Treasury and the sums awarded deposited in specie in the
Treasury as fast as it was required by the wants of the Government.

To meet the expenditures for the remainder of the present and for the
next fiscal year, ending on the 30th of June, 1849, a further loan in
aid of the ordinary revenues of the Government will be necessary.
Retaining a sufficient surplus in the Treasury, the loan required for
the remainder of the present fiscal year will be about $18,500,000. If
the duty on tea and coffee be imposed and the graduation of the price of
the public lands shall be made at an early period of your session, as
recommended, the loan for the present fiscal year may be reduced to
$17,000,000. The loan may be further reduced by whatever amount of
expenditures can be saved by military contributions collected in Mexico.
The most vigorous measures for the augmentation of these contributions
have been directed and a very considerable sum is expected from that
source. Its amount can not, however, be calculated with any certainty.
It is recommended that the loan to be made be authorized upon the same
terms and for the same time as that which was authorized under the
provisions of the act of the 28th of January, 1847.

Should the war with Mexico be continued until the 30th of June, 1849, it
is estimated that a further loan of $20,500,000 will be required for the
fiscal year ending on that day, in case no duty be imposed on tea and
coffee, and the public lands be not reduced and graduated in price, and
no military contributions shall be collected in Mexico. If the duty on
tea and coffee be imposed and the lands be reduced and graduated in
price as proposed, the loan may be reduced to $17,000,000, and will be
subject to be still further reduced by the amount of the military
contributions which may be collected in Mexico. It is not proposed,
however, at present to ask Congress for authority to negotiate this loan
for the next fiscal year, as it is hoped that the loan asked for the
remainder of the present fiscal year, aided by military contributions
which may be collected in Mexico, may be sufficient. If, contrary to
my expectation, there should be a necessity for it, the fact will be
communicated to Congress in time for their action during the present
session. In no event will a sum exceeding $6,000,000 of this amount be
needed before the meeting of the session of Congress in December, 1848.

The act of the 30th of July, 1846, "redu