The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-16

greenbacks was drawn upon to meet
them.
But this did not suffice, and the gov
eminent then resorted to loans to re-
plenish the reserve. In February, 1894.
$5O,OOO,000 In bonds were issued and in
November following a second Issue Of
$60,OOO,O00 was deemed necessary. The
sum of $117171,795 was realized by the
sale of these bonds, but the reserve
was steadily decreased until on Feb. 8,
1895. third sale Of So. 315, 400 In bonds
for $65, 1924 was announced to con-
gress. The receipts OF the government
for the fiscal year June &c. 1895, were
1890, 373, 203.30, and the expenditures
$4S3, IFS. 426.4S, showing a deficit Of $42,-
500, 22318
A further loan Of 500, 900, 900 was
negotiated by the government in Feb
ruary, 1886, the sale netting Sill, 166, 246,
and swelling the aggregate Of bonds
issued within the three years to $685.
315, 400. For the fiscal year ending June
80, 1895, the revenues of the government
from all sources amounted to $409, ATS, :
4O8.78. while it's expenditures were $434, =
67S,654.48, or an excess of expenditures
over receipts of $25, 203, 24570. In other
words, the total receipts for the three
fiscal years ending June so, 1896, were
insufficient by $1S7, 81, 729.46 to meet the
total expenditures. Nor has this con-
OlLlOn since improved.
For the first half Of the present fiscal
year the receipts of the government,
exclusive of postal revenue, were $157,-
507, 6O3.76, and its expenditures exclu-
siVe of postal service, $195, 410 900 22 or
an excess of expenditures over receipts
of $37, 9O2, 1866. In January, of this
year, the receipts, exclusive of postal
revenues, Were 1924. BIG, 1894. 05, and the ex-
penditures, exclusive Of postal service
1AG1 q or a
the month. In February of this year.
the receipts, exclusive of postal reVe-
nueS, were $24, 400, 997.38, and expendit-
ures, exclusive of postal service, $685.
796,056.66, a deficit Of $4,395, 059 2S; or a
total deficit of $186,O61 $50. Al for the
three years and eight months ending
March l, 1897.
in the treasury, but with an increase in
the public debt there has been a cor
responding increase in the annual in
terest charge from So, 500, 8S3. 20 in 1892.
the lowest of any year since 1862, to
$34, 1897, 297.60 in 1896, or an increase of
$11, 493. 414.4O. 1t may be urged that
even if the revenues of the govern
ment had been sufficient to meet all
its ordinary expenses during the past
three years, the gold reserve would
still have been insufficient to meet the
demands upon 1t, and that bonds would
necessarily have been issued for it's
repletion. Be this as it may, it is
clearly manifest, without denying or
affirming the correctness of such a con-
clusion, that the debt would have been
decreased in at least the amount of
the deficiency, and the business con-
f1dence UNNECESSARILY strengthened
throughout the country. Congress
should promptly correct the existing
condition. Ample revenue must be sup
piled, not only for the ordinary ex-
penses of the government, but for the
prompt payment of liberal pensions,
and the liquidation of the principal in
terest Of the public debt
In raising revenue, 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 increase manufactures; to relieve
and encourage agriculture; to in
crease our domestic and foreign COM
merce; to aid and develop mining. and
building, and 70 render to labor in
every field of useful occupation the
liberal wages and adequate rewards
to which skill and industry are justly
entitled
The necessity Of the passage Of a
tariff law which shall provide ample
revenue need not be further urg I'd. The
imperative demand of the hour is the
prompt enactment Of such a measure
and to this object 1 earnestly recon-
mend that congress shall make every
endeaVor. Before other business is
transacted let us first provide sufficient
revenue to faithfully administer the
government without the contracting of
further debt or the continued disturb
ance of our finances. ..---
WILLIAM MKINLEY.
Executive Mansion March Is, 1897.