st of
December, 1846, being the last year under the operation of the tariff
act of 1842, was $22,971,403.10, and the net revenue from customs during
the year ending on the 1st of December, 1847, being the first year under
the operations of the tariff act of 1846, was about $31,500,000, being
an increase of revenue for the first year under the tariff of 1846 of
more than $8,500,000 over that of the last year under the tariff of
1842.

The expenditures during the fiscal year ending on the 30th of June last
were $59,451,177.65, of which $3,522,082.37 was on account of payment of
principal and interest of the public debt, including Treasury notes
redeemed and not funded. The expenditures exclusive of payment of public
debt were $55,929,095.28.

It is estimated that the receipts into the Treasury for the fiscal year
ending on the 30th of June, 1848, including the balance in the Treasury
on the 1st of July last, will amount to $42,886,545.80, of which
$31,000,000, it is estimated, will be derived from customs, $3,500,000
from the sale of the public lands, $400,000 from incidental sources,
including sales made by the Solicitor of the Treasury, and $6,285,294.55
from loans already authorized by law, which, together with the balance
in the Treasury on the 1st of July last, make the sum estimated.

The expenditures for the same period, if peace with Mexico shall not be
concluded and the Army shall be increased as is proposed, will amount,
including the necessary payments on account of principal and interest of
the public debt and Treasury notes, to $58,615,660.07.

On the 1st of the present month the amount of the public debt actually
incurred, including Treasury notes, was $45,659,659.40. The public debt
due on the 4th of March, 1845, including Treasury notes, was
$17,788,799.62, and consequently the addition made to the public debt
since that time is $27,870,859.78.

Of the loan of twenty-three millions authorized by the act of the 28th
of January, 1847, the sum of five millions was paid out to the public
creditors or exchanged at par for specie; the remaining eighteen
millions was offered for specie to the highest bidder not below par, by
an advertisement issued by the Secretary of the Treasury and published
from the 9th of February until the 10th of April, 1847, when it was
awarded to the several highest bidders at premiums varying from
one-eighth of 1 per cent to 2 per cent above par. The premium has been
paid into the