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 correct the existing condition. Ample revenues
must be supplied not only for the ordinary expenses of the Government,
but for the prompt payment of liberal pensions and the liquidation of
the principal and interest of the public debt. In raising revenue,
duties should be so levied upon foreign products as to preserve the home
market, so far as possible, to our own producers; to revive and increase
manufactures; to relieve and encourage agriculture; to increase our
domestic and foreign commerce; to aid and develop mining and building;
and to render to labor in every field of useful occupation the liberal
wages and adequate rewards to which skill and industry are justly
entitled. The necessity of the passage of a tariff law which shall
provide ample revenue, need not be further urged. The imperative demand
of the hour is the prompt enactment of such a measure, and to this
object I earnestly recommend that Congress shall make every endeavor.
Before other business is transacted, let us first provide sufficient
revenue to faithfully administer the Government without the contracting
of further debt, or the continued disturbance of our finances.

WILLIAM McKINLEY.



EXECUTIVE MANSION, _April 7, 1897_.