istration 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