The new North-west., 1897-03-19
PRESIDENTS MESSAGE
PRESIDENT M'KINLEY'S ADVICE
TO THE NEW CONGRESS-.
Figures Given to Dernunstr:,te the
Long Continued Deficit in the
Government Revenues

Washington, March Is. - The president
today sent the following message to con-
gresS:
| Regretting the necessity which has re-
quired me to call you together, 1 feel your
assembling in extraordinary session is i'll
! dlspensable because of the condition in
which we find the revenues Of the govern
ment. 1t is conceded that its current ex-
| penditures are greater than its receipts,
and that such condition has existed now
| more than three years. With unlimited
means at your command, we~lre present.
| ing the remarkable spectacle of increas-
| ing our public debt by borrowing money
| TO meet the ordinary OUTLAWS incident up
| on even an economical and prudent adj
| m1nistration Of the government. EXami-
| nation OF the subject disCloscs this fact in
| every detail, and leads to the inevitable
conclusion that the condition OF the reve-
nue. is unjustiliable and should be correct
| ed.
1--WE find by he reports of the secre-
tary of the treasury that the revenues
Tor the fiscal year ending June 80, 1892
from all sources, We're $425, ,S6S 260.2 %, and
expenditures for all purposes, were $415,-
953,S0606, leaving an excess of receipts
over expenditures of $99l4, ,454 16. During
that fiscal year $40570, 79S We're paid
upon the public debt whoch had been
reduced since March l. 1899, $3.50 O76, $780,
and the annual interest charges de-
creased $11, ,6S4 576.6O.
Since June 30 1893, the receipts for ev-
cry fiscal year, and with but few excep-
t1ons of every month of any fiscal year,
nave exceeded the expenditures. The
receipts of the government from all
sources during the fiscal year ending
June so, 1894, We're 1872. .SG2, ,49S2 30, and it's
expenditures $442. .605, 1887, leaving de-
II t;,, 81
specie payments of $69, sos, ,2605S. Not
Wlthstanding there was decrease of
$l6769, l2S.7S 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
cesslties, 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
eminent then resorted to loans to repen-
ish the reserve. in February 1894, $780,
o5o,0oO bonds were issued, and the No
vember following second issue of $5O-
ceOooO was deemed necessary, The sum
or 795 was realized by the sale of
these bonds, but the reserve was stead
lily decreased until on February s. 1895,
third sale of $623l5, 400 of bonds was
announced to congress.
The receipts of the government for
The fiscal year ending June 50, 1896 were
$3.50, 1913, ,203.SO, and the expenditures S4S3,-
lis,426.4S. showing a deficit of $4a, sos 223 49,
A further loan of $l0O,oO00 600 was negoti-
ated by the government in February,
1886, the sale netting $l11, ,166, 2i6, and SWELL
ing the aggregate bonds issued within
three years to 1862, ,315, 400
FOR the fiscal year ending June 80
1896, the revenue of the government from
all sources amounted to $409 475 4OS 7S
While its expenditures We're $i3l, SIS, 654 AS,
or an excess of expenditures over re-
ceipts of $25 2O3, ,245 TO-
In other words, the total receipts for
the three fiscal years ending June 80 1896,
were insufficient by $l37, ,S11, 729 lG to meet
the total expenditures. Nor has this con-
dltlon since improved For the first half
OF the present fiscal year the receipts
OIL the government, exclusive of postal
revenues, were $157, ,507, COB .76 and the ex-
pendltures, exclusive of the postal SER
vice. $l95 All, ,000.29, or an excess of ex-
pendltures over receipts of $37, ,9O2 1856 lG.
I'm January, this year. The receipts. ex-
elusive Of the postal revenues were S24.-
@l6,994.29, a deficit of $685., 1854 for the
month; in February this year. the re-
celpts, exclusive of the postal revenues,
were S24 400, 9913S, and expenditures ex
elusive of postal service $2S, ,796, ,056 G6 a
denclt OF $4,395, ,053.2S, or a total deficit of
Siee, e,t5lo oso44 for the three years and
eight months ending March l, 1897.
Increased Interest.
l.. ,he treasury, bat with an increased pub
lie debt there has been a corresponding
increase OF the annual interest charge
from w. 1893 ,sS3.20 in 1882, the lowest of
any year since 1862 to $3i .3S7, ,291. so in 1896
or an increase of $l1, ,493 i19.io
1T may be urged that even if the rev.
snues OF the government had been suf-
lclent TO meet all its ordinary expenses
iuring the past three years the cold re-
serve would still have been insufficient
o meet the demands upon it, ana that
bonds would necessarily have been issued
or its repletion. BE this as it may If is
clearly manifest, without denying or af-
lfmlng the correctness of such a con-
.iuslon, that the debt would have been
decreased at least the amount of the
ienclt, and business confidence immeas
lrably streng gthened throughout the coun
ry.
congress should promptly correct the
Xisting conditions. Ample revenuns
must be supplied. not only for the or
ilhary expenses of the government, but
or the prompt payment of liberal nen
ions and liquidation of the principa1 ana
interest of the public debit
~ raising the revenue duties should
e SO levied upon foreign products as
preserve the home market as far as
ossible to our producers, to revive and
Increase manufactures, to relieve and en-
ourage agriculture, to Increase our do
lestlc ana foreign commerce; to aid and
eVelop mining and building, and TO rem
ef TO labor IN every field of useful occu-
alton liberal wages and ADEQUATE ro
ards to which skill and industry are
lstly entitled
. the necessity of the passage of a far
law which shall provide ample rev
iue leed not be further urged. The i'm
efatlVe demand of the hour is tha
rompt enactment of such a ,,,aasrra
nd to this object / earnestly recon-,
END congress shall make every endeav-
:, before other business is transacted
ct US first provide sufficient revenue to
administer the government
ithout contracting further debt or con-
nue. the disturbance to our finance.
'WILLIAM MkINIEY
Executive Mansion, Washington %
March Is, 1897
EVtR LEADERS, C0MEEPEMHE