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![handle is hein.usccsset/usconset33719 and id is 1 raw text is:
55TH CONGRESS, HSOUSE OF REPRESENTATIVES. REPORT
1st Session. { o. 1.
PROPOSED REVISION OF TARIFF-REVENUE ANTD
PIROTEC ION.
MARtCu 19, 1897.-Commilt-d to the Committee of the Whole House on the state of
the Union and orderel to be printed.
Mr. DINGLEY, from the Committee on Ways and Means, submitted the
following
REPORT.
[To accompany H. R. 379.]
The Committee on Ways and Means, to whom was referred the
President's message convening Congiess in extraordinary session for
the purpose of raising additional revenue required to meet the national
expenses, and also the bill (H. I. 379) entitled A bill to provide
revenue for the support of the Government and to encourage the
industries of the United States, beg leave to submit the following
report:
For nearly four years the revenue has been inadequate to meet the
current expenditures and pay the interest on the war debt. The
deficiency during this period has been as follows:
1' isel year ended June 30-
1894 ------------------------------------------------------------- $69, 803, 260
1895 ------------------------------------------------------------- 43, 805, 223
1896 -------------------------------------------------------25, 203, 246
1897 (estiated) --------------------------------------------- 65, 000, 00o
Total deficiency -------- ---------------------------------------- 203, 811,729
A continuous deficiency of revenue for four years, amounting in the
aggregate to more than $203,000,000, or over $50,000,000 per annum
in time of peace, with the official estimate of the late Secretary of
the Treasury, in his last annual report, that under existing conditions
there will be a further deficiency of $45,000,000 for the fiscal year
which will begin on the first day of July next, and the further fact
that the Government has been obliged to obtain means to pay this
deficiency by borrowing $203,000,000, on which the people are paying
interest, clearly justifies the convocation of Congress to devise a prompt
and adequate remedy.
The fact must not be lost sight of that while the Government has dur-
ing this time issued and sold bonds of the face value of $262,315,400, from
which it has realized $293,481,894 in gold, for the purpose of paying its
demand notes presented for redemption, yet $203,000,000 of these notes
so redeemed have been again paid out to meet the deficiency, and thus
made available for a second redemption, requiring a second and a third
issue of bonds.
Thus it will be seen that in the last analysis $203,000,000, or, includ.
ing the matured Pacific Railroad bonds, nearly $215,000,000 of the
$293,500,000 of borrowed gold have been used to supply an insufficiency
of revenue. And worse still, the practical use of this reserve, or (what
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