The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1897-03-24
M'KINLEY'S MESSAGE.
STRIKES FOR HIGH TARIFFS AND
MORE REVENUS.
4 Point Made Plain That the Government
Must Either Spsnd Much Less or Receive
ryucl. More.

Must Either Spend Much Less or Receive
Muci, More.
i WASHINGTON, March 15.-Both
branches of Congress assembled to.
day in extraordinary session il ooe
dience to the Presidents proclamation
convening it. After the routine bust
ness CT the two Houses were gotten
| through the following message was
read in each House:
To the Congress of the United States:
| Regrettiug the necessity which has
.,equired me to call you together. |
| ieel that your assembling Ia extrs.
ordinary session is indispensable be-
cause of the condition in which we
| 6nd the revenues Of the government.
| 1t is conceded that its current expendl-
lures are greater than its receipts,
and that such condition has existed
for more than three years. With un-
limited means at our command, we
are presenting the remarka BILE spectacle
of increasing our public debt by oor-
rowing money to meet the ordinary
outlays incident upon even an econo.
mical and prudent administration o.!
the government. An examination OF
| the subject discloses this fact n every
detail, and leads inevitably to the con-
clus;on that the condition OF the rev
enue which allows it is unjastihaoLe
and should be corrected.
We find by the report Of the secre-
tary OF the treasury that the revenues
for the fiscal year ended June 80, 1893,
from all sources, were sl25 ,S6S ,26O.22
and the expenditures for all purposes
were $4l5, 953 S06.56, leaving an ex.
cess of receipts over expenditures OF
IS9,914, 1886 During that fiscal year
$50, $40, 1878 were paid upon the pub.
lie debt. which had been reduced
since March l, 1889, $3.50 orc, $50, aud
the annual interes! charged decreased
I$u,6S4, SIC. 80. The receipts OF the
! go yernment from all sources during
the fiscal year ending June 30, 1898,
Iamounted to S46l.7l6 SOL ani its ex-
pendltures to $459, 374, 1887, showing
an excess ofrec5ipts over expenditures
lof 50, S4l,674.
Since that time the receipts Of no is
cal year, and, with few exceptions, Of
no month of any fiscal year, have ex-
lcee0ed the expenditures. The receipts
of the government from all sources
Iduring the fiscal year ending June 80,
1884, were $372, ,S02, ,49S and its expen-
ditures SAP, COS, ,75S, leaving deficit
the first time since the resumption OF
Ispecie payments-of $69, ,S03, $50. Not.
withstanding there was decrease OF
1916, 769, 12S in the ordinary expenses OF
1.-The government as compared with the
previous fiscal year, its income was
lstill not sufficient to provide for It's
daily necessities, and the gold reserve
in the treasury for the redemption OF
Igreenback was dra wn upon to meet
them. But this did not suffice, and
the government then resorted to loans
to rep1enish the reserve. In Fecru-
arg, 1924, $50, 100000 were issused,
and in November following a second
tissue of $50, 900, 900 was deemed neces-
!sary. The sum Of Sill, III, ,795 was
realiz9d by the sales OF these bonds,
but the reserve was stesdily decreased
until, on February S, 1895, a third
tsale of s62,315, 400 in bonds for $685.
l1l6,244 was announced to congress.
l The receipts of the government for
the fiscal year ending June 80, 1895,
were 800, ,373, ,2O3 and the expenditures
1888 IFS, 1876, showing deficit Of s42,-
1905 ,223. a further loan of 500, 900,
600 was negotiated by the government
in February, 1896, the sale netting
Sill, 166,246, and swelling the aggre'
gate of bonds issued within three years
to S262, ,315, 400.
| For the fiscal year ending June 80,
1896, the revenues Of the government
from all sources amounted to S409,-
475, ,40S, while its expenditures were
S434 ,67S, ,645, or an excess of expendi-
lures over receipts of S25, 2J3, 245. ln
other words, the total receipts for the
three calyears ending June 80, 1895,
. were insufficient by Sl37, ,Sl1, 729 to
to meet the total expenditures. Nor
has this condition since improved.
For the first half OF the present fiscal
year the receipts Of the government
Exclusive of postal revenues were
Sl57, ,057, 603 and its expenditures ex'
elusive of postal service S195, 40, 900,
or an excess of expenditures over re-
ceipts of $37, 1902, 1896. In January OF
this year the receipts exclusive OF pos
tai revenues were S24, 1916, ,994 and the
expenditures exclusive of postal SER
vice 30,269, ,3S9, deficit OF s.. 952, 395,
for the month. In February OF this
year, the receipts, exclusive OF postal
revenues, were S24, 400, 997 and expen
ditures exclusive of postal service,
$2S, 1885, ,056, deficit of 81, 395, ,059; or q
total deficiency of S1S6, ,061, $50 for the
three years and eight months ending
March l, 1897. Not only are we
! without surplus in the treasury, but
with an increase in the public debt,
there has been corresponding IN
n crease in the annual interes. charge
Q from S22, ,S93, SS3 in 1892, the lowest OF
: any since 1862, to s34, 3S7, ,297 in 1896,
] or an increase of Sl1, 493, 414.
g Itmay be urged that even II the
revenue of the government had been
e isuticient to meet all its ordinary ex.
$ penses during the pas! three years the
gold reserve would still have been IN
+ sufficient to meet the demands upon
r it and that bonds would necessarily
s have been issued for its repletion. b
e this as it may, it is clearly manifes
! without denying or affirming the cor
irectness of such conclusion that The
i debt would have been decreased IN a
. least the amount o. deficiency anc
4 business confidence immeasurably
$ strengthened throughout the country
a Congress should promptly correct the
S existing conditions. Ample revenue:
+ must be supplied not only for the or
Edinary expenses Of the government
bat for the prompt payment OF Iloera
pensions and the liquidation OF tn;
principal and interest OF the public
/, Sebt. In raising revenues, duties
IS should be so levied upon foreign pro