Show THE presidents MESSAGE the briefest communication of the kind ever made to con 1 l faress but it bristles with ane afine points aua aa sparkles with good sense it is pivoted devoted exclusively to A discussion of tariff and eftev revenue matters I 1 A reform all along the line needed and must be hild had some practical suggestions acdan and an abundance dance of very good advice by telegraph to thefts theft the ws I 1 to the congress of the united St states aies you are at the threshold of 0 your legislative duties with a i of the fin aares which imperatively demands immediate and careful consideration 1 1 I tie he amount of money annually rec received elved through the operation of present laws from the industries and necessities of the people largely exceeds the sum nece necessary s to meet the expenses of the te goy gov ern ment wilen we consider that the theory of our institutions guarantees to every citizen the full endowment of the fruits of hu industry aud and enterprise with only sues such deduction as way may be nis his snare towards ane caret a ul and leco economical comical maintenance of the government which protects him bin it ills is plum plain that the ot of teore suore tau tins is indefensible and a culpable betrayal of fairness and ce this wrong inflicted upon those who bear the burden of national taxation like jike othe wrongs multiplies a brood of 11 consequences the PUBLIC THEASy KY which should only exist as a conduit colv conveying n ling the peoples tribute to its itis legitimate ute objects of expenditure becomes a hoarding boarding place for money needlessly withdraws from trade and ana the peoples use thus crippling our national energies usurping our coun boua arys development preventing hinves investment t in productive enterprises enterprise 14 threat ejaine financial disturbance and indu i lug ing schemes of public plim cler this condition of our treasury is not gether new and ie 16 basmore ha lias more smore toan once of late been submitted to the peoples representatives in the congress who wao alone can supply a remedy cremedy and yet tm the sit situation stul still with aggra 4 fated incidents more than evex presaging agina financial convulsion aud aad widespread prea disaster it will not do to neglect this situation because Us its dan dant 1 t gersa gers are not now palpably sad and apparent they exist ebisa none the less certainly and the unforeseen nud U unexpected OCCASION must come when suddenly they wilf will be precipitated upon us T r i I 1 i oo on the day of june 1835 the excess cessor of revenue over public expenditures after comply ing with the annual requirement of tue atie sinking f and act was during the year ended june 80 1886 tsuch excess amounted to a and nd darting dik mg the year ended june 30 1887 itye it reached ached the sum of 34 the annual contribute conti contri but was to tue tae sinking sin kine fund during the three years above specified amounting in the aggregate to 94 and deductions from the surplus as stated were made by calling in for that purpose tire the outstanding three per cent bonds of the government during daring the six months pronto orto june 30 1887 the SURPLUS revenue REVENUE had grown so large by repeated acau ma lations aud it was feared the with drapal of this great sum of money needed by tae gouid so affect the business of the country that the sum of of such surplus was applied to the me payment of the principal and interest of the three per cent bonds still outstanding and which were then payable at the option of the govern igent the precarious condition oi 01 financial fla ancial affairs among amone the people still needing relief immediately after te day of june 1887 tae remainder remain derot of the three per cent bonds then them outstanding amounting with principal prin pipal and interest to the sum of il were called in and applied to the stoking f fund and contribution for toe the current fiscal year ians tend ing THESE operations of the treasury department representations of distress in business cycles circles not only continued but inc increased i ceased and absolute lute peal seemed at band in IB these circumstances the he conf contribution lOution to the sinking fund for the current fiscal year was at once completed by the expenditure of 2 55 in the purchase purchase of governing go government vernin ent donds not yet ne doe bearing 4 and ay 4 percent per cent interest the premium paid thereon averaging about 24 per cent for the f former ormer and 8 percent for the latter in sAdi addition tion vo this the interest account accruing d during ur the current year upon tu standing bouden of the government gove was wag to some extent anticipated and the banks sl selected elected as si tories leg of the public money were permitted to somewhat increase their deposits white while i I 1 I 1 1 THE I 1 thas ohp aloyed employed to release t to q the pe people opt e th the money y lying in tide the tir treasury epury served to avert immediate danger our qu sur r plus revenues have continued to accumulate 7 the excess for the present year in tae first day of december tp to ap and id estimate estimator esti matoo to 0 teach reach UP tue sum aum of QA the ke of june 4 next ext at which date it is expected i that this sum added to will swell the surplus iu tha