The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1897-03-19
The Presidents Message.

WASHINGTON, March 15.-The me ssage of
President Mckinley submitted to congress to-
day is as follows:
sRegretting the necessity which has REQ hired
me to call you together, l feel thai your assembl-
ing in extraordinary session is indispensable
because of the condition in which we find the
revenues of the government 1t is conceded
that its current expenditures are greater than
its receipts, and that such condition has ex
listed now more than three years. With unlim
tied means at our command, we are presenting
the remarkable spectacle of increasing our pub
lie debts by borrowing money to meet ordinary
OUTLAWS incident upon an economical and pru-
dent administration of government.
An examination Of the subject discloses this
fact in every detail, and leads inevitably to the
conclusion that the condition of the revenue
which allows it is unjustifable and should be
corrected. We find by the reports of the secre-
tary of the treasury that the revenues for the
fiscal year ending June &c. 1892, from all sources
were $4-5 1868. 26022, and that the expenditure
for all purposes were $415, 953 sos O6 leaving a,
excess of receipts over expenditures of s9,g1i
1896. During that fiscal year $40, $40. 467 9S wa
paid upon the public debt, which had been re
duced since March l, 1889, $3.50 ,O76 800, and the
annual interest charges decreased $1l,6S4 SIC. 30
1.-THE receipts of the government from all
sources during the fiscal year ending June 30.
1892, amounted to $461, 49, sol a. and its expend
itures to $459 374, showing an excess of re-
ceipts over expenditures of 50 341,67429.
"Since that time the receipts OF no fiscal year,
and with but few exceptions of no months 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
$S72,9S2 49S2 %, and its expenditures were s442,-
600, 75O.% leaving deficit, the first since the
resumption of specie payments, of 500 So3, 26O So.
Notwithstanding there was decrease of
sic 769, 2S7S in ordinary expenses of the overn-
ment, 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 on to meet them But this did not suf-
fee. and the government then resorted to loans
to replenish the reserve. In February, 1894 $50
100000 bonds were issued, and in November fol-
lowing second issue of $50, 100000 was deemed
necessary. The sum of s117.l71,7s5 was realized
by the sale of these bonds, but the reserve was
steadily decreased until on February s, 1895, the
third sale of ,315, 400 bonds was announced to
congress-
The receipts of the government for the fiscal
year ending June 80. 1895, were $780, 373, 2O3 30,
and the expenditures were $433 u.s. Az. As, show
Ing deficit OF $4S,Se5, 223.'e. further loan of
sloo,OoO.OOO was negotiated by the government
In February, 1896, the sale netting SILL i66, 246,
and swelling the aggregate of the bonds issued
within three years to $262,31 400.
For the fiscal year ending June 80, 1896, the
revenues of the government from all sources
amounted to s409, ATS, 4oS7S while its expend-
itures were s434, 67s654 4S, or an excess of ex-
penditures over receipts of s25. 2O3, 245.70
I'm other words, the total receipts for the
three fiscal years ending June 80, 1s9 were in
sufficient by s137 ,S11 7l9 46 to meet the total ex
penditures.