the first since
the resumption of specie payments, of
S69, So, 260 IS. Notwithstanding there
was a decrease of SIG, 1853, lbs IS in the
ordinary expenses of the Government,
as compared with previous fiscal years,
its income was still not sufficient to
PAO AOi us NAdlly HcCtSSllltS, anu the
gold reserve in the Treasury for the re-
Gemption of greenbacks was drawn
upon to meet them. But this did not
suffice, and the Government then re-
sorted to loans to replenish the reserve.
In February, 1894, 1000, 600 of
bonds We're issued and the November
following the second issue of $4,000
900 was deemed necessary. The sum
=
of these bonds, but the reserve was
steadily decreased untu on February 8,
1895, the third sale of $50, 315, 400 Of
bonds, So, 1lG2i4 was announced to
Congress-
The receipts of the Government in
1895 We're S390,313 203 80, and the ex-
penditures S433, las. 426 Is, showing a
deficit of S4S So, 223 IS A further
loan of Sl00000,0O0 was negotiated by
the Government in February, 1896 the
sale netting Sill, 166, 24G, and swelling
the aggregate bonds issued within
three years to S262,315, 400.
For the fiscal year ending June 30.
1896, the revenues of the Government
from all sources amounted to $409,-
4I5,40S 1S, while it's expenditures were
S434 .G1S,654 As, or an excess of ex-
penditures over receipts of So, 203, =
245 40.
In other words, the total receipts for
three fiscal years ending June 80, 1896,
were insufficient by S137 ,S11, 129 as 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, were Sl51, 507 ,603 16
and the expenditures exclusive of the
postal service S195. 40 900 %. or an
excess of expenditures over receipts of
S31 ,9G2 1896 46.
In January of this year the receipts.
exclusive of the postal revenues, were
24.316,994 % a deficit of 81. 952
$50 "A for the month. In February of
this year the receipts, exclusive of pos
tai revenues, We're S24 400. 991 81 and
the expenditures, exclusive of postal
service. S2S, 79G, 056 &C. a deficit of
81 ,395, 0o3 IS. or total deficit of $1S6,-
OIL so Al for three years and eight
months, ending March /. 1891
Not only are we without a surplus
in the treasury, but with an increase of
public debt there has been a CORE
spending increase of annual interest
charge from SD s93, SS3 20 in 1892. the
lowest of any year since 1862, to SD.
3S1. 297 60. in 1896, or an increase of
81 ,493 Ala 40.
1T may be urged that even if the
revenues of the Government had been
sufficient to meet all its 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 correctness OF
such a conclusion that the debt would
have been decreased in at least the
amount of the deficiency and that bust
ness confidence would have been i'm
measurably strengthened throughout
country.
Congress should promptly correc,
the existing condition. Ample reve-
nues must be supplied not only for the
ordinary expenses of the Government