he value of
$121,691,797, of which the amount exported was $11,346,623, leaving the
amount retained in the country for domestic consumption $110,345,174.
The value of the exports for the same period was $113,488,516, of which
$102,141,893 consisted of domestic productions and $11,346,623 of
foreign articles.

The receipts into the Treasury for the same year were $29,499,247.06, of
which there was derived from customs $26,712,667.87, from the sales of
public lands $2,694,452.48, and from incidental and miscellaneous
sources $92,126.71. The expenditures for the same period were
$28,031,114.20, and the balance in the Treasury on the 1st day of July
last was $9,126,439.08.

The amount of the public debt, including Treasury notes, on the 1st of
the present month was $24,256,494.60, of which the sum of $17,788,799.62
was outstanding on the 4th of March, 1845, leaving the amount incurred
since that time $6,467,694.98.

In order to prosecute the war with Mexico with vigor and energy, as the
best means of bringing it to a speedy and honorable termination, a
further loan will be necessary to meet the expenditures for the present
and the next fiscal year. If the war should be continued until the 30th
of June, 1848, being the end of the next fiscal year, it is estimated
that an additional loan of $23,000,000 will be required. This estimate
is made upon the assumption that it will be necessary to retain
constantly in the Treasury $4,000,000 to guard against contingencies.
If such surplus were not required to be retained, then a loan of
$19,000,000 would be sufficient. If, however, Congress should at the
present session impose a revenue duty on the principal articles now
embraced in the free list, it is estimated that an additional annual
revenue of about two millions and a half, amounting, it is estimated,
on the 30th of June, 1848, to $4,000,000, would be derived from that
source, and the loan required would be reduced by that amount. It is
estimated also that should Congress graduate and reduce the price of
such of the public lands as have been long in the market the additional
revenue derived from that source would be annually, for several years
to come, between half a million and a million dollars; and the loan
required may be reduced by that amount also. Should these measures be
adopted, the loan required would not probably exceed $18,000,000 or
$19,000,000, leaving in the Treasury a constant surplus of $4,000,000.
The loan