The Red Cloud chief., 1897-03-26
PRESIDENTS MESSAGE
REVENUE AND PROTECTIVE
TARIFF.
benefits In the Governments Finances FIR
Nearly Four Years Pointed Out-Tho
Bond Issues Advertcd to-Tarin Revis-
Ion Advised BEFORE All Else.

Mckinley sent rather Unexpectedly
his message to Congress this afternoon
As soon as both Houses had been or
ganixed. II was At oncc read as fol-
lows:
ITO the Congress OF the United
States: Regretting the necessity which
has required me to call you together. l
feel hat your assembling In cxtraor-
binary session is indispensable because
Of the condition in which we find the
n OF the government, IL Is
conceded that its current expenditures
are greater than its receipts, and that
such q condition has existed for
now more than three years. With un-
limited means at u command we are
presenting tho remarkable spectacle OF
increasing our public debt by borrow
ing money to meet the ordinary out
lays incident upon ever an economic
and prudent administration of the
government. An examination OF the
subject dixcloses this fact in every de-
tail and leads inevitably TO the conclG-
such n condition is unjustifablo and
sn0ulu ne corrected.
The Deficits for Four Years.
1--WE find by the reports Of the Sec
rotary OF the treasury that the reve-
nues for the fiscal year ending June
80, 1892, from all sources were S425,-
sos. 2so. 22, and the expenditures for all
purposes were S415, 953. SOC. So, leaving
an excess Of receipts over expenditures
Of 81, els, 453. 81. During that fiscal year
$40, $40. 4.7.e 90 were paid upon public
debt, which was reduced since March
l,lsso, $3.50, orc, 800, and annual interest
charge decreased ll,6sI. 578. 90. The
receipts Of the government from all
sources during the fiscal year ending
June 20, 1893, amounted to S46l 49,
SOL. o., and its expenditures to S459,-
274, $751; IS, showing an excess OF re-
ceipts over expenditures Of s2,34l.-
674.29.
''Since that time the receipts Of no
fiscal year., aud, with but few cxcep-
tons, of 40 month Of any fiscal year.
have exceeded the expenditures. The
receipts OF the government from all
sources during the fiscal year end
ing June 80, 1894, were S372, s92, +9s. 20,
and its expenditures S442, Cos, 75s. 81,
leaving a deficit, the first since the re-
sumption of specie payments. of $Gs,-
s03, 2so. So. Notwithstanding there was
q decrease Of si6, 100, 1928. rs in the ordi-
nary expenses of the government as
compared with the previous fiscal
year, Its 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.
Bond Issues Advsrted To
But this did not suffice, and the
government then resorted to loans to
replenish the reserve. In February,
1894, $50, 900, 600 in bonds were issued,
and in November following a second
issue Of $50, 600, 900 was deemed neces-
sary. The sum of $ll7, III ,795 was
realized by the sale of these bonds, but
the reserve was steadily decreased un-
til on February 8, 1895, a third sale of
e62. 315, 400 in bonds, for SOS, JIG, 244
wns announced TO Congress.
The receipts o the fiscal year, June
30, 1895, were $500, 3-3, 203. 30 and the
expenditures s433, It's, 428. As, showing
o deficit Of S4s, sos, 223.1 {. A further
loan Of 500, 00o, 900 was negotiated by
the government in February, 1896, the
sale netting S,ll, l66, 24o and swell
ling the aggregate of bonds is
sued within three years to so62, 3l5, 400.
For the fiscal year ending June 80,
1896, the of the government
from all sources amounted TO S409, 49,
%0s. 70, while its expenditures were
e43%, 67s, 654. -, Or IN excess of expend-
itures owe receipts of S25, 2o3, 245. 70.
In other words, the total receipts for
the three fiscal years ending June 30,
1898, wer insufficient by sl37 ,sll,-
72o. 40 to meet the total expenditures.
m sit.stion Not Improvins.
"Nor has this condition since i'm
proved. For the first half of the pres
emit fiscal year the receipts Of the gov
eminent exclusive Of postal
were Sl57.5o o0a. 70, and its expendi-
lures exclusive of postal service $685..
<10, 600. 20, or an excess of e~xdenditurcs
over receipts Of SAT, 902, 800. ~. In Jan
uary Of this year the receipts exclusive
"a POoboh ACvCuuCS WSIc y~S,olO, oof. OC,
and the expenditures exclusive of
postal service $40, 900, $50. Ca deficit
Of $3.50, 3o5.24 for the month. In
February Of this year the receipts
exclusive Of postal revenues were
SEA, 100, 997. 80 and expenditures exclu-
sivs Of postal service s2s, 700, 056. GO, a
deficit OF -, a95, 059. IS; or a total deficit
Of slss, 03l, 1904 for the three years
and eight months ending March /,
1897. Not only are we without u sur.
plus in the treasury, but with an in
crease In the public debt there has
been q corresponding increase In the
annual interest charge from SEE, $685..
$50. go in 1892, the lowest Of any year
since 1862, to S34, 1857, 2s7. 60 in 1896, or
an increase of 81, 493, 4i4.4o.
ut may be urged that even II the
revenues of tho government had been
sufficient to meet all its ordinrry OK.