New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-16
THE PRESIDENTS MESSAGE.
CONGRESS URGED TO PASS THE TARIFF
BILL PROMPTLY.
CALLING or AN EXTRAORDINARY SESSION IN
DIsPENsABLE on ACCOUNT or THE CON
DITIoN OF THE REvENUEs-NEED
OF ACTION TO STOP THE
DEFICIT AND RESTORE

DITIoN OF THE REvENuEs-NEED
OF ACTION TO STOP THE
DEFICIT AND RESTORE
CONFIDENCE.
Washington March 15.-President Mckinley
sent the following message to Congress to-day
To the Congress OF the United States; Regret
ting the necessity which has required me to call
YOU together, feel that your assembling IN ex-
traordinary session is Indispensable because or
the condition in which we find the revenues OF the
Government.
II is conceded that its current expenditures are
greater than its receipts and that such condi-
tion has existed for now more than three years.
With unlimited means at our command, we are
presenting the remarkable spectacle of increasing
our public debt by borrowing money to meet the
ordinary outlays incident upon even an econom-
ical and prudent administration of the Govern
ment An examination OF the subject discloses
this fact in every detail and IS inevitably to
the conclusion that the condition Of the revenue
which allows II is unjustiiable and should be
corrected
We find by the reports OF the Secretary OF the
Treasury that the revenues for the fiscal year
ending June 30. 1892. from all sources were
S42J S,iS 2i0 30, and the expenditures Tor all pur-
poses were S41J 953 SO6 3G. leaving an excess or
receipts over expenditures OF S9.9l4.4b5 J6. Dur
ing that fiscal year S+O57O. .467 9S were paid upon
the public debt, which had been reduced since
March l. 1889 S259OT6, 800. and the annual in
terest charge decreased S1l .GSi,5I6 ID The re-
ceipts OF the Government from all sources during
the fiscal year ending June 80. 1893. amounted to
S461. .716. 561 o. and it's expenditures to $lG9.-
31J. .SS7 65 showing excess OF receipts over ex-
pendtures Of S234 6I4 80.
CT. pfn
and with but few exceptions OF no month of any
fiscal year. have exceeded the expenditures. The
receipts of the Government from all sources dur
ing the fiscal year ending June 80. 1871, were
S312 SO2 49S 20 and its expenditures S4f2.6oo,-
15S 81 leaving a deficit the first since the re-
sumption Of specie payments. of SG9SO3,2Oo D.
Notwithstanding. there decrease ol CIV
912S IS in the ordinary expenses or the "oN
| ernment as compared with the previous "SOa'
year its income still not sufficient 10 pro''ue
for its daily necessities and the gold reserve III
| the Treasury for the redemption or greehpacN'
was drawn upon to meet them. But TINS uiu ho'
suffice and the Government then resorted 10
loans to repenisn the reserve
| In February. 1894 S5OOOO000 in bonds were
issued and In November following secohu
issue Of S5OOOOOOO was deemed necessary. Inc
sum of S117,1T1. .795 was realized by the sale OIL
|
creased until on February $. 1S9o, third sale OF
| S62,l 400 in bonds. for SoJ'llo'-ff' WAS ""
| nounced TO Congress.
The receipts of the Government for the fiscal
wear ending June 30 1895 were S39o3'3,-
| 2o3 30 and the expenditures Si;" $40 49,
showing a deficit Of S42 SO5, 223 10 further
| loan Of S,OOOOOOOO was negotiated by the Gov
ernnent in February, 1896, the sale netting Jill
| 1876 DAG and swelling the aggregate OF pohds
issued within three years to SZo-3ioto" roi
| the fiscal year ending June 80, 1916, the revenues
OF the Government from all sources amounted 10
| 500 40 4OS 49, while its expenditures were
S434 67S 6J4 4S or an excess OF expenditures over
receipts OF S25 203, 245 20 In other words, the
| total receipts for the three fiscal years ending
| June 80 1895, were insufficient by Slo'oih
| 129 46 to meet the total expenditures
Nor has this condition since improved. For
| the first half OF the present fiscal year the re-,
ceipts OF the Government exclusive OF postal
revenue. were $l57.507.6o3 90. and i;s eXpendl-
lures exclusive OF postal serrice, Sl?o4iOooo -
| or an excess OF expenditures over receipts OF
S37. .9O2. 1896 4G. In January of this year the re-
| ceints exclusive of postal revenues, were S24'-
| 3l6 994 o.. and the expenditures, exclusive OF
nostal service $50 2693s9 20 defci, Of So
oIp 3oJ "a for the month. In February OF TINS
vear the receipts exclusive of postal revenues,
were S24 400 397 :}S and expenditures, exclusive
| NJ nostaI service S2S 196. O.rj 66. a deficit of
! 81 39J 90 2S or a total deficiency Of SlS6,-
| OS1 $50 A. for the three years and eight months
| ending March l. 1891. Not only are we without
a surplus in the Treasury, but, with an increase
in the public debt there has been correspond
ing increase in the annual interest charge from
So. .S93. .SS3 20 in 1892, the lowest Of any year
| since 1862 to S34 ,3S1,29I 80 in 1876. or an in
| crease Of ST. 1914 ~.
| 1t may be urged that even il the revenues OF
the Government had been sufficient to meet all
it's ordinary expenses during the last 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 its repletion Be this as 1t may, Ii Is clearly
| manifest without denying or affirming the cor
| rectness of such a conclusion. that the debt
| would have been decreased In at least the
amount of the deficiency and business con-
ndence immeasurably strengthened throughout
| the country
| Congress should promptly correct the existing
condition. Ample revenues must be supplied
not only for the ordinary expenses of the Govern
meut but for the prompt payment Of liberal
pensions and the liquidation of the principal and
| interest Of the public debt In raising revenue,
duties should be so levied upon foreign products
as 10 preserve the home market, so far as posi-
bile to our own producers; to revive and Increase
manufactures: To relieve and encourage agri-
culture: TO increase domestic and foreign
commerce: to aid and develop mining and build
ing and 10 render labor in every field of useful
occupation the liberal wages and adequate re-
wards TO which skill and industry are justly en-
titled. The necessity Of the passage of tariff
law which shall provide ample revenue need not
be further urged. The imperative demand of
| the hour Is the prompt enactment Of such a
measure and to this object earnestly recon-
mend that Congress shall make every endeavor.
Before other business IL transacted, let us first
provide sufficient revenue TO faithfully admins