tag treasury to thare there seems abdias to be up no as trance adrance that with such jactia a withdrawal from use of othe the peoples circulations g medium ou our business community may not in toon ane near Jar future be subjected to the me same dis distress tresi which was quite lately produced from the same we ca cause t 8 e and nd while the functions Q of par ration ta treasury should be few and s simple mple try best coad tUon would be maca reached t belle Feby la entire disconnection wah BUSINESS interests yet ye when by a perversion perve gerve ision islon of esstel ts purposes r poses it idly holds money use essly subtracted f from the channels ot of trade theresee there seems mk to be reason forthe tor the claim eliat all alii should oe be oy the govern government meat to restore in without waste or extravagance such money to its place among che the people 1 It emer oby arises there now exists no na follat r and undoubted executive power of relief heretofore he redemption of the 8 per cents only which were paya payable bleat at the option of the has afforded a means forthe disbursement disburse men of tiie the excess of our revenues but these bonds have all been rett retired rea and there are aft no bonds the payments of df which we we have the right to insist on the COB cea to the fi SINKING F blix whick tarnishes the oc occasion caston for expenditures tures in the purchase of bf bonds r has been already made for or the current year so theres there is no outlet ia that di in the present state of leals latton the only pretense of any ex executive acu ecu porter to toj restore at this time any i part of olour our surplus revenues td the people by its ita elpe expenditure consists iq in the tag supposition that the secretary ot ol i the treasury may enter them and aad pa purchase r the bonds of the government not at A rate oit af premium 0 o be agree edrop dupon the only only pro vision of et t th law 4 from which such a power could d be derived is fourd found ia a an pi laticia pria lati tion cip bill passed a number of yes years rs aso agg and it is sublet J to t the ho supposition that it ib was antea A as a temporary tempora rj I 1 te measure sare and I 1 in n its application instead ol 01 conferring 0 r ring a u and authority no ebid stion ought to exist whiten would justify of poleo to a single official upa his judgment butof of its ita necessity to withhold from or release to the I 1 otene veople people in an unusual way moaby mon ey held kl the trea treasury gary and add thus thur affect at his will the financial of the country land and if it Is Idee fleeced emed bled wise to lodge in the secretary detary atthe 1 f the tress treas I 1 ury nry the authority la in the ture cureto to purchase bonds 1 should be plainly vested and provid provided led as tar far as possible with h sucu and thoua as wiil I 1 ba official aad ot credio t e same time is el elleve I 1 e from undene responsibility clity I 1 in considering the question clasing c lap ing bond as af a means heaps of restoring rea pring to circulation the surplus money av a V ac aar cumulating g la in the treasury it should be borne bernela bor nela in mind that premiums must ot course be paid upon 1 there 1 may te be aarde a part of these bonds held is as investments which cannot be purchased at any price and aad that com combinations inactions among holders that are willing to sel may unreasonably enhance the cost of such bonds to the government it has been been suggested that the present bonded debt kgb be reloaded at a less rate of inter interest and the difference between phe the old and ueva new securities paid in cash thus ending 0 a is use for the surplus in the treas ury iqs the be success of thaw plan III it As s appa apparent rehi must be founded upon the volition of abe holders of the present bonds gad and it t is no entirely berain cerain ain that the inducement which must bp bf offered them would result in more financial benefit to the govern government me kt than the purchase of bonds while the latter proposition would j jhb of the debt bylic by actual payment instead of extending it the V TO deposit tue the money held by the government in the banks throng throughout hout the country lor forthe foe the people is it seems to asae jha an exceedingly objectionable tio principle as reaching too close a relationship between the operations of the gover government overn ment dment and the business of the count country rV and too extensive a commingling com mingling of their money thus lib us fostering ap an unnatural reliance in private bust business upon public oil e funds if this ephe scheme ifie ab should auld be adopted it should only oily be done go as a 4 tempi temporary expedient to meet an nugent necessity necos legisla tive live and executive effort jorfor should gen bev trally rally t beld be in the op direction and should have a tendency to divorce 99 as much and as f fast ast an can safely be done the treasury frodi I 1 of 01 course coarse it is ip not expected that unnecessary and extravagant ut will be the purpose of avoiding ing the c of an excess ot of re revenue expenditure beside ghe de demora liti aa of alij ua caribe coribe conceptions p ox public duty itic ic entails I 1 e emulates a reckless improvidence nce po nol L in ilk the least east