The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1897-03-23
TARIFF MESSAGE OF PRESIDENT MCKINLEY.
PLAIN, DrREor AND POINTED.
Congress Is Asked to increase the
Tarlfr ImmediateIy-The Condition
OF the Revenue Demands Prompt
Action.

The following message from Presi
dent Mckinley was sent to Congress
upon its opening:
To the Congress OF the United States
Regretting the necessity which has
required me TO call you together, feel
that your assembling 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
q condition has existed for now more
than three years. With unlimited
means at our command, we are pre-
senting tho remarkable spectacle oil
increasing our public debt by borrow
ing money to meet the ordinary out.
lays incident upon even an economical
and prudent administration OF the
government. An examination of the
detail and leads inevitably to the con-
clusion that the condition OF tho rev.
enue which allows 1t is unjustifiable
and should be corrected.
We find by the reports OF the Secre-
/, tary of the Treasury that the revenues
for the fiscaE year, ending June 80,
1892, from al sources were 1925, 1868, 260.-
22,and the eexpendituresf for all purposes
were $415, ,953, ,S06 sc, leaving an excess
OF receipts over expenditures of So, ,9A,-
1896. During that fiscal year SAC, &c.,
467.9S were paid upon the public debt,
which had been reduced since March
1, 1889, $259,076,S 800, and the annual
interest charge decreased $1J 1884 ,576.-
go. The receipts of the government
from all sources, during the fiscal year.,
ending June 80, 1893, amounted to
$461,7 561, and its expenditures to
S459, 374 1887, showing an excess of re-
ceipts over expenditures OF So, 341 ,674.
Since that time the receipts of no
fiscal year, and with but few excep-
tiOns of no month 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 1912, 1902 ,498, and Its
expenditures $442, ,605,75S leaving
deficit, the first since the resumption of
specie payments, of $69,S03,26 Not.
withstanding there was a decrease of
SIG, ,769, l2S in the ordinary expenses OF
the government as compared with the
previous fiscal year, its income was
daily necessities, and the gold reserve
In the treasury for the redemption of
greenbacks was drawn upon to meet
them. But this did not suffice, and
the government then resorted to loans
to replenish the reserve.
In February, 1894 $50 600, 900 in bonds
were issued, AID in November follow
ing second issue OF $50, 100000 was
deemed necessary. The sum of $1l7,-
17l,795 was realized by the sale of
these bonds, but the reserve was stead
1895, q third sale OF $62, 3l5, 400 in bonds
for 500, 49, ,244 was announced to Con-
gress.
The receipts of the government for
the fiscal year ending June 30, 1895,
were $390,373 203, aud the expenditures
$433, 7S, 426, showing deficit of S42,-.
805, ,223.
A further loan of 800, 900, 900 was ne.
gotiat. d by the government in Febru-
ary, 1886, the sale netting Sill ,166, ,246,
and swelling the aggregate Of bonds
issued within three Years to 1892. 3l5,-
400. For the fiscal year ending June 80,
1896, the revenues OF the government
from all sources amounted to S409, ,475,.
408, while its expenditures were
$434 ,670,654, or an excess of expendi-
lures over receipts OF $25, 2O3, ,245. In
other words, the eltotal receipts for the
three fiscal years, ending June 80,
1896, were insufficient by $l37 ,Sl1 ,729
to meet the total expenditures.
Nor has this condition since improv-
ed. For the FIRST half of the present
fiscal year, the receipts of the govern
ment, exclusive OF postal revenues,
exclusive of postal service $195, ,410, 600,
or an excess OF expenditures over re-
celpts OF $37 7,902,396. In January of
this year, the receipts exclusive Of
postal revenues were S24, ,3l6,994 and
the expenditures exclusive Of postal
service $50, 269, $780, deficit of &5, ,952,-
395 for the month. In February OF
this year the receipts exclusive of
postal revenues we're $24, ,400,997 and
the expenditures, exclusive OF postal
service 1928, ,796, ,056, deficit of $4,395,.
959; or a total deficiency of sls6.o6l,,
$50 for the three years and eight
months ending on March 1, 1897. Not
only are we without surplus in the
treasury, but with an increase in the
public debt there has been n cores
ponding increase In the annual inter-
est charge from $22, 800, ,883 in 1892, the
lowest OF any year since 1862, to $34,-
387 ,207 In 1896, or an increase of $11,-
493, ,4I4.
1t may be urged that even IL the
revenues OF the government had been
sufficient to meet all its ordinary ex-
penses during the past three years, the
gold reserve would still have been In
sufficient to meet the demands upon 1t,
and that bonds would necessarily have
been issued for its repletion. Be this
as it may, 1t is clearly manifest, with
out denying or affirming the correct
ness OF such conclusion, that the
debt would have been decreased in at
least the amount of the deficiency, aud
bust ness confidence immeasurably
strengthened throughout the country.
Congress should promptly correct the
existing conditions. Ample revenues
must be supplied not only for the ordi-
nary expenses OF the government, but
for prompt payment OF liberal pensions
and the liquidation OK the principal
and interest of the public debt. In
raising revenues, duties should be so
levied upon foreign products as to pre-
serve the home market, SO far as pos
sible, to our own producers; to revive
and increase manufactures to relieve
and encourage agriculture to increase
our domestic aud foreign commerce;
to aid and develop mining and build
ing. aud to render To labor in every
field OF useful occupation tho 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 reve
nue., need not be further urged. The
imperative demand OF the hour is the
prompt enactment OF such measure
and to this object earnestly recon
n