Our fellow-citizens who may disagree with us upon the character of this legislation prefer to have the question settled now, even against their preconceived views, and perhaps settled so reasonably, as I trust and believe it will be, as to insure great permanence, than to have further uncertainty menacing the vast and varied business interests of the United States. Again, whatever action Congress may take will be given a fair opportunity for trial before the people are called to pass judgment upon it, and this I consider a great essential to the rightful and lasting settlement of the question. In view of these considerations, I shall deem it my duty as President to convene Congress in extraordinary session on Monday, the 15th day of March, 1897.
In conclusion, I congratulate the country upon the fraternal spirit of the people and the manifestations of good will everywhere so apparent. The recent election not only most fortunately demonstrated the obliteration of sectional or geographical lines, but to some extent also the prejudices which for years have distracted our councils and marred our true greatness as a nation. The triumph of the people, whose verdict is carried into effect to-day, is not the triumph of one section, nor wholly of one party, but of all sections and all the people. The North and the South no longer divide on the old lines, but upon principles and policies; and in this fact surely every lover of the country can find cause for true felicitation. Let us rejoice in and cultivate this spirit; it is ennobling and will be both a gain and a blessing to our beloved country. It will be my constant aim to do nothing, and permit nothing to be done, that will arrest or disturb this growing sentiment of unity and co-operation, this revival of esteem and affiliation which now animates so many thousands in both the old antagonistic sections, but I shall cheerfully do everything possible to promote and increase it.
Let me again repeat the words of the oath administered by the Chief Justice which, in their respective spheres, so far as applicable, I would have all my countrymen observe: "I will faithfully execute the office of President of the United States, and will, to the best of my ability, preserve, protect, and defend the Constitution of the United States." This is the obligation I have reverently taken before the Lord Most High. To keep it will be my single purpose, my constant prayer; and I shall confidently rely upon the forbearance and assistance of all the people in the discharge of my solemn responsibilities.
MESSAGES.
EXECUTIVE MANSION, March 15, 1897.
To the Congress of the United States:
Regretting the necessity which has required me to call you together, I feel that your assembling in extraordinary session is indispensable because of the condition in which we find the revenues of the Government. It is conceded that its current expenditures are greater than its receipts, and that such a condition 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 economical and prudent administration of the 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 unjustifiable 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 $425,868,260.22, and the expenditures for all purposes were $415,953,806.56, leaving an excess of receipts over expenditures of $9,914,453.66. During that fiscal year $40,570,467.98 were paid upon the public debt, which had been reduced since March 1, 1889, $259,076,890, and the annual interest charge decreased $11,684,576.60. The receipts of the Government from all sources during the fiscal year ending June 30, 1893, amounted to $461,716,561.94, audits expenditures to $459,374,887.65, showing an excess of receipts over expenditures of $2,341,674.29.
Since that time the receipts of no fiscal year, and with but few exceptions 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 30, 1894, were $372,802,498.29, and its expenditures $442,605,758.87, leaving a deficit, the first since the resumption of specie payments, of $69,803,260.58. Notwithstanding there was a decrease of $16,769,128.78 in the ordinary expenses of the Government, 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 upon to meet them. But this did not suffice, and the Government then resorted to loans to replenish the reserve.
In February, 1894, $50,000,000 in bonds were issued, and in November following a second issue of $50,000,000 was deemed necessary. The sum of $117,171,795 was realized by the sale of these bonds, but the reserve was steadily decreased until, on February 8, 1895, a third sale of $62,315,400 in bonds, for $65,116,244, was announced to Congress.
The receipts of the Government for the fiscal year ending June 30, 1895, were $390,373,203.30 and the expenditures $433,178,426.48, showing a deficit of $42,805,223.18. A further loan of $100,000,000 was negotiated by the Government in February, 1896, the sale netting $111,166,246, and swelling the aggregate of bonds issued within three years to $262,315,400. For the fiscal year ending June 30, 1896, the revenues of the Government from all sources amounted to $409,475,408.78, while its expenditures were $434,678,654.48, or an excess of expenditures over receipts of $25,203,245.70. In other words, the total receipts for the three fiscal years ending June 30, 1896, were insufficient by $137,811,729.46 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 $157,507,603.76, and its expenditures, exclusive of postal service, $195,410,000.22, or an excess of expenditures over receipts of $37,902,396.46. In January of this year, the receipts, exclusive of postal revenues, were $24,316,994.05, and the expenditures, exclusive of postal service, $30,269,389.29, a deficit of $5,952,395.24 for the month. In February of this year, the receipts, exclusive of postal revenues, were $24,400,997.38, and expenditures, exclusive of postal service, $28,796,056.66, a deficit of $4,395,059.28; or a total deficiency of $186,061,580.44 for the three years and eight months ending March 1, 1897. Not only are we without a surplus in the Treasury, but with an increase in the public debt there has been a corresponding increase in the annual interest charge, from $22,893,883.20 in 1892, the lowest of any year since 1862, to $34,387,297.60 in 1896, or an increase of $11,493,414.40.
It may be urged that even if the revenues of the Government 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 it, and that bonds would necessarily have been issued for its repletion. Be this as it may, it is clearly manifest, without denying or affirming the correctness of such a conclusion, that the debt would have been decreased in at least the amount of the deficiency, and business confidence immeasurably strengthened throughout the country.
Congress should promptly