ith 41 e mission of our people copl e 0 or r the e high or bea bena e cent purposed r se 0 of f 0 oar ur I 1 have ave dee deemed ed it my y duly tons to b brine ing the knowledge of f my mv ebent country men menas as well as the at attention tenton ot of t N then 1 representatives to tine responsibility of legislative relief linthe ton the gravity ot our Ao ancial situation the favure failure af congress heretofore to provide api against st ahk iban which it lasquite das quite evident the very nature of the austn rily produce caused cadged a condition conditi on 9 financial distress wad aad apprehension since their last adjournment which taxed to the au all the a au t horab executive cone con arol and these appear now to be ex na it disasters disa results from abe continued inaction of jUong rs the squat rest where it be longs icings tiou thus fai 4 considered consider d is ligga i t with dragel daukei which should be tully fully realized andl though I 1 it presents resents features of wron 9 t to the people is as well is as to the count country ry it is but a result growing out ot 01 a palpable and appa apparent reut cause constantly ze re prod bucins the same alarm ing circumstances st a i AY a and ad a depleted condition 0 the business of odthe the country 1 it ned hardly be stated that while the p pres res ent eat situation de a remedy i wt can only te saved from a predicament in the fatute by the removal of cause one ofie scheme of taxation ib by means of which this needless kurpis is taken frum the people and put into the public treasury conist of a te barj 04 or duty levied UP appu an im rota abroad abo inte internal rual revenue taxes fixes levied upon the of tobacco and spirituous aad macii liquors 1 it t t musli asp be that thai none one pi 0 these baies taxes relate to subjected d to internal in terna but are ace strictly speak speaking inK necessary and it sor so appears to be no tl f J bause CAUSE of complaint to the consumers of the articles and add thre there seems to 66 nothing tio ao well aile to brav al I 1 the burdena burdei bur deni xV without hardship to any lof ol the people B st bat at iiii our r present tariff laws the vari oits inequitable and illegal sources of u unnecessary 11 me taxation ought to be at once revised aud and amended these laws as their primary andrt and raise the price to consumers of 1 allar tides imported sublet ted to clity oy by precisely the sum paid for such du duties ies thus tiie amount ot of the duty doty measures the tax paid by those who pur purchase thase for use these imported articles many of these things howe however ate raised or manufactured la in obrown our own country and the duties nov now levied upon foreign dods and products are tl i 61 PALL ALID T tO those ome bassia bAS they render tt it impossible tor for those of our people who we are manufacturers to td make bues anese e taxed articles and self thern them for fora a pace equal to that demanded for imported goads that nave paid customs duty ISO so it happens that while comparatively i a few ase us the biml imported articles millions of out our people use and abd never paw pawa saw bany a effae foreign products purchase azad use them same kind ade in this country add pay nearly or quite enhanced ennan ced price which th duty the lai ported art article Jolet 1 those who bay imports paytha pay the duty charged thereof thereca buthe ten the public treasury but the brea majerle af oar who buy domestic articles of bf the same ass ss vay pay a umit least approximately equal tal to to the this re terence ence to ahlo operation of our 1 i LAWS is not ladeby way t instruction bu buti in order we w way may be reminded of the manner in which they impose i m pose a burden u pon who Q consume do products a as well as those pho p cops nine 4 imported atice eai and ks create kl abax tax allour pie it is not pro proposed to entirely re hieye bivy e the country of this taxation it extensively the source of the governments income iD comei and in a readjustment of clr tariff the ot of american labor mal manufacture ou b be carefully con si dered aswell as the preservation of our manufactures ma it may be called protection or by any other nam bams but relief from the hardships and dangers dai Ours ot t our present tariff lays laws should be 0 devised iwah especial precaution against imperiling impe riling the exis existence tonce of 0 our 1 I I 1 i MAN 1 I 1 1 1 bat this exis I 1 apt mean a e condition ondi tion which wit without j it out regard to the public welfare or if national exigency gency must always insure the of the immense profits instead of imode bately profit profitable ablo ret returns kirbs As the volume and ional oual tivit les increase in crase n jew re cruita are added to those thime who deslie desire a continuation of the advantages whish they conceive the pre present sept system of barff taxation directly affords theay S stubbornly have fill all efforts to reform the present condition been resisted by those of our tello fellow thus en cn aceil I that ard I 1 ih e oa e to e buat tai that elta anorga an lio aang the line to mental 11 ad vantage e wa t 4 of J and with be becoming beco migg pride wp e rejoice jp ip american skill kill t aed idge ingenuity acuity in in american energy and enterprise and tiie the 3 kit nat |